Reverse Mortgages in Cape Coral
Cape Coral evolved from a small village to a city offering everything from pristine beaches to world-class shopping, dining and entertainment. Retirement in this Florida area is a time for you and your loved ones to enjoy the fruits of your hard work. At Senior Lending Corporation, your local Cape Coral reverse mortgage company, we believe a reverse mortgage can help you do just that by turning your home equity into cash.
What Is a Reverse Mortgage?
A reverse mortgage is a unique financial product that allows adults ages 62 and up to tap into their home's equity without selling their property. Although the loan amount depends on the borrower's age, home value and current interest rates, a reverse mortgage can provide the flexibility needed to make the most of your retirement and:
- Fund home repairs and renovations: Apply the money from the reverse mortgage to fund big-ticket items like home repairs or renovations while continuing to live in your home comfortably.
- Eliminate high-interest debt: Instead of slowly making payments toward credit cards, car loans, mortgages or other debts, use your reverse mortgage to pay your obligations and return to living your best life.
- Cover medical expenses: Reverse mortgages provide supplemental income, which means more financial security for those who face medical expenses, including bills, long-term care costs and more.
Advantages of a Reverse Mortgage
With a reverse mortgage, you can:
- Enjoy more financial security: Not considered taxable income, reverse mortgage payments permit homeowners to receive additional income without increasing their tax burden.
- Stay in your home: A reverse mortgage allows you to keep living in your current home by providing a loan you can repay once you sell, transfer or terminate the property.
- Choose flexible payment options: Receive payments in any way that works best for you, like a lump sum, credit line or monthly installment.
Basic Reverse Mortgage Requirements
If you satisfy these four requirements, you may qualify for a reverse mortgage:
- You must be at least 62 years old to receive a reverse mortgage.
- You should have no outstanding federal debt.
- You must own your primary residence and have sufficient equity.
- Your home must meet property standards during the appraisal process.
Why Choose Senior Lending Corporation
As the leading reverse mortgage experts in Florida, Senior Lending Corporation has been dedicated to helping seniors achieve their goals since 1998. With a responsive team of licensed professionals, our local reverse mortgage company is here to help you through every step of the process.
We work with our clients on a case-by-case basis to understand their unique needs and create a plan that delivers results. We'll provide a transparent breakdown of your options, so you know exactly whether a reverse mortgage is right for you.
Your Retirement Your Way
The best way to plan for retirement is to ask questions and get answers. If you want to know more about reverse mortgages, our HECM reverse mortgage counselors are standing by to help. Contact us today by calling 800-822-1190.