Florida's Best Reverse Mortgage Company (Fort Myers)

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.

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.

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.

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.

For most HECM programs, 62; however, new proprietary programs are now available for some folks as young as 55.

Yes; the trust must be reviewed and approved by the lender and title company.

Yes, but if you do not currently have homeowners insurance, you can still qualify as long as coverage is in place at time of closing.