Reverse Mortgage Information | Space Coast, FL
Understanding Reverse Mortgages for Eligible Florida Homeowners
A reverse mortgage, also called a Home Equity Conversion Mortgage (HECM), is a type of loan available to qualifying homeowners age 62 or older that allows them to convert a portion of their home equity into funds. No monthly mortgage payment is required, but borrowers must continue paying property taxes, homeowner’s insurance, HOA dues (if applicable), and maintain the home.
Learn More about Reverse Mortgages
Important Things to Know
• Available only to eligible homeowners age 62+
• Borrowers must live in the property as their primary residence
• The loan balance increases over time as interest accrues
• Counseling from a HUD-approved agency is required
• The loan is generally repaid when the home is sold, the borrower moves, or the borrower passes away
Reverse mortgages are not right for everyone, and careful consideration is important. If you’d like general information about how they work, I’m happy to be a resource.