Reverse Mortgage in West Palm Beach
Warm and sunny weather in West Palm Beach year-round makes it an ideal retirement area. If you plan to explore and stay busy during retirement, the city has plenty to do. Ensure your finances remain secure by getting a reverse mortgage on your West Palm Beach home. Senior Lending Corporation is a West Palm Beach reverse mortgage company dedicated to helping homeowners make the most of their retirement.
What Is a Reverse Mortgage?
A reverse mortgage acts like a loan from your home's equity. It turns the equity into usable funds that can apply to your other expenses, such as vacations, groceries or credit card debt.
At Senior Lending Corporation, we specialize in home equity conversion mortgages (HECM). They are the most secure and popular reverse mortgages because they are federally insured. When you have a HECM reverse mortgage, you can receive the funds in various ways, from a fixed monthly payment or line of credit to a lump sum.
Why Get a Reverse Mortgage?
Reverse mortgages are excellent ways to supplement your retirement income while taking advantage of your home's equity. Benefits of having a reverse mortgage include:
- Secure funding: The government fully insures a HECM reverse mortgage. If a housing market crash happens and your home loses value, you aren't responsible for paying back the equity funds you've already used.
- Tax-free income: The funds you receive from a reverse mortgage are untaxable, so you can use the money without worrying about paying taxes.
- Financial freedom: With a reverse mortgage, you'll also have more financial freedom. You can use the extra income however you want without restrictions.
- Homeownership: Have fun during retirement without selling your house to gain more revenue. You maintain homeownership while enjoying the financial advantages of a reverse mortgage.
What Are the Requirements for a Reverse Mortgage?
You can be eligible for a reverse mortgage if you meet the following requirements:
- You're 62 years old or older.
- You have significant equity in your home or own it.
- You live at your house most of the year.
- You maintain your home's condition.
- You possess no tax liens.
- You satisfy minimum income and credit requirements.
Why Choose Senior Lending Corporation?
Senior Lending Corporation strives to help make your retirement the best it can be financially. You deserve to live your retirement how you want, so we offer expert services to help you manage. Our reverse mortgage counselors are licensed in West Palm Beach and all over Florida. They are also highly experienced and trusted, having numerous years of experience serving residents in and around the city to help them make the most of their retirement.
We'll work with you to ensure a reverse mortgage suits your needs. With our expertise and dedication to helping retired homeowners live happily during retirement, we always keep your wellness in mind.
Learn More About Reverse Mortgages
We would love to help you learn more about reverse mortgages. Senior Lending Corporation is your local reverse mortgage company with all the answers. Speak with a representative at 800-822-1190 to get started today!
