St. Petersburg Reverse Mortgages

There are a variety of reasons that St. Petersburg seniors are seeking reverse mortgages. One common reason is to eliminate their monthly mortgage payment. Even if a seniors’ home is not paid off, they can still qualify for a reverse mortgage. Since a reverse mortgage requires no monthly payments, they can use the money from the reverse mortgage to pay off their existing mortgage and remain in their home for as long as they wish with no mortgage payment to worry about.

Please see the links on the right
for complete reverse mortgage information.

Tenure Reverse Mortgage

One use for a St. Petersburg reverse mortgage is to establish a monthly stream of income. With the Tenure program, seniors may opt to stay comfortably in their home for the rest of their lives with no payments, simply by utilizing this monthly income. The St. Petersburg homeowner is guaranteed this monthly sum for as long as they have their reverse mortgage.

Line of Credit Reverse Mortgage

Another convenient alternative for St. Petersburg seniors is to request a reverse mortgage line of credit. With this program, the senior can choose to draw from this money source if and when they should need it. Many seniors are able to rest at night knowing that if they have an unexpected bill- such as an expensive medical bill, the purchase of a new car, or perhaps replacing their roof- the money will be immediately available.

Lump Sum Reverse Mortgage

Some seniors choose to utilize a St. Petersburg reverse mortgage to obtain one large sum of money. They have an immediate use for the money and wish to receive it all at once- as a lump sum. This money has no strings attached so it can be used for any purpose. Whatever reverse mortgage option a senior chooses, the amount of money they qualify for is determined by the age(s) of the senior homeowner(s), the value of the home, and how much (if any) they still owe on the home.

St. Petersburg Home Values

Homes in St. Petersburg represent some of the more valuable real estate in the county, thanks to excellent price appreciation in recent years. Although the resiliency of those home prices is now being tested by the current market downturn, St. Petersburg is likely to remain strong due to the strong employment market and desirable location. The resulting long term demand for this region helps to keep home prices up, which means there is also ample money available for a reverse mortgage.

St. Petersburg Information

St. Petersburg is in Pinellas County, Florida. As of 2006 it has a population of 248,098, and is supposed to have the most days of sunshine each year of any city in the United States. 10.8% of the population is age 65 or over.