Palm Bay's Local Reverse Mortgage Company
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.
What Is a Reverse Mortgage?
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.
What Do You Need to Qualify for a Reverse Mortgage?
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:
- Age: To qualify for a HECM, you must be at least 62 years of age.
- Homeowner status: Owning or nearly owning your home is the main factor in this decision, but legal guidelines stipulate the house must be a single-family home. You must also use it as your primary residence.
- Financial status: While your credit score does play a factor in your application, it has less weight than other criteria. Lenders will also consider your debt-to-income (DTI) ratio.
Our HECM Reverse Mortgage Process
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.
Why Choose Senior Lending?
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.
Contact Our Reverse Mortgage Counselors
Secure your financial future today by calling Senior Lending at 800-822-1190 or reaching out online to schedule your counseling session.