Palm Harbor Reverse Mortgages
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.
What's a Reverse Mortgage?
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.
What Are Some Reverse Mortgage Advantages?
A reverse mortgage offers a variety of benefits for homeowners, such as:
- Tax-free income: The funds you receive from a reverse mortgage are tax-free for greater financial stability.
- Secure funding: HECM mortgages have federal backing, so you do not have to make up the difference if your home's value fluctuates.
- Financial freedom: Unlike other lending options, you can use a reverse mortgage for various needs, from paying bills to funding a vacation.
- Homeownership: With a reverse mortgage, you can liquidize your home assets to continue living in your home and access the funds you would have gained during a sale.
Requirements to Be Eligible for a Reverse Mortgage
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:
- Be at least 62 or older
- Own sufficient equity in the home
- Meet minimum income and credit requirements
- Attend a required federal counseling session
Additionally, the home you are taking a reverse mortgage on must be your primary residence.
Why Count on Senior Lending Corporation?
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.
Connect With Our Reverse Mortgage Advisors Today!
As one of the top Palm Harbor reverse mortgage companies, you can rely on our team to help you meet your financial goals in retirement. Take the first step toward achieving your financial goals by calling us at 800-822-1190 or completing our online contact form today!