Your home in Pompano Beach has been your solace and a gathering space for the people you love most over the years. As you plan to make the most of your retirement in this beautiful city, consider whether your home could do even more for you.
At Senior Lending Corporation, we strive to help Pompano Beach residents like you secure reverse mortgages that provide them with financial security once they’ve retired. Our experienced reverse mortgage counselors can put extra money in your pockets, and you can use it for anything you need.
A reverse mortgage uses the equity in your home to subsidize a loan. Equity refers to your house’s market value based on how much you have already paid off. A lender can then give you funds equal to that equity, using your home as collateral.
Most people choose a Home Equity Conversion Mortgage (HECM) as their reverse mortgage. A HECM is a loan secured by the Federal Housing Administration (FHA), which offers peace of mind to homeowners and lenders.
HECMs offer financial freedom in a way few loans allow. Once you’re approved for a reverse mortgage, you can get your funds in installments, receive a lump sum or request it as you need it. Then, you can use the money however you want — pay bills and daily living expenses, invest in your future or take a memorable vacation with your family. This income is an excellent supplement to pension plans, 401(k)s and social security.
Furthermore, repaying your loan is much more relaxed than in most situations. You can pay your lender back on your own time with minimal fees and penalties. Our team can discuss repayment options for your specific situation, but in many cases, people can use their newfound funds without thinking about payment plans for much of the loan’s duration.
To qualify for a reverse mortgage, you must:
Once you’ve determined your eligibility, reach out to Senior Lending Corporation. We can set you up with Florida’s mandatory reverse mortgage counseling. Our Advisors will answer all your questions and guide you through the next steps of the process. We’ll be there every step of the way to keep the process moving until you receive that first payment of your hard-earned funds.
With so many years of experience with reverse mortgages all over Florida, we’ve become Pompano Beach’s trusted local reverse mortgage company. We’re licensed to counsel and work with applicants throughout the entire state, and we’ve helped hundreds of individuals make the most of every moment in their retirement.
If you’re ready to see what a reverse mortgage can do for you, give our team a call during our office hours at 800-822-1190 or contact us online anytime. Start doing your retirement your way today.