REVERSE MORTGAGE SERVICES IN MIAMI
If you are considering a reverse mortgage, you are not alone. For many seniors, a reverse mortgage is the best way to capitalize on their home’s equity. Not surprisingly with its prominent senior population, Miami has been called the nation’s reverse mortgage capital.
What exactly is a reverse mortgage loan?
A reverse mortgage is also known as a Home Equity Conversion Mortgage (HECM). It’s a type mortgage insured by the FHA that allows, in simple terms, borrowers to receive monthly disbursements against the equity of their home.
Since their introduction in the 1980s, reverse mortgages have been considered a safe borrowing option; however, there are some basic limitations—they are only available to individuals over the age of 62 and there must be enough equity in a home to qualify. If you pass both of these pre-requisites, you can enjoy the benefit of new, tax-free monthly income.
A misconception we often hear is that a reverse mortgage leaves you prone to losing your home. This is not true. You’ll always retain control of your title, even if you pass on.
At Union, we have reverse mortgage experts ready to guide you and help you learn about the many options available. If you would like to learn more, please fill out the form below or call us.
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