Retirement in the sunshine city can be a great experience, with bright days almost all year inviting you to spend time outside. Many residents enjoy visiting art festivals and taking in the fantastic cultural scene in St. Pete. If you’re looking for a way to put some extra money in your pocket to enjoy your retired lifestyle, a reverse mortgage might be a suitable option.
A reverse mortgage borrows money from the equity in your home to help you finance your retirement. The funds can be distributed in several ways, including a lump sum or steady monthly payments. This financing option makes sense for many retirees because they own or have substantial equity in their homes. With a reverse mortgage, you can continue living in the home you love while enjoying extra income to pay off bills or handle other expenses.
There are three types of reverse mortgages. At Senior Lending Corporation, we offer a home equity conversion mortgage (HECM), the most secure type.
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Reverse mortgage lenders provide a source of income you do not need to pay off like you do other loans. You also receive the money tax-free, giving you an income source for whatever you spend your retirement doing. With a reverse mortgage, you get to make your home equity benefit you without having to sell your home and downsize.
The reverse mortgages we offer come from the federal government, meaning you get protection for unexpected events. If the housing market declines and your home value drops below what you have borrowed in equity, you don’t need to pay these funds back. With this lending option, you can use flexible funding to finance your retired life and cover expenses ranging from health care needs to home improvement.
To receive a reverse mortgage, you must meet several requirements:
Senior Lending Corporation can be your trusted reverse mortgage company throughout retirement. We’ll provide you with the funds you need to live the retired life you desire. Here are a few benefits of working with us:
Our reverse mortgage counselors would love to speak to you about a reverse mortgage to help you decide whether this option will work for you. Call us at 800-822-1190 to speak with a representative today.
