There are numerous types of mortgages that individuals can have. One specific type of mortgage is a reverse mortgage in Florida. Usually, reverse mortgages are for senior citizens wherein they do not pay monthly mortgage payments but instead, receive monthly payments from the lender based on their home equity. To qualify for a reverse mortgage, the borrower(s) must be at least 62 years of age as the majority are financially backed/insured by the Federal Housing Administration and US Department of Housing and Urban Development.
Reverse mortgages sound like a great idea but the loan must be repaid when the borrower dies, sells or no longer resides permanently in the home. As such, if you are looking to devise the property to your heirs, reverse mortgages may be an issue as the loan becomes immediately due upon death.
Before entering into a reverse mortgage, it is important to perform your due diligence and understand the repercussions of a reverse mortgage as it is not for everybody. In addition, the home must meet certain specific requirements as well.
If you’re an individual seeking a real estate attorney in Palm Beach County or need help with a reverse mortgage in Florida, call your Real Estate Attorneys today at The Law Office of Ryan S. Shipp, PLLC. Our experienced Real Estate Attorneys are here to assist with all of your Real Estate needs. Call us today @ (561) 699-0399.