It’s never been a better time to refinance your Florida home. With a myriad of options available and interest rates at an all time low, closing costs can be quickly recovered by lower monthly mortgage payments. If you’ve been thinking of refinancing but waiting for the right time, now is the time to act.
In this day and age, many people are refinancing to lower their expenses, withdraw additional value from their homes or even do renovations they’ve been contemplating for too long. If you have a high interest rate on your existing mortgage, you may want to take a close look at some of the current mortgage options available to you today.
One aspect of reverse mortgages that is particularly unique is that they can eliminate monthly mortgage payments. As long as you stay in your home, and pay your taxes and homeowners insurance, your loan will not be payable. This is a very attractive option for seniors who are on a limited budget.
Another important aspect of reverse mortgages is that you can never owe more than your home is worth. The non-recourse nature of these loans means that if your property value declines below the value of the home, you are not required to pay the difference. This means you don’t ever have to worry about leaving a debt to your heirs. If you die and the loan balance exceeds the value of the home, your heirs can simply satisfy the loan obligation by turning the home over to the bank. Of course, they can also choose to repay the loan or refinance it with a regular mortgage if they’d like.
Reverse mortgages have many options regarding how you receive your money as well. If you’d like to receive all of the money you’re eligible for at closing, this is a popular option for many seniors. Alternatively, you could open a line of credit that will grow as long as you leave an unused portion in the account. You could also do what is called a “tenure” option where you would receive a fixed amount over the remaining years of your life not matter how long you live. This is a great option for supplementing your retirement income.
Whether you are a senior looking for a reverse mortgage or just a homeowner looking to refinance their Florida home, there has never been a better time to explore your options. Interest rates are at an all-time low. Call your local Florida mortgage broker and find out your options today. You could end up saving yourself tens of thousands of dollars over the life of your mortgage. So go out and take advantage of this incredible option today.
Looking for more information on a reverse mortgage or mortgage lending rates? Then make sure to check out Tim Begert’s online resources.
