Scenic Palm Coast, Florida, is a magnet for older Americans and retirees who want to enjoy the beautiful subtropical climate. Many Palm Coast homeowners may be eligible for a reverse mortgage loan from Senior Lending Corporation that can make retirement living easier and more financially secure.
As the term implies, a reverse mortgage is the opposite of a traditional home loan. Instead of making regular payments to a financial institution, borrowers receive a portion of their property’s equity they’ve accumulated over time. They can take the proceeds as a one-time cash payment, in regular installments or as a line of credit. Settlement of the loan occurs when the homeowner finally sells the home.Â
In most cases, the borrower receives reverse mortgage proceeds under the Home Equity Conversion Mortgage (HECM) program. The loans include insurance provided by the Federal Housing Association. Owners of high-value homes may be eligible for non-federally backed proprietary loans.Â
HECM reverse mortgage loans can improve a Palm Coast homeowner’s financial standing in several ways:
Eligible applicants for reverse mortgages must be 62 or older and have adequate equity in the home. Only primary residences qualify — not rental properties or vacation homes. Completion of an approved counseling program is also a requirement for HECM reverse mortgage loans.Â
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Senior Lending Corporation is an experienced, fully licensed business with an excellent reputation in Palm Coast and the other Florida communities we serve. You’ll receive guidance from a personal advisor who always has your best interests in mind.
Do you have questions about reverse mortgages? Would you like more information to determine if they’re right for your financial situation? Our expert Palm Coast reverse mortgage counselors are eager to assist you. Call us at 800-822-1190 to discuss your needs and goals today. You can also submit our online contact form.
