If you are a senior living in Florida who is having a hard time making ends meet, a reverse mortgage may be the best way to become financially solvent. The home equity that you have built through owning your home for several years can provide you with the extra money you need for a comfortable retirement. You can choose a mortgage plan that fits your needs without worrying about paying the loan back as long as you use the home as your primary residence. The extra sense of security that a reverse mortgage provides can make your final years much more comfortable.
Making your Equity Work for You
A reverse mortgage is a bank loan that allows you to borrow based upon the amount that your home is worth. You can schedule regular payments from the mortgage, or choose to withdraw certain amounts as you need them. The bank will assess your home’s resale value and offer you the reverse mortgage based on the appraised value of your home. Most closing fees can be financed into the loan balance. The money will then be paid out to you over the course of your lifetime in the manner you choose. Once you die or move out of your home, the bank will take ownership of the house and sell it as repayment of the reverse mortgage. You will not be liable for any payments as long as you are alive and living in your house.
Take Control of your Retirement
[youtube:Xjshi6e0jec;Florida Reverse Mortgages;http://www.youtube.com/watch?v=Xjshi6e0jec&feature=related]If you are currently retired, you know exactly how hard it can be to make ends meet. Using your home’s equity to refinance your retirement can significantly ease the financial burdens during your retirement years. A reverse mortgage gives you the flexibility to take out the amount you want, when you need it. You can take out the full amount your eligible to borrow at closing or you can take out your loan amount over time. Whatever you do with your money is completely your decision.
Increase your Monthly Income
Most senior citizens who take advantage of reverse mortgages prefer to establish a monthly payment system. The mortgage can provide a steady stream of income to cover regular expenses that are not covered by pension or Medicare payments. The bank’s mortgage officer can sit down with you and help you work out a budget that covers all of your expenses without draining your bank account too quickly. This extra monthly income can mean the difference between living well and living in fear of bill collectors.
Live out Your Years in Florida Comfortably
Ironically, reverse mortgages reward those homeowners who were frugal and paid off their mortgages prior to retirement. Those monthly mortgage payments made to the bank for years is suddenly converted into payments back to you. Since borrowers do not need to make repayments on these loans as long as they live in their homes, they can enjoy their mortgage proceeds virtually worry-free.