Reverse mortgage Cape Coral FL with Kevin A. Guttman
Are you about to retire from work, and you’re putting things in place to have a lovely retirement? Then, going for a reverse mortgage in Cape Coral is an option you might want to opt for. You’re qualified to get a reverse mortgage if you are over 62 years, and you own a home with adequate home equity. As a homeowner, a reverse mortgage allows you to borrow equity. Rather than paying the lender, the lender makes payment to the borrower.
How does reverse mortgage work in Cape Coral FL?
With a reverse mortgage, you’re not required to make any monthly mortgage payments as long as you still stay in the house, and you continue to meet your usual obligations. These obligations include payment of your property taxes, maintaining your property, plus homeowners’ insurance.
Cape Coral Reverse Mortgage Payments
Reverse Mortgage payments can be made either as a lump sum, Periodic advances through a line of credit, as a monthly payment as long as the borrower still resides in the home, or as a combination of any of them. Now comes the question, what precisely do you stand to gain by taking a reverse mortgage?
Geographic info for Cape Coral, FL
Cape Coral is a city in the U.S. state of Florida. It is in Lee County and is on the Gulf of Mexico. The city was founded in 1957 and built as a planned community. As of the 2020 Census, there were 194,016 people living there, which is 26% more than there were in 2010. This makes it the 130th most populous city in the United States. Cape Coral is the largest city between Tampa and Miami in both population and size, covering 120 square miles (310 km2). It is the biggest city in the Cape Coral–Fort Myers Metropolitan Statistical Area in Florida. The city has more waterways that can be used to get around than any other city on earth.
In 1957, two brothers from Baltimore, Maryland, Leonard and Jack Rosen, flew over Redfish Point, which is on the other side of the Caloosahatchee River from where Fort Myers is now. Redfish Point was the first name for Cape Coral. In 1957, real estate developers Leonard and Jack Rosen and a small group of partners bought a 103-square-mile (270 km2) piece of land called Redfish Point for $678,000. In 1958, they started building the city as a master-planned, pre-planned community.
The Gulf American Land Corporation (GALC) was made so that the area could be built up. GAC came up with a new way to sell things that was very different from the old ways. The Lee County gave their permission to divide the whole property into lots. Instead of putting the lots on the market with real estate agents, GAC came up with the idea of selling land at dinner parties, which were held in banquet rooms at local hotels. To get people to come, a free dinner for two was offered. Team-selling is the name of the model that made it possible for a well-trained team to close a deal in 90 minutes. Buyers would sign a contract agreeing to check out the property within six months and back out of the deal if they weren’t happy. Ezio Valentini, an Italian developer who worked in real estate, joined GAC and was named Director of Sales. Because the program was so successful, offices were set up in 24 states, and a deal was made with an airline so that buyers could fly to the property on chartered flights.
Instead of borrowing money from banks and other lenders, the infrastructure was built with the money from the sales contracts. People dug canals, paved streets, and built homes, shops, and other buildings. Cape Coral was advertised more than any other place in Florida. Celebrities were brought in to talk about what a great place “the Cape” is. The Rosens’ sales office was the first building in Cape Coral. It was built at the corner of Cape Coral and Coronado Pkwys, where George’s Auto is now. The Rosens’ general manager, Kenny Schwartz, was the first person to live in Cape Coral for good. In May 1958, the first four homes in Cape Coral were built on Riverside and Flamingo Drives.
Up until the early 1960s, most of the building was done on Redfish Point, south of Cape Coral Parkway. By 1963, there were 2,850 people living there. About 1,300 buildings had been built or were in the process of being built. There were 80 miles (130 km) of roads and 160 miles (260 km) of canals. [needs citation] A golf course, a medical clinic, and a shopping center were all open to the public. When it opened in early 1964, the 3,400-foot-long (1,000 m) Cape Coral Bridge across the Caloosahatchee River was a big change for the city. Before the bridge, you had to take Del Prado Boulevard and the Edison Bridge (Florida) to cross the river and drive more than 20 miles (32 km) to get to Fort Myers.
