Reverse Mortgages in Tampa Bay
Tampa Bay is a paradise with gorgeous tropical weather and easy access to beautiful Gulf Coast beaches. It is the perfect place to retire, thanks to its vibrant communities and opportunities for relaxation. Let Senior Lending Corporation turn your retirement dreams of enjoyment into a reality with the help of a reverse mortgage.
What Is a Reverse Mortgage?
A reverse mortgage gives homeowners the flexibility to supplement their income or pay for various bills and expenses. It allows homeowners to borrow part of their home's equity as tax-free income, so homeowners receive payment from a lender based on their equity instead of paying a lender.
Homeowners can receive payment in a few different ways, including a line of credit, monthly payments or a lump sum.
Reverse Mortgage Types
There are two main types of reverse mortgages:
- Home equity conversion mortgage (HECM): A HECM reverse mortgage is a popular option, allowing flexibility in how funds are used and how money is withdrawn. They are backed by the federal government and are only due once the house is no longer your primary residence.
- Proprietary reverse mortgage: This type of private loan usually allows for a larger loan advance, especially for higher-valued homes. They have less regulation and are not federally insured.
Advantages of a Reverse Mortgage
Homeowners can enjoy many benefits when they participate in a reverse mortgage, such as:
- Meeting medical bills
- Arranging for home improvements
- Covering living expenses
- Paying off credit card debts
- Managing in-home care
Reverse mortgages provide the supplemental income homeowners need to enjoy their retirement years, enabling them to take advantage of opportunities for adventure, leisure, personal comfort and financial stability.
Basic Reverse Mortgage Requirements
To qualify for a reverse mortgage, homeowners need to meet these requirements:
- Be 62 years or older
- Have sufficient equity in their home
- Use the house as their primary residence
- Keep primary residence up to date on all taxes and insurance fees
- Participate in an approved counseling session as required by federal law
Why Choose Senior Lending Corporation as Your Local Reverse Mortgage Company?
Our goal at Senior Lending Corporation is to help you achieve financial peace of mind so you can enjoy your retirement your way. Our team has years of experience, and you can count on us to deliver the honest, transparent and comprehensive advice you need to navigate the reverse mortgage process.
We are licensed in the state of Florida, so we can help you with your unique needs in the Tampa Bay area. We understand that everyone's financial situation is different, which is why we offer flexible solutions to enable you and your family to enjoy your time in retirement.
Meet With Our Reverse Mortgage Counselors Today
As Tampa Bay's #1 rated reverse mortgage company, we offer the expert counseling you need to relieve financial stress and enjoy your retirement. Call us at 800-822-1190 to speak with a licensed advisor or fill out our online form to see how we can help you have an amazing retirement.