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A Reverse Mortgage may work for you

This type of loan allows homeowners 62 & older to use the equity in their home as a source of income.

What is a Reverse Mortgage and how does it work?

The Reverse Mortgage – also known as a Home Equity Conversion Mortgage – offers all the benefits of a traditional home equity loan or home equity line of credit, but with more flexible repayment options. On a monthly basis, you can opt to pay interest only; principal and interest; or make no loan payment—you choose. As with any home-secured loan (or mortgage), you must meet your loan obligations, and keep current with property taxes, insurance, maintenance, and any homeowners association fees. Plus, there’s no pre-defined loan maturity date, which gives you more freedom in managing your monthly expenses.

With an FHA-insured1 Reverse Mortgage, you can turn part of the equity you’ve built up in your home into funds you can use today, or a line of credit that will be there when you need it.

Eliminate a mortgage payment
Extend retirement savings
Flexible options to access cash

Read these common questions for closer look into how the loan works.

To discuss your options and see if a Reverse Mortgage may be right for you, schedule a consultation with one of our mortgage professionals or call (863) 688-8443 ext 1074.

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Features

What can you do with a Reverse Mortgage

  • Buy a home
  • Refinance an existing mortgage and eliminate required payments
  • Consolidate debt to reduce your monthly bills
  • Fund major home renovation projects
  • Establish a standby line of credit you can tap into as needed
  • Pay for large purchases, like a new automobile, vacations with family, or helping with college tuition

Things to consider

  • Depending on the repayment plan, if interest is not paid as it accrues, the loan balance will increase over time. This will mean less asset to leave to heirs.
  • Certain events can cause the loan to become due. The loan can be paid off by selling the home or refinancing with a traditional mortgage. There are no prepayment penalties. 

Still have questions?

Check out our FAQ page for some common questions and answers about reverse mortgages.

Notices & Disclosures
1
Membership with MIDFLORIDA Credit Union required to obtain a mortgage loan; $5 deposit required for membership. This material has not been reviewed, approved or issued by HUD, FHA or any government agency. Mortgage financing is provided by Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, NMLS ID #1019941, which is not affiliated with or acting on behalf of or at the direction of HUD, FHA or any other government agency. All loans subject to approval. Certain conditions and fees apply. Disbursements to borrower under a reverse mortgage are determined by the value of the borrower’s home, current interest rate, and borrower’s life expectancy. Borrower risks foreclosure if taxes and insurance are not paid, the borrower no longer occupies the home as primary residence; any related homeowners association dues are not paid; or property is not properly maintained. A reverse mortgage has many benefits, but may not be right for you. Costs are generally higher for reverse mortgages compared to other financing. Interest and costs are added to the loan balance, causing the balance to increase over time. Surviving spouse benefit subject to conditions. You should see legal advice before making important decisions. Reverse mortgage counseling is required before application is submitted. For more information about reverse mortgages, go to: https://www.consumer.ftc.gov/articles/0192-reverse-mortgages. MIDFLORIDA Credit Union NMLS #417627