Florida Reverse Mortgage

by : Simon Lowa

Old age can be a period of rest and peace of mind if you have sufficient investments made to last you until the end. Life can be really enjoyed post retirement, as you finally find the time to actually do the things which you have always wanted to do but never found sufficient time to do it. If you are also a homeowner then the security is complete as a house is indeed one of the best investments that can individual; can make. However, in spite of your best efforts if a financial crisis still hits you and you cannot get access to instant liquidity as most of the investments are on a long term basis, your house can still be your best bet on raising the much required funds. If you are sixty five years of age or above and a retired homeowner in Florida, then a Florida reverse mortgage is the most feasible option to get the necessary funds for your needs.

The Florida reverse mortgage has many benefits for the senior, retired citizen and one of the primary benefits is that the borrower can use the mortgaged property for residential purposes for as long as he lives. Also, the ownership of the property remains with the original owner in spite of the Florida reverse mortgage on the house. So the owner can even choose to sell off the property if he so desires. However, in case of a sale, the sale proceeds must be first utilized towards paying off the mortgage on the house before any part of the proceeds is claimed by the owner of the house. The heir of the owner also does not have any claim of the mortgaged property unless the mortgage loan has been paid off. However, this also implies that the mortgage loan does not pass on to the heir in the case of demise of the owner. The house itself is the biggest security against the loan as it is sold off to repay the loan without any burden on the owner or his heir.

When you have opted for a Florida reverse mortgage then you not only get easy access to ready funds but you also do not have to make any payments towards loan repayment like in the case of any other traditional home loans. All that the homeowner needs to pay are the regular costs and charges of the house such as the house tax and other costs of house repair and maintenance. Also, the homeowner has the option of taking the loan amount either as a lump sum or in the form of monthly installments.

Many retired citizens who have opted for the Florida reverse mortgage usually prefer the monthly installment form of payment as it ensures a regular inflow of income in the household even after retirement. The loan amount can be easily used to pay for any household costs that you may be having or for any financial emergency that may have cropped up and you need instant liquidity for this emergency. So whatever may be your use, the reverse mortgage on your house can easily come in handy.