Miami Reverse Mortgages
 Seniors in Miami have an extra advantage when it comes to reverse mortgages.
Because Miami has an unusually large percentage of high-value homes, residents
are rewarded with more reverse mortgage options that in many other cities. When
considering a reverse mortgage in Miami, the more common FHA reverse mortgage
should be evaluated as well as the numerous non-FHA choices. FutureSafe
Financial provides expertise in all the reverse mortgage programs and can assist
in determining which is best for your situation. We serve Miami, and surrounding
regions including (but not limited to) Coral Gables, Pinecrest, Sweetwater,
Kendall, Palmetto and Homestead.
For comprehensive reverse mortgage information,
please see the links on the right.
FHA Reverse Mortgages In Miami
FHA reverse mortgages in Miami carry a loan limit of $362,790. So in
determining the loan amount for which a homeowner can qualify, any home value in
excess of this limit is not considered under the FHA Miami reverse mortgage. In
other words, a home priced above the limit would not qualify you for a higher
loan amount. However, there is one factor that off-sets this limitation. The
loan to value ratio- which is the amount of money available as compared to the
home value - is higher than other programs. This means that despite the loan
limit, homes valued even as high as $500,000 or $600,000 will usually still
qualify for a higher loan amount with this program as compared to a non-FHA
reverse mortgage program.
Considering Non-FHA Reverse Mortgage Programs
The non-FHA (proprietary) reverse mortgage is similar in many ways, but with
a few key differences that often make it more appealing to homeowners of high
value homes. First, it is alternately known as a proprietary reverse mortgage
which simply means that instead of being designed and funded by the government
it is offered by a traditional mortgage lender. Not being government funded, the
home value limit is set much higher, at $5,000,000 instead of $362,790 as with
the FHA limit. There is one trade off: the loan-to-value ratio is often more
conservative than the FHA program.
Weighing the Options in Miami
For homes valued below $500,000 or $600,000, an FHA Miami reverse mortgage is
usually better because they will offer more net money due to the better
loan-to-value ratio than the proprietary program. However, for homes valued
above those amounts, the conservative loan-to-value ratio of the proprietary
programs is outweighed by the higher home value limit to determine the net loan
amount. Is it possible to obtain a proprietary reverse mortgage in Miami on a
home worth less than $500,000? Yes, it is possible. But it may not offer as much
money as FHA California reverse mortgages. Please contact us for more
information on how this applies to your reverse mortgage situation in Miami.
Miami Facts and Information
According to 2006 statistics, Miami had 404,048 residents. 17% of Miami
residents are over the age of 65. As of 2004, median household income in Miami
was $27,225.
Call Toll Free: 1-888-644-0189 to speak with an Advisor.
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