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Boynton Beach Reverse Mortgages

As the third-most populous municipality in Palm Beach County, Florida, Boynton Beach is an attractive city for seniors looking for an ideal retirement community. Senior Lending Corporation helps older residents in Boynton Beach and throughout Florida enjoy a more financially secure retirement with a reverse mortgage loan.


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What Is a Reverse Mortgage?

Have you owned your Boynton Beach home for many years? Those mortgage payments you’ve been making every month have helped you build equity, which is your ownership stake in the property. A reverse mortgage is a financial instrument that allows you to tap into the equity and use it for anything you wish. Receive the money as a one-time cash payout, in regular installments or as a revolving line of credit. 

Most borrowers take advantage of the Home Equity Conversion Mortgage (HECM) program when obtaining a reverse mortgage. These loans include insurance provided by the Federal Housing Administration. Owners of high-value homes can opt for proprietary loans offered and insured by a private reverse mortgage company.

What Are the Reverse Mortgage Benefits?

These loans for seniors offer numerous benefits:

  • More financial freedom: Use the money to enjoy life more fully during retirement. Take a dream vacation, visit your grandkids, start a new hobby or engage in other fun activities.
  • Stay in your home: Do you want to spend the rest of your life in your home? Use the reverse mortgage proceeds to pay off your current loan and modify the property to make it easier to age in place.
  • Get help paying bills: These mortgages enable you to pay off high-interest credit cards and personal loans and eliminate medical debt and other financial obligations.
  • No tax implications: Your reverse mortgage funds are tax-free. The IRS categorizes them as loan proceeds instead of taxable income.
  • Supplement other income sources: Some seniors discover that their savings and Social Security checks aren’t enough to live comfortably in retirement. A reverse mortgage can provide additional cash that eases the financial burden.

Who Qualifies for a Reverse Mortgage?

Age is one HECM reverse mortgage qualification — you must be 62 or older to be eligible. The home must be your primary residence, and you need sufficient equity. Applicants are also required to attend a counseling session provided by a federally insured agency. 

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Why Choose Senior Lending Corporation?

Our team of trained professionals will do whatever it takes to deliver a memorable client experience. You’ll collaborate with a personal advisor who will take the time to understand your needs and help you navigate the process from start to finish.

We’re licensed in Boynton Beach and throughout Florida, and we have an outstanding reputation for honesty, integrity and transparency in every community we serve. 

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Contact Us for More Information Today

Our licensed Boynton Beach reverse mortgage advisors are standing by and ready to assist you. Take the next step and call us at 800-822-1190 and start the application process today. You can also contact us online to request additional information.