Florida Reverse Mortgages
 Seniors
considering reverse mortgages in Florida have a larger number of options than
those in other states. When a senior in Florida is thinking about a reverse
mortgage, she needs to be sure to check into both the FHA reverse mortgage and
one of the non-FHA reverse mortgage programs that FutureSafe Financial provides.
We serve all of Florida, including (but not limited to) Jacksonville, Miami,
Tampa, St Petersburg, Orlando, Ft Lauderdale, and Hialeah.
For comprehensive reverse mortgage information, please see the links on the
right.
FHA Reverse Mortgages in Florida
The FHA reverse mortgage in many parts of Florida has a loan home value limit
of $362,790. Any amount of home value that exceeds that amount is not considered
in calculating the amount of money a homeowner can qualify for under an FHA
Florida reverse mortgage. Despite this relatively low limit, the loan to value
ratio - which is the total funds available as compared to the home value – is
still generous for home is worth less than $500,000 or $600,000. For homes whose
values are above that, a non-FHA reverse mortgage program should be considered.
Non-FHA Reverse Mortgage Programs
A non-FHA (proprietary) reverse mortgage is a reverse mortgage program that
is designed and funded by a traditional mortgage lender rather than the
government. Such programs are modeled after the FHA Florida reverse mortgage,
but carry home value limits as high as $10,000,000 rather than the FHA figure of
$362,790. The trade off is that these programs have a loan-to-value ratio that
is more conservative than the FHA program.
Deciding Among Your Florida Options
Proprietary Florida reverse mortgages may not be the top choice for homes
worth less than $500,000 or $600,000, since these loans provide a lower amount
of money than the FHA reverse mortgage. However, when the value of the home is
higher, then the non-FHA programs offer more money than the FHA program. You can
still get a non-FHA reverse mortgage on a Florida home worth less than $500,000,
but it may not offer as much money as the FHA program. Please contact us for
details on how these facts apply to your circumstances.
Florida Facts and Information
As of 2007, Florida had 18,251,243 people, making it the fourth largest state
in the union. With an average of over 26,000 people moving into the state each
month, it is the third fastest growing state. As of 2007, median household
income in Florida was $41,171.
Call Toll Free: 1-888-644-0189 to speak with an Advisor.
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