As one of Florida’s warmest, sunniest cities, Palm Bay draws many people looking for a relaxing place to spend their retirement. However, as the cost of living increases, you may need extra funds to keep doing the things you love. At Senior Lending Corporation, we specialize in reverse mortgages in Palm Bay. We’ve seen this type of loan give people all over Florida the peace of mind they need to enjoy retirement.
A reverse mortgage is a loan that lets homeowners do more with their money. As you pay off your mortgage, your home gains equity — an increasing market value. A reverse mortgage takes that equity and turns it into cash, essentially allowing you to take that value in spendable funds. You can use these funds for a range of needs and wants — we’ve watched clients pay bills and living expenses, renovate their homes and take family vacations.
Home Equity Conversion Mortgages (HECMs) are the most common reverse mortgage, and they are federally insured by the Federal Housing Administration (FHA). This measure makes it more accessible to people in many financial situations. Once you’re approved, you can repay the loan in your own time and face minimal interest rates for doing so. For most older adults who own a home, a HECM is the best option to maintain financial security once income from their employment is no longer enough.
While reverse mortgages are typically easier to obtain than other loans, applicants must meet some requirements for consideration. Your potential lenders will look at your:
We make the application process as simple as possible so you can spend less time thinking about your finances and more time benefitting from them. In Florida, you must attend a counseling session before applying for a reverse mortgage, and our Advisors are ready to answer all your questions and guide you through the rest of the application.
With years of experience, Senior Lending is proud to be one of Palm Bay’s top reverse mortgage companies. We’re licensed to help people like you throughout Florida, and our trusted reverse mortgage experts have gained a reputation for quality service and attention to detail. We want to be there with you through every step of your application, answering questions and making sure you’re up to date on everything you need to know to thrive with your loan.
Secure your financial future today by calling Senior Lending at 800-822-1190 or reaching out online to schedule your counseling session.
