Reverse Mortgages in Port St. Lucie
As you get older, the cost of living can add up. Between expenses for medications, gas, groceries and more, many Port St. Lucie residents need help to keep up. If you want a smoother retirement and a way to gain extra funds without selling your home or moving, then a reverse mortgage from our Port St. Lucie reverse mortgage company could be right for you.
Reverse Mortgages — What You Need to Know
A reverse mortgage allows older homeowners to access the equity in their homes while continuing to live there. Often confused with a loan, this home equity line of credit is a financial tool that gets repaid when the borrower moves out of the house, sells it or passes away. Many homeowners use their HECM reverse mortgage to pay for expenses such as:
- Daily living expenses: Many people use the funds from a reverse mortgage to cover daily living costs such as groceries and utilities.
- Traditional mortgages: Homeowners can take their reverse mortgage and pay off their conventional mortgage, eliminating monthly mortgage payments.
- Investment opportunities: Retirees can use a reverse mortgage to fund investment opportunities to grow their wealth and provide additional income in retirement.
- Vacations: A reverse mortgage could be an alternative solution that lets you travel and enjoy life.
- Medical care fees: Medical expenses can quickly add up. A reverse mortgage lets you use your home's equity to pay for medical bills and other expenses not covered by Medicare or Medicaid.
Why Florida Residents Choose Reverse Mortgages
Reverse mortgages allow homeowners to access the equity in their home. Some use it to pay off bills or other debts, while others may want to use it to ensure they can stay in their home. With no credit score requirements, prepayment penalty or additional taxes involved, a reverse mortgage might be the perfect way to get the cash you need without getting approved for a traditional loan.
Who Can Get a Reverse Mortgage?
In general, to qualify for a HECM reverse mortgage, you must:
- Be at least 62 years old.
- Own the home as your primary residence and have sufficient equity.
- Not have any federal debts.
- Keep your home in good condition.
What Sets Senior Lending Corporation Apart
Since 1998, Senior Lending Corporation has ranked as the go-to source for all of Florida's reverse mortgage needs, including Port St. Lucie. Our team of licensed reverse mortgage experts has helped thousands of seniors get the peace of mind they deserve in their golden years by providing them with the information they need to make an informed decision about their finances.
Whether you want to move, pay off debt or stay put in your home, Senior Lending Corporation will help you find the right reverse mortgage to get you there.
Speak With Your Local Reverse Mortgage Company Today
You deserve to live comfortably, and your home is one of your biggest assets. At Senior Lending Corporation, we're here to help you explore all your options for a reverse mortgage in Port St. Lucie and ensure you get the most out of this exciting option. Call us now at 800-822-1190 to set up a free consultation with one of our reverse mortgage counselors today!