Florida Reverse Mortgages

Population of Seniors Drives Home Equity Business

There may be no more suitable location for reverse mortgage lenders to set up shop than in Florida. Dozens of reputable financial companies are available, including nationally known and regional favorites.

If you are considering a HUD Home Equity Conversion Mortgage choose a lender from HUD’s list of approved lenders only. There are hundreds verified as reputable HECM lenders through HUD.

FHA Loan Limits in Florida—Key to Federally Insured Reverse Mortgages

The FHA lending limits are key factors in the HECM program. Your home may be valued over your county’s FHA limit, but your HECM will only reflect at maximum the FHA limit. Across most counties in Florida the FHA limit is fairly average with the exception of Miami-Dade and Naples-Marco Island areas, where the limits are set significantly higher to account for steep increases in home values, good news for reverse mortgage borrowers in these areas with higher valued homes.

Low-Cost Single Purpose Loans for Florida Seniors

Many states offer alternatives to conventional reverse mortgages in the form of single purpose loans and typically for property tax deferral (PTDs) or for necessary improvement or repairs, deferred property loans (DPLs).

  • DPLs may be available through your local government. For example, the city of Sunrise Florida offers a type of DPL—the Housing Rehabilitation Program for which qualified seniors may apply. Program offers financial solutions for low-income borrowers that have “critical” repairs to make on their homes.
  • The state of Florida provides a Homestead Tax Exemption of 3 percent on homeowner property taxes, a valuable legislative move for seniors with high-value homes and with little or no income to cover high-dollar tax bills.

Reverse Mortgage Providers in Florida

Senior homeowners in Florida have a rich well of resources for reverse mortgages. If you are a homeowner, over the age of 62 and hoping to stay in the home permanently, you may be a good candidate for a reverse mortgage. Why not contact a mortgage broker or lender and find out if one of these unique financial products could help you?

Advanced Mortgage Solutions of Southern Florida

This Florida-based company acts as a broker for reverse mortgage lenders and clients. Seniors shopping for information on the complexities of a reverse mortgage will also find a wealth of informational material on the website. Advanced Mortgage specializes in helping consumers and lenders discover the right reverse mortgage product for each individual borrower.

AmeriFirst

AmeriFirst is another Florida-based company and specializes in providing reverse and traditional mortgages, as well as counseling seniors on all aspects of their mortgage. They even provide educational material on foreclosure so you understand the risks to owning a home. This HUD-approved lender offers the Home Equity Conversion Mortgage (HECM).

Bank of America

Easily one of the leading lenders in the country, a retail bank that also offers a couple of popular reverse mortgage products. Borrowers may opt to use the HUD Home Equity Conversion Mortgage (HECM) or the proprietary Senior Equity Reverse Mortgage Platinum. This second choice features all the characteristics of a HECM, except that it’s not open to manufactured homes, but offers an option to reserve a portion of the home’s equity. This perk allows seniors to safeguard a piece of their home’s value especially if it’s being left for heirs.

Financial Freedom

Again, this company has been touted as one of the largest volume dealers in reverse mortgages. FF is available nationwide. By far the most popular reverse mortgage product on the market today is the federally insured Home Equity Conversion Mortgage (HECM). Financial Freedom specializes in making this product as accessible as possible. They offer a fixed and variable rate HECM. But for borrowers that need a little higher lending limit, there is either the Fannie Mae Home Keeper or a jumbo private reverse mortgage unique to FF: the equally popular Cash Account Advantage Plan.

Seniors First Mortgage

This “seniors first” company provides mortgage services exclusively to senior borrowers. Offices are located throughout the mid-Atlantic and southeast, including Florida. The company provides direct reverse mortgages to borrowers that qualify for the federally insured HECMs.