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Reverse Mortgage Loans

Convert your home equity into cash without monthly mortgage payments. Available to homeowners age 62 and older in Lake Mary and throughout Florida.

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What is a Reverse Mortgage?

A reverse mortgage is a special type of home loan that allows homeowners age 62 and older to convert part of the equity in their home into cash. Unlike traditional mortgages, reverse mortgages don't require monthly payments. Instead, the loan balance grows over time and is typically repaid when the homeowner sells the home or passes away.

No Monthly Payments

Convert your home equity into cash without worrying about monthly mortgage payments.

Stay in Your Home

Continue living in your home while accessing the equity you've built over the years.

Government Insured

FHA-insured reverse mortgages provide protection and peace of mind.

Flexible Options

Choose how to receive your funds - lump sum, monthly payments, or line of credit.

Reverse Mortgage Requirements

To qualify for a reverse mortgage, you must meet specific eligibility requirements set by FHA guidelines:

Age Requirement

You must be at least 62 years old. If there are multiple owners, all owners must be 62 or older.

Home Equity

You must own your home outright or have substantial equity. The home must be your primary residence.

Credit & Income

No minimum credit score required. No income verification needed for most reverse mortgages.

Property Standards

Home must meet FHA minimum property standards and be in good condition.

How Reverse Mortgages Work

Reverse mortgages are designed to help seniors access their home equity while living in their homes. Here's how they work:

1

Assessment

We evaluate your home value, equity, and eligibility requirements.

2

Counseling

Required FHA-approved counseling to understand your options and obligations.

3

Funding

Receive funds as a lump sum, monthly payments, or line of credit based on your needs.

Types of Reverse Mortgages

The most common type of reverse mortgage, insured by FHA. Available to homeowners 62 and older with substantial home equity. Offers various payment options and protections.

Private lender reverse mortgages not insured by FHA. May offer more flexible terms and higher loan amounts for borrowers with substantial equity.

Offered by some state and local government agencies or non-profit organizations. Limited to specific purposes like home repairs or property taxes.

Frequently Asked Questions About Reverse Mortgages

You must be at least 62 years old to qualify for a reverse mortgage. This is the FHA requirement for all borrowers. If there are multiple owners on the property, all owners must be 62 or older.

The amount of equity you can access depends on your age, home value, interest rates, and location. Generally, you can access 40-60% of your home's appraised value, depending on these factors. The older you are and the more valuable your home, the more you can borrow.

No, reverse mortgage proceeds are not considered taxable income by the IRS. The funds you receive are loan proceeds, not income, so they're not subject to income tax.

If you sell your home, the reverse mortgage must be paid off. You'll receive any remaining equity after paying off the loan balance. If you move to a new primary residence, you may be able to take your reverse mortgage with you, but this depends on the new property meeting FHA requirements.

Yes, you can have a reverse mortgage if you have an existing mortgage, but the reverse mortgage proceeds must be used to pay off the existing mortgage first. This ensures you don't have competing liens on the property.

FHA requires all reverse mortgage applicants to receive counseling from an FHA-approved counselor before closing. This counseling helps you understand how reverse mortgages work, explore alternatives, and determine if it's the right choice for your situation.

HECM reverse mortgages are insured by FHA and regulated by HUD, providing important consumer protections. You cannot outlive your reverse mortgage, and you always retain title to your home. However, it's important to understand the terms and consult with trusted advisors before proceeding.

Explore Reverse Mortgage Options

Find out if a reverse mortgage is right for you. Our experienced team can help you understand your options and guide you through the process.

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