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Do you do Reverse Mortgages in Florida
Do you do Reverse Mortgages in Florida? HOW DOES REVERSE MORTGAGE WORK?
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1 Reply
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Yes, reverse mortgages can be found in Florida. It allows homeowners aged 62 years or older to exchange a portion of their home equity for money. Rather than being the one to pay monthly mortgage dues, it is paid by the lender. The loan gets settled upon the sale of the house by the homeowner when they move out for good or die. The Federal Housing Administration insures the Home Equity Conversion Mortgage (HECM), its most popular variant.
If you want a reverse mortgage in Florida, find a lender that specializes in such products and talk to them about it so that you know what terms are involved and if they align with your financial goals.