There’s a good chance you’ve heard of a reverse mortgage Florida option before, but do you really know what this process entails and who qualifies for it? The equity that you’ve put into your home is substantial, and aren’t you ready to finally start getting something out of all of your hard work, dedication, and responsibility? Of course you are! If you’d like to learn more about this options that more and more homeowners are turning towards, this article will help shed some light on this often misunderstood topic.
Not Your Typical Loan
The main purpose of a reverse mortgage Florida option is to take the equity that you have created in your home and use it as collateral on a low-interest loan. However, unlike a traditional loan, you won’t be smacked with tight credit requirements or income qualifications. The value that you have created via your home for all of these years is incredibly valuable, and this special type of lending options recognizes and respects that. If you’re looking for a great alternative to a traditional loan that features low interest rates, a reverse mortgage is a perfect option for you.
Who Qualifies?
Now comes the all-important question of “who can qualify for this attractive option?” In order to be approved – you must be 62 years or older, own your home free and clear, and put all of your liens to rest. Aside from that, there is not much else that is required. No matter what type or style of home you have, this option is available to you (keep in mind that mobile home owners have a few additional requirements). That’s right! There aren’t any hoops to jump through, no crazy credit qualifications, and no unrealistic income requirements! Isn’t that refreshing to hear?
Learning More and Moving Forward
Taking advantage of a reverse mortgage Florida service may sound like a great option at this point, but it’s still important that you get the information you need to feel secure and confident before moving forward. It’s recommended that you seek the advice and service of a financial advisor if you are considering this route. By breaking down your specific financial situation, you can be sure that this form of lending is the best and most sensible option for you. By doing some simple research online, you can find a great advisory service in your area that specializes in the area you’re most interested in.