“YOU’VE WORKED HARD YOUR WHOLE LIFE. NOW LET YOUR HOME WORK HARD FOR YOU”
Although this loan program is a government loan and could be included in the “Government Section”. We feel it needed to stand on its own. Much can be said about the Home Equity Conversion Mortgage (HECM) or Reverse Mortgage. Most do not realize that this is not a new and innovative loan program. In fact, it has been around since 1961 when a borrower by the name of Nellie Young of Portland, Maine, a widow who was struggling to make ends meet was granted this type of loan as more of a personal favor from her local banker.
Then, in the late 1970’s the reverse mortgage loan was enhanced and offered to the public. Over the years it has evolved into what we have available today. Monitored by Housing and Urban Development (HUD) and federally insured by the government, Reverse Mortgages provide flexibility to hundreds of thousands of seniors. If utilized correctly, just like a “forward” paying mortgage, a reverse mortgage can be a strategic financial tool for those primary homeowners who are at least 62 years of age and above. With the reverse mortgage also come certain myths and inaccuracies. Feel free to click on the FAQ tab to educate yourself on how this program truly works from start to finish.
As you will come to realize, there’s not a whole lot that is required for a reverse mortgage in Tampa or throughout Florida. Below, you will find just a few small requirements for those of you who are considering a reverse mortgage. If you still have questions, please contact us and we will be glad to guide you through any concerns you may have. Click here for a complete list of HECM approved counseling agencies.
There are many key benefits when you are considering a Reverse Mortgage. In fact, there are many more than those listed below. Every homeowner in Tampa, it’s surrounding areas and throughout the state of Florida is different and have different needs and desires. We felt the benefits listed are the most common attributes that most, if not all experience with a Reverse Mortgage. Contact us for more key benefits and we will be happy to provide you with additional insight.
MYTH VS. TRUTH
Counseling for a Reverse Mortgage is the first step of the process. Below are links and contact numbers to HUD approved counseling agencies for this type of loan. This is a very simple step and should only take 30 to 45 minutes to complete over the phone. Costs may vary from one agency to the next so call around and see which one is best. If you’re ready to begin you can call one of these agencies on your own before you contact us. If you’re not sure, give us a call and we’ll be glad to walk you through the beginning process.