Reverse Mortgage in Miami
Ideal Loan for Homeowners Over 62 Years Old Who Live at Home and Have Equity in Their Home
Are you over 62 years old, live at home and want to use the equity in your home to avoid monthly payments and get paid to help you with your monthly obligations?
What is a reverse mortgage?
Reverse mortgages are perfect for those over the age of 62 who are still living in their homes, have paid off their mortgage or paid off a significant amount of it, and want to use that money to finance their lifestyles.
If you are a homeowner age 62 or older and have paid off your mortgage or paid off a significant amount, and currently live in the home, you may be able to participate in FHA’s Home Equity Conversion Mortgage (HECM) program.
How do reverse mortgages work?
A reverse mortgage is specifically designed for homeowners, ages 62 and older, who have paid off all or most of their traditional mortgage and want to convert a portion of the equity in their primary residence to cash.
In reverse mortgages, the bank makes monthly payments to the homeowner, who can use the cash for whatever purpose they choose. Uses may include home improvement, travel, investment, or living expenses.
Regardless of use, it is important to know that: