If you are retired and in need of additional funds for medical bills, debt relief, or home improvements, a reverse mortgage may be the perfect option to explore. While there are several advantages associated with this type of loan, it is different compared to traditional mortgages – if you’re considering a reverse mortgage lender be sure to do your research before making any decisions!

What Is A Reverse Mortgage?

Are you curious about the difference between a reverse mortgage and other mortgages? With traditional mortgages, loan holders are expected to make regular payments until their loan is paid off. However, with a reverse mortgage, there are no monthly installments due – instead the borrower receives money from the lender.

Home Equity Conversion Mortgages (HECM), or reverse mortgages, provide homeowners over the age of 62 with an invaluable opportunity to obtain money from their home’s equity without having to sell their property.

How To Choose A Reverse Mortgage Lender In Florida

If you’re looking for a reverse mortgage it’s important to choose a lender that will provide the best options to meet your needs, here’s what they should offer:

1. Compare different lenders: To make sure you acquire the best deal possible, compare a variety of options and review reverse mortgage lender ratings with help from your loan officer. Doing so will guarantee that you are making an informed decision for your financial future.
2. Check the rates: Per HECM guidelines, each lender must extend the same Mortgage Insurance Premium to borrowers. Despite this stipulation, there is still space for variation between lenders in terms of origination fees, interest rates, closing costs and servicing fees.
3. Check TLC Rates: Be sure to request the Total Annual Loan Costs (TLC) disclosure, which will provide you with an exact yearly cost for your mortgage. This is a vital piece of information and can help you select the most suitable reverse mortgage lender for your needs.
4. Watch out for scams: There is a potential for scams in just about every industry. Before making any decisions, be sure that this is not a scam and take your time to think it through carefully.

The Requirements To Be Eligible For A Reverse Mortgage

Before you can take advantage of a reverse mortgage, it is essential to first meet the qualifications required. Unfortunately, not everyone has access to this type of loan option.

• You must be above 62 years
• The property against which you are borrowing must be the home you live in
• You must own the house or have high equity in it
• You should not have any delinquent federal loans
• Your property meets the FHA standards

If you’re ready to learn more about Reverse Mortgage options, Sword Mortgage is ready to help

If you’re looking for the best reverse mortgage lender in town, be sure to do your homework first. At Sword Mortgage, we believe that an informed customer is the best kind of customer. Therefore, our loan officers will take the time to fully explain your options and help you understand all aspects of your unique situation before making a decision. Call 770-826-0222 to speak to a mortgage professional or get started on your loan application process today.