Reverse Mortgage Tampa FL – Local Experts

No matter the need, a Tampa Reverse Mortgage makes it possible to transform the equity in your property to cash without selling your home or taking on a monthly mortgage payment. These funds are tax-free, you keep title for your house, and no repayment is required until you permanently leave the home or requirements of the reverse loan are not met.

Often times, when retirement comes around, you would like additional cash to address things that you have been postponing. Possibly it is a much-needed vacation? Possibly monthly health related costs are stopping you from taking that much needed vacation?

Getting A Reverse Mortgage In Tampa Florida Means Tax-Free Cash

Transform a percentage of your home equity into tax-free funds that you can use for almost any purpose, like:

  • Paying for home repairs and remodels
  • Eliminating a current mortgage loan
  • Paying real estate property taxes
  • Covering medical expenses or medication costs
  • Dealing with day-to-day bills
  • Being able to take holidays
  • Being able to make special purchases

A Reverse Mortgage Also Means…

  • You maintain ownership. A Reverse Mortgage will allow you to maintain ownership and reside in your home while benefiting from the equity you have built.
  • No monthly home loan payments required. Assuming that you adhere to the terms of the Reverse Mortgage, no monthly payments will be required.
  • Flexibility to get cash the way you want. You may get cash in a lump sum payment, in monthly installments, or as a credit line that you could pull from when or if you need it.
  • Straightforward qualifying. There is income and credit standing qualifications required.
    Government insurance. Many Reverse Mortgages in Tampa are insured and regulated by the Federal Housing Administration (FHA). They’re known as Home Equity Conversion Mortgages (HECM’s).
  • Built in consumer safety. All of FHA insured Reverse Mortgages given today have features that keep you and your family from owing more than the appraised value of your home – even if the home decreased in value.
  • Absolutely no effect on Social Security and also other benefits. Reverse Mortgages will not affect your Social Security, Medicare, retirement benefits or any other investments.

Reverse Mortgages in Tampa Florida are good for a number of people, but they are definitely not for everybody.

Is it good for you? Call me and let’s see! We can meet anytime and wherever you would like (my workplace, your Tampa” home, for your convenience). Most information I could present you with over the phone, as well – or by UPS, Email too. And, once again, there is no-obligation, regardless if we have a face-to-face appointment!

Visualize residing in your house monthly house payment free, or benefiting from a tax-free source of funds for a lifetime cashing in on the years you have invested in your home. A reverse mortgage is a extraordinary loan developed for seniors 62 and older. You take advantage of having access to part of the equity in your property and the independence and comfort of your home you’ve lived in countless years. It’s your home, you can now let it work for you.

Reverse mortgage borrowers in Tampa Florida maintain possession and title on their home. It’s yours just like it was before, but now you’re able to take advantage of the equity that’s been growing in your property for years. Furthermore, HECM reverse mortgages provide the confidence of a federal government guaranteed FHA protected mortgage loan in which you will not ever owe beyond what the property is valued at. You can obtain a reverse mortgage on the primary residence and no payment is due until the final borrower passes away or permanently leaves the property.

As a safeguard, anyone seeking a reverse mortgage in Tampa have to obtain HUD counseling from an unbiased third party) prior to incurring any expenses associated with the mortgage loan. While proceeds from a reverse mortgage are tax free, consumers really should seek out tax counsel on how proceeds might effect government needs based services such as Medic-Aide.

The Tampa Reverse Mortgage Facts

– A Reverse mortgage is a special loan for senior citizens 62 and older

– A reverse mortgage allows for seniors to access a percentage of equity inside their property.

– Borrowers hold property and possession of their home.

– Proceeds with a reverse mortgage are tax-free however borrowers will need to seek tax guidance on how funds could effect government need based programs like Medic-Aide.

– It’s not a government program, but a loan that is repaid sometime in the future once the last borrower passes away or permanently leaves their home

– A reverse mortgage is eligible just for the borrower’s principle residence

– HUD counseling (from a completely independent third party) is needed before the borrower taking on any expenses related to the mortgage loan

Just How Do I Access The Equity In Your Tampa Home?

Reverse mortgage funds can be received in one of five options:

Tenure: equal monthly payments
Term: equal monthly installments for the predetermined period of months as determined by the borrower
Line of Credit: proceeds done in installments or at different instances along with amounts dictated by the borrower(s)
Modified Tenure: monthly payments which includes a line of credit
Modified Term: monthly installments over a set period of months with a line of credit

Advantages and Negatives To Acquiring A Reverse Mortgage In Tampa Florida

Reverse mortgages in Tampa FL supply many advantages for the senior borrower.

This is a short list of a few:

  • Tax-free proceeds will not affect Social Security or Medicare insurance
    Frees up an illiquid asset (home equity)
  • Could enable senior citizen to purchase a new house with no monthly loan payment
    Can supply you with a source of funds while the borrower makes it possible for their investment funds to recover from market losses
  • Increases a senior’s everyday life or enables them to live out their goals
  • Pays off existing home loan, oftentimes liberating hundreds or thousands in monthly payments or avoiding foreclosure. Eliminate monthly home loan payments
  • Enables the senior to maintain their freedom while residing in their own house
  • Provides money for in home medical care or medical expenses

Drawbacks To Reverse Mortgages in Florida

Consumes a part of the equity that might be given to the estate or children
Growing mortgage balance, lowered equity over time
May affect qualifications for needs based programs like Medicaid
For anyone itemizing tax deductions, a reverse mortgage eliminates the deduction for house interest since no interest is paid out
Settlement costs and mortgage insurance are expensive this means the borrowers should intend on residing in the house for several years to minimize overall costs

As the U.S. population continues to age and life expectations increase, many people are going to be living longer in retirement and without a doubt will be needing some other sources of long-term income. The requirement for reverse mortgages will increase in Tampa Florida. Prospective borrowers need to weigh the advantages and disadvantages of this type of loan for their particular financial situation.

Call me right away. I look forward to hearing from you.