Clearwater, Florida, Reverse Mortgages
Clearwater is one of the best places to retire in Florida, with a beautiful city center full of restaurants and bars for nightly entertainment. You can also spend your days exploring the surrounding natural areas or relaxing on the beach. If you own a home in Clearwater and need financing to secure your ideal retirement, a reverse mortgage might be a good choice for you. Senior Lending Corporation is a reverse mortgage company that can discuss this lending option and how it could potentially ease your retirement.
Reverse Mortgage Definition
A reverse mortgage is a lending option that allows you to use your home as security, much like a traditional mortgage. However, it differs in that your home remains in your name, and you do not need to make monthly payments. Instead, you receive money from your mortgage, and you have choices for how you take the funds. Options include monthly payments or opening a line of credit to pay out of as needed.
The most common type of reverse mortgage is a home equity conversion mortgage (HECM). This mortgage type is run and secured by the Federal Housing Administration, giving you security for the money you borrow. A reverse mortgage company in Clearwater can provide more detail about this loan.
Why Get a Reverse Mortgage?
There are many reasons retired homeowners might seek a reverse mortgage, including:
- Financial freedom: Whether you want to pay off debt or need to cover medical expenses, having a reverse mortgage gives you an additional source of income.
- Secure funding: This money is financially secure. Even if the housing market declines, you won't have to make up the difference in equity.
- Homeownership: You get to stay in your home while receiving money from it instead of having to sell it to increase your retirement savings.
- Tax-free income: You don't have to pay taxes on any funds you receive from a reverse mortgage.
Basic Reverse Mortgage Qualifications
Reverse mortgages carry particular requirements for borrowers and their homes. To get this mortgage, you must be a minimum of 62 years old and cannot be delinquent in any federal debt. Borrowers must attend an information session with an approved counselor to ensure they understand the loan requirements.
You must hold adequate equity in your home or own it outright to take out a reverse mortgage. While you have the mortgage, you must maintain the property and use the home as your primary residence throughout the year.
Senior Lending Corporation Is Your Local Partner
When looking for a reverse mortgage, you want a company you can trust. Senior Lending Corporation is licensed to provide these loans in Clearwater and throughout Florida. Our Clearwater reverse mortgage advisors have years of experience providing such loans, and we always work for your best interests.
Learn More About Reverse Mortgages
A reverse mortgage could be your gateway to a relaxing retirement. If you think this option might be a good choice for you, call us at 800-822-1190 to discuss it in more detail or set up a no-obligation meeting.