ARE REVERSE MORTGAGES AVAILABLE IN FLORIDA?
- Posted by admin on April 3rd, 2007 filed in Reverse Mortgage Info
DEAR BOB: My elderly mother (age 71) owns her home in Florida. But with the rising insurance costs and property taxes, she is having a tough time financially. I am not able to help her because I have to support my son and myself on a schoolteacher’s salary. She read in your article about senior citizen reverse-mortgage monthly income. But when she went to her bank branch to get a reverse mortgage, they acted as if she was crazy. Are reverse mortgages available in Florida? –Bryan H.
DEAR BRYAN: Yes. They are available in every state. Thousands of reverse mortgages for senior citizens are originated in Florida each year.
However, most traditional mortgage lenders do not offer reverse mortgages because such mortgages are entirely different from regular mortgages.
You and your mother can find dozens of reputable Florida reverse-mortgage originators on the Internet at www.reversemortgage.org.
Found here.
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April 3rd, 2007 at 2:49 pm
Bryan, The administrator is correct in that most banks do not understand what they are or how to proceed. In addition HUD protects the seniors by requiring all seniors wanting to get a reverse mortgage to talk with one of their HUD approved counselors before they can apply for one. If you would like you can contact me for details on how they work and how to proceed. 800-637-0263 ext 101