a man and woman are laughing together by trees

North Port Reverse Mortgages

The combination of beautiful, large-scale residential subdivisions and warm, sunny Florida weather makes the city of North Port a wonderful place to live in retirement. Senior Lending Corporation can help by providing a reverse mortgage that enables you to access extra cash to live comfortably and enjoy more peace of mind.

a man and woman sit on a couch drinking coffee
a white background with a black gradient in the middle

What’s a Reverse Mortgage?

If you’ve lived in your North Port home for many years, you’ve likely accumulated significant equity as you’ve made your monthly mortgage payments. A reverse mortgage is a financial instrument that enables you to convert this equity into cash you can use to pay bills, take a vacation or fund other pursuits. Having more spendable funds can improve your quality of life during your retirement years. 

A Home Equity Conversion Mortgage (HECM) is one of the most common reverse mortgage types. These reverse mortgages provide an excellent solution for attaining and maintaining a financially secure retirement.

Advantages of a Reverse Mortgage

A home equity conversion mortgage from Senior Lending Corporation can offer many benefits to older homeowners:

  • Tax-free cash: The IRS considers the money you receive via the HECM as loan proceeds instead of income, meaning you don’t have to pay taxes on it.
  • Flexibility: You can receive the funds as a lump sum or a line of credit, meaning repayment is optional — you can pay the interest, the principal and interest or nothing at all until leaving the home.
  • No credit score concerns: Unlike traditional loans, reverse mortgages typically do not have minimum credit score requirements to qualify.
  • Retain ownership: You will still own your home after getting a reverse mortgage, so your property taxes, maintenance and insurance remain unchanged. 
  • No restrictions: You’re free to use the money however you see fit, including checking off some of those long-awaited bucket list items or even providing an advanced inheritance to your heirs.

a poster explaining the pros of a hecm reverse mortgage

a man with glasses and a beard is hugging two children

Basic Reverse Mortgage Requirements

To qualify for a HECM, you must be at least 62 years old and use the home as your primary residence. You must also have sufficient equity to make a reverse mortgage a feasible financial option based on the provider’s requirements. 

a black background with a diagonal stripe on it a black background with a few lines on it

Why Make Us Your Reverse Mortgage Company in North Port?

At Senior Lending Corporation, we’re experts in local reverse mortgages with years of experience. We’re licensed in North Port and the entire state of Florida. When you choose us, you never need to worry about hidden fees or surprise charges. 

Call us at 800-822-1190 to learn more about reverse mortgages in North Port. You can also submit our contact form.