Reverse Mortgages in Fort Myers
Staying active during retirement in Fort Myers is easy with all the nearby attractions, golf courses and other recreational opportunities. When you want to continue enjoying your retirement to the fullest but want additional financial help, think about a reverse mortgage.
Senior Lending Corporation can help you obtain a reverse mortgage that works for your situation. We're your local reverse mortgage company, committed to serving retirees and older adults through retirement.
The Definition of Reverse Mortgage
When you need additional income, a reverse mortgage is an ideal option. Reverse mortgages are like loans, but instead of you getting the money from an outside source, the reverse mortgage turns your home's equity into funds you could use for anything. For example, the additional money you get could go toward:
- Credit card bills
- Home improvements
- Vacation plans
Reverse mortgages are available in several forms, but the most popular and common one people get is the home equity conversion mortgage (HECM), which is Senior Lending Corporation's specialty. Most people prefer HECM reverse mortgages because of their high level of security and Federal Insurance. They also have more payment options compared to standard reverse mortgages. You could receive your funds through:
- A line of credit.
- Monthly payments.
- A lump sum.
Reverse Mortgage Advantages
Retirees with reverse mortgages get many advantages because this mortgage type offers several benefits. You can enjoy the following:
- Homeownership: You won't have to sell your home to increase your revenue during retirement. Maintain homeownership while having a reverse mortgage and receiving extra money.
- Tax-free income: All the funds you get from your reverse mortgage are tax-free. Spend the money however you like without worrying about paying taxes on it.
- Financial freedom: The financial freedom you'll have because of a reverse mortgage is exuberating. You'll have more money to help you manage your finances or go on a fun vacation.
- Secure funding: The government safeguards HECM reverse mortgages, so homeowners can open them worry-free. You aren't responsible for paying back any of the equity you've used if the housing market declines and your home's value lessens.
Prerequisites for Reverse Mortgages
When you want to apply for a reverse mortgage, there are several prerequisites you must meet to qualify.
- You must be 62 years old or older.
- You need to meet income and credit regulations.
- You should own your house or have excellent equity in it.
- You should maintain your home's upkeep.
- You must live in the house for most of the year.
- You are not tax delinquent.
Why Choose Senior Lending Corporation?
Work with a highly experienced and trusted business like Senior Lending Corporation. We are a Fort Myers reverse mortgage company serving retirees. When you work with us, you get:
- A licensed practice: We have licenses to help residents in Fort Myers and all of Florida.
- Years of experience: Our reverse mortgage counselors have several years of experience helping retirees. We focus on your well-being and keep your interests in mind.
- Trusted reverse mortgage experts: We ensure you understand reverse mortgages to determine if this solution is the right choice for you.
Contact Senior Lending Corporation Today
Start your journey to applying for and opening a reverse mortgage with Senior Lending Corporation. Learn more about our services by calling and talking to our representatives at 800-822-1190 today.