If you’re a senior over the age of 62, then you might want to look into getting a reverse mortgage in Fort Lauderdale to help smooth your finances throughout retirement. If you have a significant amount of equity in your home, then a reverse mortgage will allow you to leverage that value for a special type of home loan that allows you to meet your financial commitments. If you’ve found that the cost of healthcare and general living expenses are more that you were prepared for, then it’s time to talk to NHL Lending about your options.
Understanding Reverse Mortgages Fort Lauderdale
The easiest way to think of a reverse mortgage is to consider it the opposite of a regular mortgage. During your working years, you would have been paying a lender to gain more equity in your home over an extended period of time. At the end of your mortgage term, the home would fall solely into your possession. With a reverse mortgage, a lender will pay you to obtain some of the equity that is in your home. Payments are regular and are a predetermined amount. You don’t have to pay back the loan during your lifetime, and the income from a reverse mortgage can be tax free. After you have passed, your family or the legal heir to your estate can buy back the equity, to take back complete ownership of your home.
During the reverse mortgage, you’ll keep the title to your home, but you need to be aware that there are some fees and costs involved in the process. Some reverse mortgages are federally backed, while others are private agreements. Rates can change throughout the mortgage, unless you are able to get a fixed rate HECM, or agree upon a fixed rate with a provider. AT NHL Lending, we’ll let you know what all of your options are, so that you can choose the right package that is available to you. With a monthly income reverse mortgage Fort Lauderdale, we will take steps to ensure that the rates are affordable and that the value of the payments will not exceed the equity that you have in your home.
A Big Decision That You Need to Take Time to Consider
Before you begin the process, you’ll need to make sure that all of your financial affairs are in order. You’ll need to have documentation supporting the ownership and equity that you have in your home, and you’ll also need to have an idea of what you want to get out of the loan in terms of regular payments. Some of the basic requirements include legally valid identification, proof that the home will be your primary residence, proof that your income will be sufficient to take care of ongoing property taxes and insurance, and you’ll also need to take part in an approved reverse mortgage counselling session.
You can call us today to discuss any of these requirements, and you’ll find that that the best way to start any type of Florida mortgage application is to simply pick up the phone and talk to us.
Are You Ready to Begin the Consultation Process?
As one of the leading reverse mortgage lenders in Fort Lauderdale, we’re ready to provide you with all of the information that you need to make the right decision for reverse mortgage. We’ll be upfront about fees and the actual cost for a loan, and will make every effort to provide a package that is favorable, while also remaining within any laws and regulations that govern reverse mortgage lending.
Most importantly, we know that a reverse mortgage Fort Lauderdale can be a complicated process and a significant decision. We won’t pressure you into a reverse mortgage, and will make sure that you’re aware of all of your rights, including the right to cancel an agreement within three business days of closing. This is a right that exists under any reverse mortgage program.
It doesn’t matter whether you’re simply curious about the reverse mortgage process, or if you’re at the point where you’re ready to start talking details and begin the application. We’re here to provide you expert support that will allow you to make an informed decision. Your retirement should be a time to relax and enjoy a lifestyle that is without the stresses of your working years, and this is something that we take into consideration when we are providing our upfront and compassionate service.
A mortgage consultant is available today, and the first step towards a simpler and more comfortable retirement is a phone call to NHL Lending in Florida.