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Port Charlotte, Florida, Reverse Mortgages

Port Charlotte’s warm, subtropical climate and numerous attractive housing choices make this beautiful Florida city of over 64,000 residents a popular living option for seniors. At Senior Lending Corporation, we provide reverse mortgages that can make your retirement more comfortable by giving you additional financial freedom.

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What Is a Reverse Mortgage?

This mortgage type is a financial instrument that allows you to convert your home’s accumulated equity into cash. Unlike a traditional loan, you don’t need to repay a reverse mortgage on a regular schedule because the balance isn’t due until you leave the home. You can take the proceeds as a line of credit or in a lump sum. 

A home equity conversion mortgage (HECM) is a popular reverse mortgage type. The HECM is a Federal Housing Administration-insured product and is accessible to homeowners in various financial situations. Proprietary home mortgages are also available for high-value homes. 

What Are the Advantages of a Reverse Mortgage?

A home equity conversion mortgage can bolster your financial standing in several ways:

  • Flexibility: Use the funds for whatever works best for your unique financial situation, like paying off credit card debt, taking that dream vacation, covering medical bills, making home improvements or managing daily expenses more easily.
  • Age in place: The extra cash can make staying in your home a more practical and affordable option as you get older.
  • Tax-free cash: The IRS categorizes reverse mortgage funds as loan proceeds instead of income, meaning you won’t have to pay taxes on the money.
  • Eliminate mortgage: You could use the reverse mortgage proceeds to pay off your existing mortgage, freeing up more funds for other monthly needs.
  • Retain ownership:  You will still own your home — you’ll only need to continue to cover expenses like property taxes, maintenance and insurance.

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Basic Reverse Mortgage Requirements

To be eligible for these loans, you must be 62 or older and have adequate equity in the home. You must also remain in the home and use it as your main residence. Minimal income and credit requirements may apply. 

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How Can We Help?

As one of the most trusted reverse mortgage companies in Port Charlotte, Florida, Senior Lending Corporation is a licensed provider you can trust. You’ll benefit from our years of local experience and transparent pricing policies — there are no hidden fees or surprise charges. 

Call us at 800-822-1190 or contact us online to learn more about local reverse mortgages in Port Charlotte.