Get the facts on whether a reverse mortgage is a good fit for you.
If you live in Florida and are recently or currently retired, a reverse mortgage might be just the ticket to for you. Whether you need some extra money for medical bills or you just want to have a little more financial freedom, there are lenders that can assist you. In this article, we will cover how a reverse mortgage works, and questions to ask your lender before making a commitment.
A reverse mortgage is a special mortgage solution created for those that want to leverage the current equity in their home. There are some basic requirements. You must stay in your home while you have a reverse mortgage. This must be your primary residence. In addition, you must be at least 62 years or older to qualify. These loans are backed by FannieMae and the Federal House Administration (FHA).
There have been some reverse mortgage scams lately where reverse mortgage lenders were scamming retirees by selling them a low paying annuity. This is not the norm in this industry but you should be careful when selecting a reliable lender in Florida.
When are you selecting a lender, you need to ask them questions. Some of these questions to ask are:
· What is the intereste rate? Just like a regular mortgage the lender will propose a fixed or adjustable rate. Just like a regular mortgage you must shop the loan rate to get the most for you money.
· Do you have a certified loan counselor I can discuss my loan with?
· Is there a prepayment penalty? Even though the loan is not payable prior to you moving out, you must ask if there are any fees associated with paying early.
· Does my mortgage have “shared appreciation”? This means that the lender will gain in the increase of equity in your property. Make sure the loan is based on the current value of your home.
· What are my payment options? Make sure you ask what your options are. You should have the option of cash, credit line, or monthly installments. Make sure you sit down and factor each option and what is best for you financial situation. You may want to consult a financial planner as well.
A good lender will be ready and willing to break down all the costs and fees for every single option you have. If they cannot, you need to consider a different lender. Florida has many certified lenders, especially with the large percentage of the population being of retirement age.
You can also shop these mortgages online. If you don’t feel comfortable with shopping a mortgage online you shouldn’t have a problem finding one locally.
If you are member of the AARP, they can also assist you in finding a qualified lender in Florida or elsewhere. Many times they are a great source of lenders that can help folks just like you.
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