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Miramar Reverse Mortgages

Sunny Miramar, Florida, is a wonderful place to live for retirees. If you’ve owned a home in this beautiful Broward County city for several years, it can make life in retirement even more enjoyable and stress-free. A reverse mortgage via Senior Lending Corporation can provide the financial freedom and flexibility you deserve.


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What Is a Reverse Mortgage?

As you continue to pay the mortgage on your Miramar home, you accumulate equity, which is the difference between the amount you owe and the property’s current value. A reverse mortgage is a loan that enables you to tap into this equity and use the money for any purpose. Unlike a traditional mortgage loan, you don’t need to repay a reverse mortgage until you sell the home. 

A Home Equity Conversion Mortgage (HECM) is a federally backed program that is the primary reverse mortgage vehicle. If you own a high-value home, you may qualify for a proprietary loan that is not federally insured or bound by Federal Housing Administration limitations.

What Are the Benefits of a Reverse Mortgage?

Taking out a reverse mortgage on your Miramar home offers several advantages:

  • Tax-free funds: You won’t pay taxes on reverse mortgage funds because the IRS classifies them as loan proceeds.
  • Age in place: Do you want to stay in your home for many years to come? With a reverse mortgage, you’ll retain the title to your property and can use the funds to pay off your current loan balance.
  • Security: As a federally backed financial tool, the HECM reverse mortgage eliminates the risk of losing the used equity if the housing market declines.
  • Flexibility: Receive your loan proceeds as a one-time cash payment, monthly installments or as a line of credit and use them for any purpose. Take a vacation, pay down credit card debt, fund your grandchild’s education or supplement other retirement income sources.
  • Property improvements: Make much-needed home repairs, build a garage or add that den or sitting room you’ve always wanted.

Understanding the Reverse Mortgage Requirements

You must be at least 62 years old to qualify for a HECM reverse mortgage loan. The home must have sufficient equity and serve as your primary residence, not a vacation home or rental property. Applicants must also attend counseling sessions via phone, provided by a federally insured agency. 

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Why Make Us Your Reverse Mortgage Company in Miramar?

Senior Lending Corporation brings years of experience and expertise to the reverse mortgage process. We’re licensed in Miramar and throughout Florida and have an excellent reputation in all the communities we serve. As a valued client, you’ll work with a personal advisor who will guide you every step of the way. We’ll answer all your questions and address your concerns, giving you peace of mind.

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Contact Our Miramar Reverse Mortgage Counselors Today

Let the professional team at Senior Lending Corporation help you explore reverse mortgages and decide whether they’re a good fit for your financial situation. Call us at 800-822-1190 to speak to a licensed counselor or contact us online to request more information today.