Bradenton, Florida, Reverse Mortgage
A reverse mortgage can give you more financial freedom to enjoy your retirement. Whether you spend your days strolling the Bradenton Riverwalk or fishing along the beach, life in the friendly city is better with funding to support your lifestyle. Senior Lending Corporation can help you enjoy your later years by assisting you in getting a reverse mortgage for your home.
How Does a Reverse Mortgage Work?
A reverse mortgage turns your home equity into usable funds you can put toward expenses you may face in retirement. These expenses may include anything from grocery bills to fun excursions along the Florida coast. Reverse mortgages are similar to home equity loans or lines of credit, except no monthly payments are required.
When you take out a reverse mortgage, you have several options for withdrawing funds:
- Line of credit: You draw from your home equity only as necessary in whatever amount you choose.
- Lump sum: You take out the total value of your reverse mortgage immediately after closing.
- Fixed monthly payment: You receive small monthly disbursements to help cover living expenses.
Who Is a Reverse Mortgage Good For?
Homeowners who are 62 or older can take out a reverse mortgage, but this option may only be suitable for particular retirees. Here are a few people who might benefit from a reverse mortgage:
- Those who want to remain in their homes but need extra financing to do so
- Those seeking an additional safe funding source
- Those who want to increase their monthly cash flow
How to Apply for a Reverse Mortgage
Your first step toward applying for a reverse mortgage is to talk to a reverse mortgage company in Bradenton about submitting an initial application. They will discuss the requirements for a reverse mortgage, including:
- Must be 62 or older
- Must own or have sufficient equity in a home
- Must not be tax delinquent
- Must use the home as a primary residence and maintain upkeep
After you submit an initial application, you must complete reverse mortgage counseling with a licensed counseling agency to ensure you understand the process. Then, your reverse mortgage company will assess your property value and perform other tasks necessary to close the mortgage.
Senior Lending is Your Local Partner
Our team at Senior Lending Corporation is committed to your safety and enjoyment during retirement. We offer home equity conversion mortgages (HECM) secured by the federal government to ensure you will not have to pay back money even if your home value decreases. Our Bradenton reverse mortgage advisors are licensed to provide this loan type to residents of Bradenton and other Florida cities.
When you call us about a reverse mortgage, you will speak directly with a licensed advisor who becomes your partner throughout the mortgage process. We will go above and beyond to help you and answer any questions you may have.
Start Living Your Retirement Your Way
Our mission is to provide you peace of mind during your retirement. If you want to speak to a professional about a reverse mortgage, contact us at 800-822-1190.