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Reverse Mortgages in Daytona Beach

Daytona Beach is renowned for its beautiful sandy beaches, world-famous speedway and abundance of outdoor activities. If you have the good fortune of living in this vibrant city on Florida’s Atlantic coast, a reverse mortgage from Senior Lending Corporation can help you enjoy an even more comfortable retirement.

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What Is a Reverse Mortgage?

As you continue to make monthly mortgage payments, you can accumulate a substantial amount of equity, which reflects the difference between the loan’s remaining balance and your property’s value. A reverse mortgage enables you to access this equity as a line of credit or lump-sum cash. You don’t have to repay the loan for as long as you live in the home. 

A Home Equity Conversion Mortgage (HECM) is the most common reverse mortgage loan type. The Federal Housing Administration insures this arrangement, and you can maximize its advantages with a range of flexible payout options. A proprietary loan can be a viable alternative for owners of high-value properties. 

Exploring Numerous Reverse Mortgage Advantages

A home equity conversion mortgage from Senior Lending Corporation can provide many benefits:

  • More freedom: The extra cash can give you additional financial breathing room and provide a more stress-free retirement. 
  • Flexibility: There are no restrictions on how you use the funds, from paying bills and buying a new car to traveling to your dream destination and helping a grandchild pay for college or any other purpose.
  • Tax-free money: Because reverse mortgage funds are loan proceeds and not income, you won’t have to pay taxes on the amounts you receive.
  • Stay in your home: You’ll still keep the title to your home, enabling you to age in place in the house you love.
  • Security: Since the HECM is federally insured, you are not at risk of losing the equity you’ve already used if the housing market drops.

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Basic Reverse Mortgage Requirements

Eligible reverse mortgage applicants must be at least 62 years old and have sufficient equity in the property, which must be the home they use as a primary residence. 

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How Can Senior Lending Corporation Help?

As one of the most experienced and trustworthy reverse mortgage companies in Daytona Beach, we can ensure a memorable borrowing experience. We’re a fully licensed provider that operates with integrity and never charges hidden fees or other unexpected costs. 

Learn more about the benefits of local reverse mortgages from Senior Lending Corporation. Call us at 800-822-1190 or contact us online.