A reverse mortgage is a special type of loan for homeowners, where at least one homeowner is age 62. Reverse mortgages are a financial planning tool in which a lender grants a line of credit, a lump-sum, a. www.reversemortgage.org .. For more information, please contact:. 1-877-MY-FL-CFO (1-877-693-5236).
However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.
Please note: This reversemortgage.org calculator is provided for illustrative purposes only. It is intended to give users a general idea of approximate costs, fees.
A Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is a special type of home loan only for homeowners.
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Florida Reverse Mortgages. Floridians are increasingly turning to Reverse Mortgages to help them stay in their homes during retirement. The number of HECM reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, Liberty Home Equity Solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover.
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When considering a reverse mortgage there are three types offered. The most suitable reverse mortgage will vary for each applicant and will be dependent upon.
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If you're 62 or older – and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses – you may consider a reverse.
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