1 in 5 Florida Owners With a Reverse Mortgage Are in Trouble

A reverse mortgage allows senior citizens age 62 or older to establish a mortgage that pays them a monthly payment, which is based on the amount of equity in the home. In order to establish a reverse mortgage, the home is typically owned free and clear of any other mortgages or liens.

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Florida reverse mortgage rates These rates are averages taken from data reported by the Department of Housing and Urban Development each month. Though it may not be possible for you to get the exact interest rates shown here, looking at the past few months of rates should give you an idea of what lenders in Florida should be offering you.

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https://mattweidnerlaw.com Weidner Law was featured on WFLA channel 8 news. Sandra Proulx was sued by Bank of America for her parents’ reverse mortgage.

Owners with a reverse mortgage must still pay property taxes and insurance, and lenders will often start foreclosing quickly if they miss any payments.

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American Advisors Group is a leading provider of federal housing administration (fha) – backed reverse mortgages. Based in California and founded in 2004, AAG offers a full range of reverse mortgage products including traditional Home Equity Conversion Mortgages (HECMs), HECM refinance, and HECM for purchase.

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If you owe more than what you can sell for, you may have trouble paying for the sale. Unless you have some other source of money, like savings, to cover the costs of the sale, it may not be possible to sell the home. Your last alternative could be what is known as a reverse mortgage short sale.

Reverse Mortgages and Short Sales. Unlike a typical forward mortgage, in which the homeowner makes payments toward the principal and interest, a reverse mortgage allows owners age 62 or older to use the equity in their homes to receive cash without having to make any payments.

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