Reverse Mortgage Reality is proud to be the #1 Trusted Provider for Reverse Mortgages in West Palm Beach, FL. Since 2008, we’ve helped folks throughout the West Palm Beach area, but we don’t stop there. We also work with seniors in Miami, Vero Beach, Broward County, The Villages, Port St. Lucie and all across Florida.
Here’s the type of folks we help…
- Seniors looking for reverse mortgage information for themselves
- Family members looking at a reverse mortgage as an option for loved ones
- Trusted advisors like attorneys, CPAs, financial advisors and home health care agencies
At Reverse Mortgage Reality, we have an Education First model. Here’s how it works…
- First, we TEACH you about how reverse mortgages in West Palm Beach, Florida work.
- Next, we LEARN about your situation. Together, we figure out if a reverse mortgage is an appropriate solution that will help you.
- Finally, IF a reverse mortgage is the right option for you, we’ll walk you through the process, hand in hand.
WHAT TO DO NEXT
No matter where you are in the information gathering process, we’ll be glad to help. Please call locally (888) 309 9705 or click below for a detailed proposal.
WHAT IS A REVERSE MORTGAGE?
A reverse mortgage is a program for seniors who are 62 or older, own their home and want to stay there. It allows you to take a portion of your home’s value(based on your age), in tax free cash, without requiring monthly payments.
If you’re wondering why you don’t get the ENTIRE value of your home, its because you aren’t selling it to the reverse mortgage company. You remain the full owner and you stay on the deed. With that said, we get paid back when you(or both you AND your spouse) pass away or sell your home. More on that later….
When you get a reverse mortgage, first, we pay off anything that’s owed on your home. This means a first or second mortgage, a HELOC, any sort of loan, taxes or judgments.
Next, if you qualify for extra money, you can access it up front in 2 lump sums, as monthly income(just like an annuity), or you can leave it in a line of credit that actually grows tax free over the years.
By the way, if you don’t owe anything on your home you’ll be ok. You’ll still be able to get a reverse mortgage in West Palm Beach, FL.
If you’d like a reverse mortgage calculator…below we’ll show you how much cash you can get and your options.
This stands for Home Equity Conversion Mortgage. A HECM is the most common type of reverse on the market today. It covers the above characteristics under “What is a reverse mortgage?”
The HECM is insured by the FHA and covered by “MIP”, which is a sort of federal insurance. MIP protects your heirs in case the market drops(think 2008).
In addition, HECMs cover homes up to a maximum value of $765,600. Yes, we can do HECMs for pricier homes, but there might be better options(see jumbo reverse mortgage below).
A jumbo is for homes who have higher values than $765,600. Being outside of the FHA, high value home owners can get more cash from a jumbo.
For example, a senior who’s home is worth $1,300,000 would be able to get FAR MORE CASH from a JUMBO West Palm Beach, FL Reverse Mortgage than a traditional HECM.
Despite being outside of the FHA, Jumbo Reverse Mortgages give the same “non recourse” protections to heirs that HECM’s give.
A reverse mortgage(or HECM) for purchase is a unique tool that allows seniors to “rightsize” to their forever home and remain financially stable. With a HECM for purchase, a senior will invest approximately 45-65% into their home with the reverse covering the rest. Furthermore, you’ll have no mortgage payments to pay for the rest of your life(you are responsible for paying property charges including taxes, homeowners insurance and hoa dues).
Here’s an example of how a reverse mortgage for purchase works. Phyllis is 68 and wants to move down from New Jersey to West Palm Beach, FL to be closer to her grandchildren.
Phyllis finds a wonderful home in a 55+ Community that she buys for $403,000. Because of her age, Phyllis invests just $216,000 into the home, and the reverse mortgage covers the remainder. And of course, Phyllis has no mortgage payments. She just has to stay current on her property taxes, homeowner insurance and HOA dues.
Phyllis is elated with her reverse mortgage; she’s got money in the bank AND she doesn’t have any monthly payments.
HOW REVERSE MORTGAGES HELP SENIORS
✅ Eliminate Your Existing Mortgage/Bills and Save Cashflow
✅ Pay for Home Health Care to Age In Place
✅ Buy Your “Forever Home”…Just Like Frank
✅ Get Annuity Style Income(but without the taxes)
✅ Create a Line of Credit that Grows Over the Years(again tax free growth)
✅ Fund a Business
✅ Take Care of Family Members
✅ Aid In “Grey Divorce”
✅ Self-fund Long Term Care(by either buying a policy OR setting your own line of credit)
✅ Create Another Bucket of Money to Draw From
✅ Stop Drawing Down Retirement Accounts(and save the taxes too)
✅ Etc Etc Etc
The bottom line is, if you’re looking information, have a question or want a quote we’d be glad to help. At Reverse Mortgage Reality, we help folks all over Florida(and the country), but our hearts are in West Palm Beach, FL. Reverse Mortgage is a wonderful program for senior citizens, and we’re more than happy to walk you through the process hand-in-hand. For contact information…