Pembroke Pines Reverse Mortgages
Many people hesitate when they hear the term “mortgage,” but with Senior Lending Corporation, you don't have to. We're Pembroke Pines' reverse mortgage company, and our trusted experts have helped people like you all over Florida make the most of their retirement years. Start letting your home work for you today.
What Is a Reverse Mortgage?
Reverse mortgages are financial tools available to homeowners over the age of 62. Over the years, your home builds up equity — or market value. Once you've paid off most or all of your home, you can request a loan using that equity as your collateral. You'll receive substantial extra funds that you can use for almost anything.
Over 98% of all reverse mortgages are Home Equity Conversion Mortgages (HECMs). A HECM is the only U.S. Federal Government-insured reverse mortgage, meaning that if you fail to pay back your loan, your lender can receive payment from the Federal Housing Administration (FHA). This security measure makes lenders much more willing to take people on, particularly if they have previously existing debt or a lower credit score.
Advantages of a Reverse Mortgage
A reverse mortgage gives you options. With more money in your wallet, you can take the vacation you've always dreamed of or pay off bills and get past debts in order. Plus, you can repay this loan at your own pace, and your limit will increase every year of your term. Since the government monitors HECM reverse mortgages, you'll also pay lower fees than with a traditional mortgage.
Basic Reverse Mortgage Requirements
The basic requirements for reverse mortgages of any kind include:
- Age: You must be at least 62 to qualify for a reverse mortgage.
- Homeowner status: You must own or have paid off most of your original mortgage on a home, townhouse or condominium built after 1976. It must be your primary, single-family residence.
- Credit score: As with most loans and financial investments, any lender will look at your credit score. The higher your score is, the better rates you can get on your reverse mortgage, and it may be a challenge to find a lender to work with if your score is below 620.
- Financial status: Potential lenders will look closely at your employment history, debt-to-income ratio and cash reserves to ensure you can repay your reverse mortgage when the time comes.
Why Choose Senior Lending?
At Senior Lending Corporation, our reverse mortgage counselors are ready to help. We have years of experience serving the Pembroke Pines community and are licensed to work with any citizen of Florida. We've gained a reputation as trusted experts in our field, and whether this is your first time hearing about reverse mortgages or you've done your research, we'll make sure you understand every part of our process.
Talk to Our Reverse Mortgage Counselors Today
Senior Lending is here to help you do your retirement your way. We look forward to securing your financial future. Contact us today at 800-822-1190 or through our online form to get started.