Jacksonville Reverse Mortgages

Have you been wondering if a Jacksonville reverse mortgage might be right for you? Or are you helping a senior (or anyone over age 60) look into their reverse mortgage options? Increasing a senior’s retirement income can be easily accomplished with this type of home mortgage. Finding the right type of reverse mortgage for your individual situation and needs is our goal at FutureSafe Financial.

The links on the right will provide you with comprehensive reverse mortgage information.

Senior's Home Equity Increasing Make Reverse Mortgages Attractive

The real estate boom of recent years has resulted in record breaking home appreciation. Jacksonville homeowners have definitely seen the fruits of this boom. With home prices so high reverse mortgages for seniors have become an even stronger option. Why? Higher home equity means a higher amount of money that a senior can qualify for under a reverse mortgage. Even if a senior still owes money on their home, a reverse mortgage may be able to pay off her old mortgage so that she can live in her home payment-free.

How Does the Reverse Mortgage Affect the Senior's Home Equity?

Some worry that a Jacksonville reverse mortgage will use up all of their home equity. This is not the case. Keep in mind that the senior does not have to take out all of the money that she qualifies for under a reverse mortgage, but can leave some in the available line of credit. If the senior has not pulled the money out, then it remains in her equity and there is no interest accruing on the reverse mortgage. So, it is really up to the homeowner how much of her equity she wishes to use. If the senior has a great deal of equity to begin with, then it may be easy to qualify for enough to pay off an existing mortgage and have leftover to use for other purposes- all the while, still having ample equity in the home.

Reverse Mortgage Income Options

There are many options when it comes to reverse mortgages, which is why we make it our goal to assist Jacksonville seniors in finding the best option for their needs. If a senior would prefer a consistent monthly payment coming to her, this can be arranged with the tenure program. With this program, she would receive monthly income for as long as she has her senior reverse mortgage. A homeowner may opt to utilize a combination of a lump sum, line of credit and tenure income payment. We are happy to work with your financial goals to find what is best for your situation.

A Typical Example

A common Jacksonville reverse mortgage scenario looks like this: the homeowner qualifies for $250,000 under her senior reverse mortgage, and uses the first $150,000 to pay off an old mortgage. She could still get a monthly payment of $500 per month, and a line of credit of $50,000. A reverse mortgage offers a great deal of flexibility and is a valuable tool for meeting the changing financial needs of retirement. Contact FutureSafe Financial to discuss reverse mortgages for seniors in the Jacksonville area.