Reverse mortgages are designed specifically for borrowers 62 years or older. They are Federally backed loans guaranteed by FHA. You can use a reverse mortgage to take cash out of your house, pay off an existing mortgage(s) or even buy a house! The main benefit is that no mortgage payments will be required until BOTH borrowers have permanently vacated the home (either by death, sale of the home or permanent hospitalization). Generally, you should have about 50% equity in your home (or close to it) and be able to afford your property taxes, insurance and other credit obligations. We are the most experienced reverse mortgage lender in Palm Beach County with countless happy clients throughout the Sunshine State!
Benefits of a Reverse Mortgage
A federally insured Reverse Mortgage can help improve your cash flow by permanently eliminating your mortgage payments and also by providing cash to you and your spouse in a lump sum, monthly payments or even a line of credit. It is a well known retirement planning tool which can provide relief to surviving spouses and security to those planning for the future. It’s guaranteed by FHA so it is 100% safe for you and your heirs.
How do I qualify for a Reverse Mortgage?
Qualifying for a federally insured Reverse Mortgage is very easy. You need to be 62 years of age or older and be able to provide verification of your income to cover your current expenses. That’s it! There are also minimal credit history requirements as well but even those with certain credit challenges can still qualify for a Reverse Mortgage.
Mortgage Insurance Premiums (PMI/MIP)
Since this is an FHA loan, you will pay an up front mortgage insurance premium as well as an annual one. All FHA mortgages require these two fees. However, in the case of the Reverse Mortgage, it guarantees that neither you, your spouse or even your heirs will ever have any financial responsibility to repay the reverse mortgage.
2019 Reverse Mortgage Loan Limits
In 2019, HUD increased the FHA Reverse Mortgage maximum claim amount to $726,525.
Apply Now for a Reverse Mortgage!
Here at Streamline Financial Group, Inc. we prefer to take an educational approach. Having been rated 5 stars on both Zillow and Google, our friendly, licensed Loan Officers have developed a reputation as the best in the business. We provide old fashioned service combined with modern day technology to deliver guaranteed lowest rates, unparalleled service and the confidence you need, knowing we are one of the areas longest standing mortgage companies. Call us right now! We promise to answer your call by the third ring, or lunch is on us!