Reverse Mortgages in Spring Hill

If you’re retiring in Spring Hill, you may be thinking about how your choice will affect your finances. A reverse mortgage is one tool you can use to make the most of your time in Florida and anywhere else you plan to travel. At Senior Lending Corporation, we make it our business to educate you on reverse mortgages so you can determine whether they are the best choice for you.

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What Are Reverse Mortgages?

When you get a reverse mortgage, you use your home’s equity to put cash in your pockets. A reverse mortgage is a loan for homeowners who have equity in their homes. Most people apply for Home Equity Conversion Mortgages (HECMs) over proprietary (private) reverse mortgages, as HECMs have the benefit of insurance through the Federal Housing Administration (FHA). A HECM offers more security for your lender and lower interest rates for you.

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Reverse Mortgage Advantages in Spring Hill

Though many people hesitate when they hear the word “mortgage,” the benefits of a reverse mortgage are immense for most qualified applicants. HECMs offer incredible advantages over similar loan options, such as:

  • Flexible funds: Once approved for a HECM, you have immediate access to your funds, which you can withdraw as a lump sum, in regular installments or only as needed.
  • Repayment your way: There are many ways to repay your loan, and you can do it on your own time. Fees and rates stay low for reverse mortgages, so you can skip payments or adjust how you pay anytime to fit your current needs.
  • Accessibility: When it comes to reverse mortgages, lenders look at much more than your credit score. Existing debts, cash reserves and financial history are also factors, making it possible for even those with lower credit scores to get approved.

How to Qualify

While reverse mortgages are generally easier to qualify for than other loans, you must consider a few basic requirements:

  • You must be 62 years old or older.
  • The house you’re using must be your primary residence and a single-family home, townhouse or condo.
  • You have to meet the lender’s financial requirements, which vary based on who you work with.

The Senior Lending Advantage in Spring Hill, FL

Senior Lending boasts a long history of learning about and having on-the-job experience with reverse mortgages. Over the years, our trusted experts have helped us gain the reputation of being Spring Hill’s top reverse mortgage company — and the leading provider in the rest of Florida, too. Whether you’re new to the concept or you’ve done your homework, we’ll take you through every step of the application process to give you the best chance of being approved.

Apply for Your HECM Reverse Mortgage Today

A reverse mortgage is more than a loan — it’s security and peace of mind you and your family can carry with you throughout your retirement. Whether you use it to pay bills, travel the world or spend it on the ones you love, let Senior Lending Corporation help you apply today. Call us at 800-822-1190 or use our online form to set up an appointment with our reverse mortgage counselors.