Great Info for Financial and Legal Advisors in Tampa FL
A reverse mortgage is not for everyone. Our mission is to work with trusted financial and legal advisors in Tampa Florida to be able to help evaluate if a reverse loan meets the requirements of your Tampa Florida client. We’re able to achieve this by supplying in-depth mortgage scenarios for you (with the client’s approval) as well as consultation together with out staff to be able to arrive at a determination that is in the best interest of all of the individuals, this includes adult children. I am straightforward with all of our clientele with regards to the positives and negatives of a reverse mortgage.
Reverse mortgages offer numerous benefits for the senior borrower. Here is a short list of just a few:
- Tax free proceeds will not have an affect on Social Security or Medicare
- Releases an illiquid asset (home equity)
- Can allow a senior to acquire a new property without a monthly mortgage payment
- Could provide a source of income while the borrower makes it possible their investment funds to recover as a result of market losses
- Betters a senior’s everyday life or allows them to live out their dreams
- Repays current loan, quite often liberating thousands in mortgage payments or preventing foreclosure.
- No more monthly mortgage payments
- Makes it possible for the senior to preserve their self-reliance while residing in the property
- Can provide money for in home health-care or medical expenses
- Uses part of the home equity that would be passed on to the estate or children
- Growing reverse mortgage amount, decreased home equity over time
- Can affect eligibility for need based services such as Medicaid
- For individuals itemizing tax write-offs, a reverse mortgage gets rid of the write-off for mortgage loan
- Settlement costs and upfront mortgage insurance are costly which means the borrowers really should plan on living in the home for a number of years to reduce overall costs
The Perfect Borrower For A Reverse Mortgage in Tampa
Even though there is not any stereotypical reverse mortgage client in Tampa, there are common characteristics you are able to look for in a prospective reverse mortgage borrower.
- Cash flow poor, house wealthy
- Desires to improve lifestyle and they have no worry about using home equity which would pass to the estate
- Has taxable income source they wish to delay, while accessing tax-free source of income from a reverse house loan
- Knows that the house is a retirement asset in which they live and would prefer to take advantage of their home to improve their present lifestyle