Reverse Mortgages in Gainesville
When you're getting ready to retire, you want to have the ability to relax and know that everything is taken care of. However, sometimes, even with all your planning and preparation, you may need additional financial help.
A reverse mortgage allows you to access extra funds without selling off your assets. Learn more from your local Gainesville reverse mortgage company, Senior Lending Corporation, today!
Understanding Reverse Mortgages — What Are They?
A reverse mortgage is a financial product designed for homeowners who are at least 62 years old and have accumulated home equity, which they can use to supplement their retirement income. After your local reverse mortgage company pays your mortgage, they will send you the excess funds, allowing you to:
- Pay off debts: Improve your financial situation by paying off high-interest debt with the proceeds from a reverse mortgage.
- Lower taxable income: Instead of withdrawing from investments or savings, you can use your reverse mortgage as tax-free income and allow your other retirement funds to grow.
- Complete home improvements: Invest the funds from a reverse mortgage into home improvements or other modifications that make aging in place more comfortable.
Benefits of Reverse Mortgages
HECM reverse mortgages can help you:
- Gain supplemental income: If you want to maintain your standard of living without having to downsize or sell your home, consider taking a reverse mortgage to boost limited income streams.
- Keep your benefit and social security: Reverse mortgage payments will not affect your Social Security or Medicare benefits, allowing you to enjoy financial stability.
- Maintain home ownership: This mortgage type helps older Americans age in place and keep their homes.
If you decide to get a reverse mortgage, you'll have three main fund distribution options:
- Lump sum payment
- Fixed monthly payment
- Line of credit
Key Requisites for Securing a Reverse Mortgage
To qualify, you must meet the standards regarding:
- Your home: The home you use to apply for a reverse mortgage must be your primary residence and have sufficient equity.
- Borrower age: You must be 62 years or older to meet the age criteria.
- After-mortgage expenses: You must continue to pay for all your home expenses after you get a reverse mortgage, including taxes, insurance and maintenance.
- Delinquencies: You cannot have federal debt delinquencies under your name to receive a reverse mortgage.
Why Partner With Senior Lending Corporation?
You need a team committed to providing you with quality support for a reverse mortgage. Fortunately, Senior Lending Corporation staffs reverse mortgage advisors licensed in the entire state of Florida, including Gainesville.
Since 1998, we've helped clients from all walks of life achieve their goals by offering reverse mortgages. We know how important it is for seniors to feel secure about their financial futures, so we take great care to ensure every client can access the best information and resources available when making this critical decision.
Call Us Today
If you are considering a reverse mortgage, don't wait any longer. Call our licensed advisors today at 800-822-1190. You'll receive one-on-one support as we walk you through the process in plain language and respond quickly to answer your questions.