Reverse Mortgages in Lakeland
Retiring in Lakeland, Florida, can be a comfortable and enjoyable experience. Whether you are an avid golfer or a lover of sunny warm weather, Lakeland has much to offer. Senior Lending Corporation can elevate your retirement experience in Lakeland by helping you take advantage of a reverse mortgage.
What Is a Reverse Mortgage?
A reverse mortgage is one way to supplement your retirement income with some flexibility. It allows you to exchange your home's equity for regular payments, receiving money from a lender instead of paying it to them. Lenders pay in a few ways, such as a line of credit, a monthly payment system or a lump sum.
With a reverse mortgage, you keep the title to your home and continue to maintain ownership of it as long as you honor the loan agreement and pay your property taxes and homeowners' insurance.
There are two types of reverse mortgages:
- Proprietary reverse mortgage: This is a private loan without federal insurance. It can be beneficial for high-value homes.
- Home equity conversion mortgage (HECM): This is the most popular type of reverse mortgage due to its many benefits. It is backed by the federal government and only requires repayment once the house is no longer your primary residence. Funds can be used for any purpose, and homeowners can choose how to withdraw money.
How Is a Reverse Mortgage Helpful?
Reverse mortgages provide many advantages to those in retirement, helping pay for various expenses such as:
- Medical bills
- Home repairs
- In-home care
- Daily living
A reverse mortgage enables you to age in place at your home without paying for a monthly mortgage. You can tap into wealth built up in your home, turning it into spendable cash to cover your expenses throughout retirement. The income you receive from your reverse mortgage is also generally tax-free.
What Are the Qualifications?
The basic requirements for a reverse mortgage include:
- Being 62 years or older
- Living in the house as your primary residence
- Paying all taxes and fees associated with the home
- Possessing sufficient equity in your home
- Attending federally approved counseling sessions
Why Choose Senior Lending Corporation as Your Local Reverse Mortgage Company?
Senior Lending Corporation is licensed to work throughout the state of Florida, so we intimately understand the unique needs you face. Our team also has years of experience working in the industry, so we know how to help homeowners from a variety of backgrounds and financial situations. Whatever your needs and aspirations, we can help you achieve your goals.
Our priority is to enable you and your family to enjoy retirement with financial peace of mind. We will provide the honest and comprehensive guidance you need to understand the reverse mortgage process and receive the benefits you deserve.
Learn More About HECM Reverse Mortgages Today
Live your retirement your way with help from our reverse mortgage counselors. We will provide the guidance and expertise you need to make the most out of your retirement in Lakeland. Call us today at 800-822-1190 or get in touch with us online to discuss reverse mortgage possibilities with a licensed advisor.