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GoodLife Home Loans provides Florida reverse mortgages, allowing eligible seniors to tap into a portion of their home equity and convert it into loan proceeds. This enables them to live at home while achieving financial freedom and a higher quality of living in retirement. For instance, a reverse mortgage, often known as a home equity conversion mortgage (HECM), could be used to fund:
Our comprehensive reverse mortgage guide walks you through what you need to know before applying. If you want to get a sense of the proceeds you may gain access to through a HECM, use our reverse mortgage calculator.
Reverse mortgages are overseen by the Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD). That means states must also comply with regulations put forth by these governing bodies. Florida reverse mortgage companies must ensure their customers are compliant with these conditions:
Use our reverse mortgage calculator to receive a free loan estimate.
GoodLife makes the reverse mortgage application process simple and straightforward, so we can connect seniors with much-needed retirement funding when they need it. If you are considering a HECM loan in Florida, you can follow these steps:
Before committing to any financial path, it’s smart to know the facts. The GoodLife resource center provides comprehensive information on reverse mortgages, so you can decide with confidence. Still not sure? A Reverse Mortgage Specialist can walk you through what you need to know.
HUD requires all reverse mortgage applicants meet with an approved counselor, who will help walk you through the ins and outs of a reverse mortgage as it pertains to your personal financial situation.
Once you have met with the counselor, you can submit your application. An appraiser will inspect the home to ensure FHA compliance, and will determine the value of the home which is used as part of determining your available loan proceeds. Once this stage is complete, the loan will be prepared for disbursement.
Borrowers can decide whether they want to collect proceeds as a lump sum, in cash installments, or as a line of credit; a combination of those options is also available. Once the loan is approved, proceeds can be disbursed directly to your bank account.
Those with questions can refer to our reverse mortgage FAQs to find the answers they need.
Homeowners with an outstanding mortgage balance can qualify for a reverse mortgage, provided they own substantial equity in the home, and they meet all other eligibility requirements. The reverse mortgage will be used to pay off the existing mortgage at closing.
Properties with more than 4 units are not eligible. Certain FHA-approved condominiums are eligible, but others may not be. Homes with substantial maintenance issues or structural damage might not be eligible either. You must own substantial equity in the home, so those with large outstanding mortgages may not be eligible, those who do not live in the property in question as their primary residence are also ineligible.
Reverse mortgages, unlike home equity loans, do not require any monthly payments while the borrower is living in the home. Once the borrower moves out or passes away, the loan becomes payable. Heirs are required to either pay off the loan balance or permit the sale of the property once the loan becomes payable.