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