North of St. Petersburg, Palm Harbor, Florida, is a relaxing location to enjoy your golden years. Whether you spend the day golfing, visiting the resorts or walking in one of the many parks, this city is full of activities. If you have worries about financing your active lifestyle in this beautiful city, Senior Lending Corporation is here to help with reverse mortgages.
A reverse mortgage functions much like a loan in which you can borrow money from your home’s equity. Unlike other lending options, however, you don’t have a monthly payment and can use the funds however you’d like. Additionally, you can receive your money as a fixed monthly payment, line of credit or a lump sum.
At Senior Lending Corporation, we offer a home equity conversion mortgage (HECM) or a proprietary reverse mortgage. With a HECM reverse mortgage, you will have backing from the federal government and a few flexible options for spending and withdrawing money. Conversely, a proprietary reverse mortgage is for high-value homes and is through a private vendor, so it does not have federal backing.
A reverse mortgage offers a variety of benefits for homeowners, such as:
Like any lending option, there are specific requirements you must meet to qualify for a reverse mortgage, with age and home equity being the two main criteria. Some of the requirements you must meet include:
Additionally, the home you are taking a reverse mortgage on must be your primary residence.
At Senior Lending Corporation, we believe retirement is a time to relax, so we aim to make the reverse mortgage process as stress-free as possible. As a local reverse mortgage company, we are licensed in Palm Harbor and throughout Florida, which gives us unique industry insight into how to help you positively transform your retirement. Let our trusted reverse mortgage advisors help you make smarter financial decisions through our customized reverse mortgage services.