Seniors over the age of 62 who are in need of cash have the opportunity to take advantage of a unique loan product called the reverse mortgage. If an eligible homeowner has equity in their home, a reverse mortgage can be used to obtain cash without having to make mortgage payments. Seniors often need extra cash for various expenses including home improvements, urgent medical expenses, in-home care, and normal day-to-day expenses. A reverse mortgage from Associates Home Loan of Florida, Inc. can be a valuable solution for Tampa seniors in need of extra cash for any reason.
The reverse mortgage gets its name because instead of a borrower making payments to their lender each month, the lender makes payments to the borrower. Unlike traditional home equity loans which are repaid monthly, a reverse mortgage does not have to be repaid until the borrower no longer occupies the home as their primary residence.
It is quite common for seniors and their families to have questions and concerns regarding reverse mortgages. At Associates Home Loan of Florida, Inc. we want to provide Tampa seniors and their families with the information and support they need during the reverse mortgage process. Let’s look at the reverse mortgage products available to seniors in Florida.