Ft. Lauderdale Reverse Mortgages

If you are a senior in the Fort Lauderdale area investigating the reverse mortgage or are looking into the program for a senior (or anyone over age 60), then you have come to the right place. The reverse mortgage may be the right choice to supplement a Ft Lauderdale senior's retirement income. FutureSafe helps seniors in the greater Fort Lauderdale area including (but not limited to) Hollywood, Pompano Beach, and Boca Raton. We would like to help you make the right decision for your situation.

For comprehensive reverse mortgage information,
please see the links on the right.

Reverse Mortgages in Fort Lauderdale Have Become More Attractive

Over the past several years, real estate values have appreciated rapidly in the Fort Lauderdale area making a reverse mortgage for a senior a attractive option. Why? With more equity in the senior’s home, there will be more money available under a reverse mortgage. That means that even though there may be a current mortgage on the home, a reverse mortgage may pay it off, allowing payment-free home ownership.

What Happens to the Senior's Home Equity?

The reverse mortgage may not use up a most of the senior’s remaining equity, especially if she has a lot to begin with, as is common in Ft Lauderdale. And, a reverse mortgage may even provide her with a large amount of money to use for whatever she wants, in addition to paying off her old mortgage. But, the senior does not have to take out the entire amount that she qualifies for under a reverse mortgage, but keep some in a line of credit. Then if the senior has not used the money, it will remain in her equity and with no interest accruing on it.

Fort Lauderdale Reverse Mortgage Choices

If the senior prefers to receive a monthly payment, that can be arranged upon request. One of the payment choices is called tenure income, which is a monthly payment to the senior for as long as she has her senior reverse mortgage. Alternatively, the options of a lump sum, line of credit and tenure income payment could be combined in varying amounts.

A Typical Example

If she qualified for a typical $250,000 Ft Lauderdale reverse mortgage, and used the first $150,000 to pay off an old mortgage, she could still get a monthly payment of $450 per month, and a line of credit of $35,000. In addition, the monthly payment could be changed with a resulting change in the line of credit. With these kinds of options, a reverse mortgage is an excellent tool to meet a Ft Lauderdale senior’s changing financial needs. Please contact us to discuss reverse mortgages for seniors in the greater Ft Lauderdale area.