Mortgage company

Welcome to a Highly Trusted Reverse Mortgage Company in Florida

Your Search for an Experienced Local Reverse Mortgage Company Ends Here

Welcome to Senior Lending! We are a reverse mortgage company based in Florida. Our team of professionals comprises of experienced loan officers specializing in HECM and reverse mortgage solutions.

We will be please to meet you over a cup of coffee to discuss in detail all the possible options that are best suited to your requirements. You can talk to us for advice, honest and simple information about reverse mortgages and laws governing the same. We are here to help you understand the whole process of reverse mortgage and how it works. And more importantly, how you can benefit from hiring the best reverse mortgage company.

Types of Reverse Mortgage Solutions that you Can Explore

According to the Federal Trade Commission, there are essentially three types of reverse mortgage solutions that are available to senior citizens over the age of 62 years. In order to consider what is right for you, you need to first understand the differences in these three options

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  • Proprietary Reverse Mortgages: This reverse mortgage solution is basically a private loan that is backed by companies that develop them. This is an ideal option for you if you need larger loan amounts than the ones specified under the usual HECM programs. However, this type of reverse mortgage is limited by the amount of risk your lender is willing to take. Also, the funds are usually available only as a lump sum at closing.
  • Single-Purpose Reverse Mortgage: This option is offered by certain state and local government agencies and NGOs instead of a conventional reverse mortgage company. These loans can only be used for one purpose that is specified by the lender in advance. The purpose could be anything from home repairs and improvements to paying off property taxes.
  • HECM: HECM or Home Equity Conversion Mortgages are federally-insured reverse mortgage solutions that can be used for any purpose.

Before you sign up for any of the reverse mortgages, you should consult a government-approved housing counselor who can explain the loan’s costs and financial implications in more detail. They would also help you understand how reverse mortgage in Florida works for specific companies. Speaking to a counselor also brings in more clarity about the solution that is best suited to your requirements, income etc.

Why HECM could be the Best Reverse Mortgage for You

The all new Home Equity Conversion Mortgage is an upgraded version of the reverse mortgage-type loan program. And it makes the traditional reverse mortgage obsolete because of all the convenience that it brings with it. That is what makes it the best reverse mortgage option for many seniors.

To begin with, you get to choose the repayment options in case of an HECM Credit Line. It allows you to pay off high-interest credit cards, replacing lost social security or pension income, protecting retirement assets and so on. Also, with an HECM, you can continue to retain the ability and ownership of your house, lock in the value of the house and eventually, even face the possibility of bigger returns than the future value of relevant real estate. We shall discuss all of these HECM advantages later on this page.

In order to qualify for an HECM solution, you need to be:

  • 62 years old or more
  • The owner of the property or possess a small mortgage balance
  • Living in the same property as your primary residence
  • Clear of any federal debt
  • A participant in a consumer information session provided to you by an approved HECM counselor

Choosing the Best Reverse Mortgage Company

Professionals at Senior Lending strive to be the best reverse mortgage company for you so that you can enjoy your post-retirement days to the fullest and without unnecessary financial worries. When you choose us as your reverse mortgage company, you can be assured of:

  • Working with professionals who have YOUR best interests at heart.
  • Flexibility to compare all other options, loan terms as well as fee structures and payment plans.
  • FHA-approved reverse mortgage solutions that cater to your needs and help sustain a regular income flow.
Advantages of HECM Reverse Mortgage in Florida

The biggest advantage of HECM reverse mortgage in Florida is that it allows you to eliminate your traditional mortgage payments. In addition, you can also access your home equity while still retaining the ownership of the house as your primary residence. The additional advantages of HECM reverse mortgage in Florida have been listed below.

  • HECM is a flexible reverse mortgage solution 

    The reason why Home Equity Conversion Mortgage is often hailed as the best reverse mortgage option for most people is because it is an extremely flexible product. It can be utilized in multiple ways by different types of borrowers. Besides, households with adequate resources may also consider HECM as a great financial planning tool.

  • The mortgage is not solely based on your credit score/income

    Another great benefit of choosing HECM as your go-to reverse mortgage in Florida is that there are limited income and credit score requirements in order for you to qualify for the same. All you have to do is demonstrate an ability to continue paying taxes and insurance on the home.

  • Your choice of payment options

    Depending on the type of loan you choose from your reverse mortgage company, you can continue to receive the HECM funds in the form of lump sum, monthly payments, credit line or some kind of a combination involving one or more of these factors.

  • It helps preserve and improve the value of your home equity

    Another reason why you should opt for HECM when hiring a reverse mortgage company is that it offers a variety of ways in which you can maximize your wealth, preserve your wealth and minimize losses. HECM reverse mortgage in Florida in the form of a line of credit can continue to grow annually. Over time, it locks in your home value and might end up giving you larger returns than future real estate values in case the market goes down.

  • It is a federally insured solution offered by reverse mortgage companies that lets you retain your home ownership

    With an HECM reverse mortgage solution, you can continue to retain the ownership of your house and the ability to live in it. More importantly, the HECM is managed by the Department of Housing and Urban Affairs and is federally insured. That is another reason why it is considered as a highly reliable and one of the best reverse mortgage options out there.

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