HECM Reverse Mortgage Overview | Florida HECM Reverse Mortgage
Welcome to Tampa Bay Home Mortgage. If you are a homeowner that is age 62 or older, currently living in your home, paid off your mortgage, and put down a sizable amount, you may qualify for the reverse mortgage loan. You are able to use a reverse mortgage loan to buy your primary home if you are able to pay with cash.
If you would like to speak with one of our experienced mortgage professionals, contact the number below!
Unlike a traditional mortgage that you have to pay each month, a reverse mortgage loan makes the payments to you. It has the same feel as a cash-back process. You are able to receive these payments in bulk to use however you wish.
We pride ourselves on offering reverse mortgage loans that require no repayment as long as it is your primary residence. You simply need to fulfill the borrower's requirements. That includes maintaining the property, paying property taxes and hazard insurance.
If you were to pass away, your loan would be due, however, the amount due will always be less than your balance or value of your home. All proceeds in addition to what you owe now belong to your estate. In other words, the remaining equity and value in your home can be passed down.
Unlike the loan balance of a conventional mortgage, which becomes smaller with each monthly payment, the loan balance of a reverse mortgage loan grows larger over time.
The Reverse Mortgage Loan option frees you from existing loans on the property. The
The loan will not be due as long as you live in the property and no more mortgage payments if you remain current with your property taxes.
You are able to have a line of credit with growth. It is also able to grow every month if you choose that option.
You can use the proceeds for any purpose that you’d like.
No prepayment penalty and you can terminate at any time.
No out of pocket expenses.
The closing costs are able to be financed.
Social Security & Medicare will remain unaffected.
The loan will not come in contact with existing Social Security and Medicare benefits and advantages.
All in cash at once
Regular monthly payments
Regular monthly payments for a specific period of time and a line of credit that can be paid to you at your discretion.
A combination of monthly payments with a line of credit.
Must be at least 62 years of age
You must own a property or have paid-down a sizeable amount
You must occupy the property as the primary residence
Not be delinquent on any federal debt
Have financial resources to continue to make timely payment of ongoing property charges
You must participate in a consumer information session given by a HUD-approved HECM counselor.
Income, assets, monthly living expenses, and credit history will be checked and verified.
Timely payment of real estate taxes, hazard and flood insurance premiums will be verified.
We are a team dedicated to your situation and we are sensitive to your predicaments. We offer full access to assistance and vow to help you every step of the way. You need to know you’re dealing with an experienced, reputable company. Tampa Bay Home Mortgage is ready and willing to provide quality service to those in need. We treat each need in accordance with the person and their needs. Choose us today!
Contact us today! (727) 265-6961