The city became a city in August 1970, and its population grew quickly until 2008, when the real estate market in the area began to slow down.
Reverse mortgage rates Cape Coral
As a homeowner, reverse mortgage makes you live a more comfortable retirement. It allows you to continue living in your home while also getting paid. Reverse mortgage rates will vary opto the current market rates, loan amount and credit history. Contact the Kevin A. Guttman team to see what today’s mortgage rates are, call (877) 251-9709
Here are the benefits to a reverse mortgage.
You remain as the homeowner on title.
You still retain ownership of your home.
You can also choose to take your funds whichever way you desire.
You can take it as a lump sum at once.
You can also take it as a line of credit that can be tapped when needed.
You can choose to have a steady stream to be paid monthly for a specific period, or as long as you are still a resident of the home.
You are entitled to as citizens from the government are generally not affected by a reverse mortgage loan.
You’ll still get your social security or your Medicare benefits.
Once your loan has been repaid, you or your heirs are entitled to the remaining equity. In other words, the remaining equity belongs to you. These are the benefits of taking a reverse mortgage.
Cape Coral reverse mortgage broker
Another option is that you can be paid with a combination of these options. However, if you opt for a fixed-rate loan, you’ll be paid a single disbursement lump sum. This is good if you have a significant project you need to spend on. Contact the team at Kevin A. Guttman to get more information on a reverse mortgage.
Like every form of home financing, there are pros and cons to each. For many, a reverse mortgage is a huge lifeline and well suited to their particular situation. For those homeowners, the pros of a reverse mortgage outweigh the cons.
Here are some reverse mortgage pros for your consideration.
The proceeds are not taxable.
The borrower is not responsible for the repayment of the loan.
Backed by the Federal Housing Administration.
You can pay off any time, no pre-payment penalty.
Equity doesn’t count as income and shouldn’t affect Social Security or Medicare benefits.
The term of the loan goes to age 150 of the youngest borrower.
The loan can be fixed or adjustable-rate.
Here are the cons of a reverse mortgage.
Property taxes, homeowners insurance, other housing fees such as HOA dues or Flood insurance must be paid by you as with any home. You have to live in the home 6 months or more a year as your primary residence, and maintain the home.
A reverse mortgage has strict regulations by the Federal Government.
Closing costs are higher than on a traditional mortgage.
There is a lien placed on the home.
There will be less equity for the heirs.
Loan balance can grow over time
What qualifies for a reverse mortgage in Cape Coral FL?
This particular type of home financing is only available to senior homeowners and the program has been recently reformed to be more fair and favorable towards seniors. A reverse mortgage, for many, is a solution that changes their life.
You must be 62 years or greater to qualify.
Not all properties qualify for a reverse mortgage.
You must have enough equity to qualify.
Vacation homes and investment properties are not eligible.
One couple we recently helped wanted to downsize to a house that had main floor living and no yard maintenance. They had enough equity in their home to qualify for the HECM For Purchase (H4P). They were able to purchase a home with main floor living in the neighborhood close to their grand kids and have NO monthly mortgage payment. For them, the cons of a reverse mortgage were outweighed by the benefits!
Jumbo reverse mortgage in Cape Coral
A jumbo reverse mortgage can help you tap into your home equity during retirement and help you face everyday challenges. When you meet the age and credit score requirements, the jumbo reverse loans can be a place to age and increase your cash flow with rising healthcare costs, education, or helping out other family members.
Jumbo reverse mortgage loans are targeted at new homeowners with homes valued upwards of 600,000$. These loans come with some essential key features that make them stand out, providing more alternatives and borrowing power for homeowners with high-valued properties.
Private firms and larger banks are generally responsible for jumbo reverse mortgages, however, mortgagers are subject to the same obligations under traditional reverse mortgages to finance their high-valued property.
Reverse mortgage lenders near Cape Coral FL
If you want to know if a reverse mortgage is right for your situation, you can get a free confidential analysis. We’ll ask a few questions and can easily determine if your property qualifies for a reverse mortgage. Get your FREE confidential analysis.