Florida's Best Reverse Mortgage Company (Orlando)

No, you do not have to make a monthly mortgage payment. You can always make payments or pay down the principal balance, but it is not required. However, you must continue to pay their property taxes, homeowners insurance, any HOA fees, and maintain the property.

You will still own your home and you can stay in it for as long as you wish, as long as you continue to occupy your home as your primary residence, pay your property taxes, insurance, and any HOA fees, and maintain the home according to FHA requirements.

After paying off any existing mortgage, the money you receive from your reverse mortgage loan can be used any way you choose; paying for medical expenses (including in-home care), home improvements, living expenses, vacation, helping loved ones...there really are no limitations or restrictions, once you receive the net proceeds.

Homes eligible for a reverse mortgage include single-family homes, detached homes, townhouses, and two-to-four unit properties. Condos must be FHA-approved or eligible for Single Unit Approval. Additionally, manufactured homes are eligible but must meet FHA guidelines.

A LESA, or a Life Expectancy Set-Aside, is an amount withheld from reverse mortgage proceeds for the payment of property charges (Taxes & Insurance) throughout the life of the loan.

There are no minimum credit score requirements to qualify for a reverse mortgage loan. However, lenders are required to complete a credit analysis focused on your last 24-month payment history. If credit issues are present, a LESA (Life Expectancy Set Aside) may be required.

Absolutely! We have several offices throughout Florida (with more coming!), or we can arrange an in-home consultation and bring the Reverse Mortgage answers you are looking for directly to you.

Yes. Your estate or designated heirs may retain the property and satisfy the reverse mortgage debt by paying the mortgage balance, or they may keep the equity that remains after selling the home.

Yes, you sure can. A reverse mortgage refinance (HECM to HECM refinance) is where a previous reverse mortgage is paid off and a new reverse mortgage takes its place. This is a valuable tool when home values rise dramatically giving the homeowner access to additional equity, there is a need to change the interest rate, or the homeowner would like to add another person to the mortgage such as a new spouse or qualifying family member.