HECM Reverse Mortgages for Florida Homeowners
A Home Equity Conversion Mortgage (HECM) lets eligible homeowners age 62 and older borrow against the equity in their home. Eligibility and terms vary, and it is not right for everyone.
Reverse mortgages for homeowners 62+: access part of your home equity with no required monthly mortgage payment. You must live in the home, keep paying property taxes, insurance and HOA dues, and maintain the property. The balance grows over time. Consult a tax advisor about tax treatment.
Equity and loan balance
Interest and fees are added to the loan balance over time, so the amount owed grows and your home equity shrinks. You keep title to the home.
When the loan becomes due
The loan becomes due when the last borrower dies, sells, or moves out of the home, or if the loan obligations are not met.
Ongoing obligations
You must keep living in the home as your primary residence and continue to pay property taxes, homeowners insurance, HOA dues, and maintenance. Failing to do so can result in foreclosure.
A reverse mortgage is a loan, not a government benefit. Borrowers must be 62 or older, occupy the home as a primary residence, complete HUD-approved counseling, and continue to pay property taxes, homeowners insurance, HOA dues and maintenance; failure to do so can result in foreclosure. Interest and fees are added to the loan balance, which reduces equity. The loan becomes due when the last borrower dies, sells, or moves out. HECMs are insured by FHA; Jason Esposito and LoKation Mortgage are not affiliated with HUD/FHA or any government agency. This is not tax advice.
Questions? Contact Jason, or read about Florida retirement mortgage options. See our disclosures.