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About Reverse Mortgages
With a reverse mortgage, the lender sends you cash, and you make no repayments. So the amount you owe (your debt) gets larger as you get more and more cash and more interest is added to your loan balance. When it is time for the loan to be repaid, the amount of equity in the home covers the outstanding loan amount. The lender is always at risk, not the Florida homeowner, even if there is not enough equity to cover the total outstanding loan.
Consumer Safeguards
The government of Florida and the federal government want to make sure that seniors are well educated and are provided financial counseling before proceeding with a reverse mortgage loan. Homeowner will never give up their title and will always have a place to call home in Florida. The federally insured mortgages are backed by HUD for extra protections and all lenders must follow a set of best practices.
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Current Mortgage Rates
Loan TypeRate+/-Last
30 yr fixed5.82%5.77%
15 yr fixed5.42%5.36%
5 / 1 ARM5.21%5.24%
30 yr fixed jumbo7.05%7.09%
5 / 1 jumbo ARM6.11%6.19%
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Understanding Reverse Mortgage Loan Fees
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