Reverse Mortgages in Orlando
Orlando offers many benefits to retirees, providing the perfect place to relax in year-round warm weather and enjoy abundant entertainment and recreational opportunities. If financial stress is starting to cloud your Florida retirement paradise, however, a reverse mortgage may be able to help.
How Does a Reverse Mortgage Work?
A reverse mortgage converts a house's equity into spendable cash, enabling homeowners to supplement their income and pay for bills, living expenses and other costs. Instead of paying a lender, homeowners receive the payment from a lender. They can withdraw the money as a line of credit, a monthly payment system or a lump sum.
Two types of reverse mortgages include:
- Home equity conversion mortgages (HECM): This popular form of reverse mortgage is backed by the federal government and offers a few flexible options for how funds are spent and withdrawn.
- Proprietary reverse mortgage: Ideal for high-value homes, this loan is arranged through a private lender and does not possess federal insurance.
What Are the Benefits of a Reverse Mortgage?
A HECM reverse mortgage can help homeowners enjoy financial peace of mind. It can be especially beneficial in retirement because it opens up a variety of possibilities, enabling homeowners to pay for:
- Daily living expenses
- Home improvements
- Medical bills
- In-home care
- Credit card debt
With the flexibility of a line of credit or monthly payments, homeowners in retirement can choose to spend their time and money in the ways they want without certain financial restraints or worries. Income from a reverse mortgage is also usually tax-free, providing a stress-free alternative to funding your retirement through other income streams.
What Are the Requirements?
To qualify for a reverse mortgage, you must meet a few requirements, such as:
- Sufficient equity in your home
- Attendance at an approved, federally required counseling session
- The house must be your primary residence
- At least one homeowner must be 62 years or older
Why Talk With Reverse Mortgage Counselors From Senior Lending Corporation?
We believe you should be free to live your retirement your way, which is why we offer candid and compassionate services to meet your needs. We strive to enable you to understand the reverse mortgage process and its potential to transform your retirement for the better. Our advisors are licensed to work in the state of Florida, so we can help you find the best solution for your Orlando home.
We know that financial situations vary from person to person. When you work with Senior Lending Corporation, our counselors will provide the customized care you deserve to help you relieve financial stress and enjoy your retirement. As a nationwide leader in reverse mortgages, we will provide the expertise you need to make smart financial decisions.
Get in Touch With Your Local Reverse Mortgage Company Today
As Florida's #1 rated reverse mortgage company we are ready to help you achieve your goals and make the most of your retirement. Contact us today online or by calling 800-822-1190 to speak with a licensed advisor about your unique needs in the Orlando area.