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Port Orange, Florida, Reverse Mortgages

As a principal city on Florida’s Fun Coast, Port Orange enables residents to enjoy the fruits of a well-earned retirement. If you’re a Port Orange homeowner, a reverse mortgage from Senior Lending Corporation can help improve your financial standing in your golden years.

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What Is a Reverse Mortgage?

A reverse mortgage is a specialized home loan that allows qualified seniors to convert their accumulated equity into spendable cash. The product derives its name from how the loan works — instead of borrowers making payments to the mortgage company, the latter pays money to the homeowner as a lump sum or a line of credit. Borrowers do not need to repay the loan until they sell or vacate the home. 

The Home Equity Conversion Mortgage (HECM) is the most common reverse mortgage type. These loans are insured by the Federal Housing Administration, protecting borrowers if home values drop.   

What Are the Benefits of a Reverse Mortgage?

As a Port Orange homeowner, you can experience numerous benefits from a home equity conversion mortgage:

  • Tax-free cash: You won’t pay taxes on the money because the IRS classifies these funds as loan proceeds instead of income.
  • Stay in your home: If you’ve lived in your Port Orange home for many years, you probably don’t want to leave it. A reverse mortgage allows you to put your hard-earned equity to work and age in place in the house you love.
  • Own your home outright: If you’re still making payments on your home, you could use the reverse mortgage proceeds to retire your loan. 
  • Enjoy life: Use the money for fun things you’ve always wanted to do, like take a dream vacation, buy a convertible or embark on an extensive winery tour. 
  • Postpone Social Security draws: While you can begin receiving Social Security payments at age 62, your monthly benefits will increase if you wait longer. Reverse mortgage proceeds can help bridge the gap and prepare for a more comfortable retirement. 

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Basic Reverse Mortgage Requirements

To be eligible for a reverse mortgage, you must be 62 or older and use the home as your primary residence. You’ll also need enough equity to meet the loan provider’s guidelines. 

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Why Choose Us for Local Reverse Mortgages?

As one of the top reverse mortgage companies in Port Orange, Senior Lending Corporation is a local, fully licensed company you can trust. Our experts bring years of experience to the process, ensuring the best results for your unique situation. Our transparent pricing eliminates concerns about hidden fees.

Call us at 800-822-1190 or contact us online to request additional information.

800-822-1190

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