Reverse mortgage Fort Lauderdale FL with Kevin A. Guttman

Reverse Mortgage Fort Lauderdale

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 Fort Lauderdale 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 Fort Lauderdale 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.

Fort Lauderdale 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 Fort Lauderdale, FL

Fort Lauderdale is a city on the coast of the Atlantic Ocean in the U.S. state of Florida. It is about 30 miles (48 km) north of Miami. It is the county seat and biggest city in Broward County. As of the 2020 Census, it had a population of 182,760, making it the tenth biggest city in Florida. Fort Lauderdale is one of the three main cities that make up the 616,488-person Miami metropolitan area. The other two are Miami and Port St. Lucie.

Fort Lauderdale was built in 1838 and became a city in 1911. It was named after a series of forts that the US built during the Second Seminole War. The forts were named after Lieutenant Colonel James Lauderdale’s younger brother, Major William Lauderdale (1782–1838). The city didn’t start to grow until 50 years after the forts were left empty at the end of the war. The first “Fort Lauderdale” was built at the fork of the New River, the second was built on the New River at Tarpon Bend between the neighborhoods of Colee Hammock and Rio Vista, and the third was built near where the Bahia Mar Marina is now.

Called the “Venice of the United States,” “There are 165 miles of waterways inside the city of Fort Lauderdale. Fort Lauderdale’s economy is not just based on tourism. It also includes marine, manufacturing, finance, insurance, real estate, high technology, avionics/aerospace, film, and TV production. With an average year-round temperature of 75.5 °F (24.2 °C) and 3,000 hours of sunshine, the city is a popular tourist spot. More than 13 million people stayed overnight in Greater Fort Lauderdale in 2018. This includes all of Broward County. Port Everglades is used by almost 4 million cruise passengers every year, making it the third largest cruise port in the world. Fort Lauderdale is known as the yachting capital of the world because it has more than 50,000 registered yachts and 100 marinas.”

The Tequesta Indians lived in the area where the city of Fort Lauderdale would later be built for more than 2,000 years. In the 16th century, when the Tequesta met Spanish explorers, it was bad for them because the Europeans brought diseases like smallpox with them that the native people had no defense against. Over the next two hundred years, disease and constant fighting with their neighbors the Calusa were big reasons for the Tequesta’s decline. By 1763, there were only a few Tequesta left in Florida, and most of them were sent to Cuba when the Spanish gave Florida to the British under the terms of the Treaty of Paris (1763), which ended the Seven Years’ War. Even though Spain, the United Kingdom, the United States, and the Confederate States of America all took turns ruling the area, it wasn’t really developed until the 20th century.

Reverse mortgage rates Fort Lauderdale

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.

Fort Lauderdale 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 Fort Lauderdale 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 Fort Lauderdale

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 Fort Lauderdale 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.

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Image Source: Dru Bloomfield – Wikipedia Commons