Reverse Mortgages FloridaReverse mortgages in Florida are rapidly gaining in popularity. Florida seniors have seen the value of their homes increase tens and even hundreds of thousands of dollars in the last ten to twenty years. As a result, an increasing number of seniors have chosen to take advantage of their substantial home equity by taking out a Florida reverse mortgage. The number of loans that were endorsed by HUD nearly doubled from 9,914 in 2006 to 18,023 in 2007 in the state of Florida. HUD endorses and FHA insures the Home Equity Conversion Mortgage (HECM) when the loan has been funded by a reverse mortgage lender and HUD finds that it meets all of their guidelines. First National Bank offers reverse mortgages to seniors in all of Florida including the Coral Gables, Tampa, Orlando, Jacksonville and Miami areas. For complete information on reverse mortgages in Florida, please refer to the links on the upper right.
Senior Reverse MortgagesSenior reverse mortgages have grown since 2002 to be become commonplace today. Why? Reverse mortgages allow seniors to increase their income and cash reserves, enabling them to pay for everything from basic necessities to the lifestyle they desire. While some seniors who are having financial trouble turn to their family, other help themselves by obtaining a reverse mortgage instead. These seniors want to avoid becoming a burden on their kids and enjoy the feeling of independence that a reverse mortgage offers. Reverse mortgages for seniors empower them to help themselves by accessing the equity that they have built up in their home.
Reverse Mortgage Quotes & InformationReverse mortgages are a financial product that allows homeowners 60 years of age and up to pull out a portion of their home equity as cash, get a line of credit or receive a regularly month check. There are some who think that a reverse mortgage allows the bank assume control of the home, but this idea is far from reality. In truth, a reverse mortgages is a reasonable exchange in which the senior receives money from the bank, and in return, allows a regular mortgage lien on their house. Reverse mortgages only allow the bank to receive the money that it lent to the senior. This amount includes the following: principal, which is the money received by the senior; interest, which accrues on the principal; and fees, which are often financed in the loan rather than paid out-of-pocket by the senior.
For more information, please see Reverse Mortgage Basics and Frequently Asked Questions.