Reverse Mortgage Lending in Boca Raton, FL

A reverse mortgage is a home loan that lets homeowners that are at least 62 year of age convert their home equity into cash payments. These cash payments can be used for daily living costs, medical expenses, home improvements, education, long-term care, or even to purchase another home.

At Choice Mortgage Bank, Inc. in Boca Raton, Emmanuel St. Germain and his team can help you understand if you qualify for a reverse mortgage:

  • All borrowers must be 62 years or older (non-borrowing spouses can be any age but it limits the funds since they are based on the younger spouse’s age)
  • Single family homes, 2-4 family units attached or detached, townhouse and  (some) condos are eligible
  • NO CREDIT and NO INCOME qualifications (Financial Assessment requires sufficient income a the borrower must show a good payment history on RE Taxes, insurance and HOA)

Benefits of a Reverse Mortgage

If you and your home qualify, a reverse mortgage has many benefits:

  • No mortgage payments
  • No taxes owed on money you receive
  • Homeowner retains ownership
  • No restrictions on how you spend the money
  • Social Security and Medicare are not affected
  • Ability to pay for long-term care and remain independent in home longer
  • Versatile payment options

You can receive payments as follows:

Lump Sum—one cash payment at closing

Tenure—Equal monthly payments while at least one borrower occupies the property as a principal residence.

Term—Equal monthly payments for a specified number of years.

Line of Credit—unscheduled payments/installments, at times and in amounts of borrower’s choosing until the line of credit is exhausted.

You can also receive a combination of monthly payments, credit line, and/or lump sum.

Is a reverse mortgage right for you?

When a reverse mortgage is established, the loan is not due as long as the borrower(s) continues to reside in the home as their principal residence. The loan becomes due when the borrower sells the home, moves permanently, or passes away. At this time, the remaining balance of the loan can be paid, and equity then belongs to the owner or beneficiaries, or the home can be sold.

Costs of a reverse mortgage are very similar to those of a conventional loan. In general, the older you are, the more valuable your home, and the more equity you possess, the more money you can net from a reverse mortgage.

To discuss whether or not a reverse mortgage is right for you, apply now , or call Emmanuel St. Germain at 561-362-8204.