A reverse mortgage is a mortgage loan, usually secured over a residential property, that enables the borrower to access the unencumbered value of the property. The loans are typically promoted to older homeowners and typically do not require monthly mortgage payments. borrowers are still responsible for property taxes and homeowner’s insurance.
What is a Reverse Mortgage Reverse mortgages were conceived as a means to help people in or near retirement and with limited income use the money they have put into their home to pay off debts (including traditional mortgages), cover basic monthly living expenses or pay for health care.
Nebraska’s Housing Market Heating Up Nebraska’s heated housing market has continued to gain momentum in 2018. Over the past year, home prices have increased at their fastest pace since 1994 as the state’s economy has continued to strengthen.
Most reverse mortgages have variable rates, which are tied to a financial index and change with the market. Variable rate loans tend to give you more options on how you get your money through the reverse mortgage. Some reverse mortgages – mostly HECMs – offer fixed rates, but they tend to require you to take your loan as a lump sum at closing.
Your Florida Reverse Mortgage Loan Specialists If you or a family member would like an informational package or an appointment with one of our local specialists please call 305-271-9349 –or- complete our online questionnaire and we will send quick benefits package via email.
Florida Reverse Mortgage Companies Florida is among the top states in reverse mortgage origination. In fact, Miami topped the charts recently as the city with the most reverse mortgages. Even with the recent housing crisis, the boom that led up to the crash resulted in a lot of Florida seniors becoming house rich.
Top Florida Reverse Mortgage Lenders Due to large changes in the marketplace that occurred around 2012 – large banks getting out of the business – it’s worth listing both the top originators of all time and those who have led since then.
Reverse mortgages are government insurance loans and the mortgage insurance on those loans is the government insurance which is commonly referred to as the initial mortgage insurance Premium for the first year’s premium or IMIP and the renewal premiums are MIP for Mortgage Insurance Premium. It can get confusing but the insurance on federally.