Finding the right reverse mortgage can be very stressful. If you are in search of a reverse mortgage in Florida but not up to date on what is needed to satisfy the requirements, then you will need to get educated. Read on for tips that may help you.

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Unlike conventional mortgages, getting a HECM reverse mortgage that suits your needs is not just a matter of comparing interest rates. When looking at offers from different lending institutions you must also consider fees, points and closing costs. You should also choose a Florida reverse mortgage lender with whom you’re comfortable. Compare all of these factors from at least three different lenders before you decide which reverse mortgage is best for you.

Make sure you are communicating with your family as you move through the process. It is best to know where everyone stands before you even apply. You should read up on the HECM program and make sure that it is in fact suitable for you. Remember that there are other good options out there. Seniors in Florida could be well served by a reverse mortgage that pays off a forward mortgage, reduces expensive debts, or serves as a revolving credit line that can be drawn upon over time (it also will grow!).

There are various options to consider with a reverse mortgage, and you’ll want to be familiar with them to make sure that you’re picking the right one. Generally, there are three main varieties to consider – a lump sum up front payment, a monthly disbursement for a set period of time, a monthly disbursement that continues indefinitely, a line of credit, or some combination of the three.

FL seniors should remember that closing costs on reverse mortgages can be expensive. Though the costs are usually financed, remember that you are drawing down your equity. This is one reason that it’s so important to make sure the product is right for you. Don’t forget to calculate closing costs when applying. You don’t want to be caught off guard, and you want to accurately be able to compare offers.

You now see how being educated on reverse mortgages can lessen your stress when searching for this financial product. Though these loans are not right for anyone, there are many seniors in Florida and throughout the United States who can benefit. It does not have to be that hard, and in fact it is a simple process when you have wise information such as the tips that were presented here. Read them again if you have to, and be confident as you apply.

HECM Counseling Agencies in Florida

You’ll need to speak to a HECM counselor before getting a reverse mortgage. Here are a few that are operating in Florida:

APPRISEN – CCCS – DAVIE
SUITE 107
5400 S. UNIVERSITY DR.
DAVIE, FL 33328-5312
(800) 355-2227

CONSUMER CREDIT AND BUDGET COUNSELING, DBA NATIONAL FOUNDATION FOR DEBT MANAGEMENT
14104 58TH ST N
CLEARWATER, FL 33760-3758
(866) 395-5769

TAMPA BAY COMMUNITY DEVELOPMENT CORPORATION
2139 NE COACHMAN RD, SUITE 1
CLEARWATER, FL 33765-2612
(727) 442-7075

Click here to get more information about a reverse mortgage.