It seems like Reverse mortgage servicing companies are pulling a reverse mortgage scam on unsuspecting seniors with a Florida Reverse Mortgage. They are showing no shame in doing it either. Reverse mortgages are great because they give seniors who are house rich and cash poor needed cash.
The Texas Mortgage Bankers Association announced its 10th Annual Reverse Mortgage Day will be held at the Hilton Post Oak in Houston, TX, on September 7-8. The conference will be co-hosted with the.
Florida reverse mortgage companies florida is among the top states in reverse mortgage origination. In fact, Miami topped the charts recently as the city with the most reverse mortgages. Even with the recent housing crisis, the boom that led up to the crash resulted in a lot of Florida seniors becoming house rich.
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With the opening of a new loan production office in Central Florida, The Federal Savings Bank plans to expand its product offerings, including reverse mortgages, throughout the state. Last week,
Reverse mortgages that are not insured by the FHA are known as proprietary reverse mortgages. Private banks and mortgage lenders offer these proprietary reverse mortgages, though few exist in the marketplace today. Those that do exist are typically available only to those with high-value homes.
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The Sunshine state has a population of 21,299,325 and 1,522,753 of those people are homeowners age 62 and older, which more than one and a half million people may be eligible for a reverse mortgage. The median home value in Florida is $214,000, which is much lower than the HECM reverse mortgage lending limit of $726,525.
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However, if the owner fails to pay insurance and property taxes, the reverse mortgage is deemed in default and the owner is in danger of foreclosure. Success, and failure. For many retirees, such as 73-year-old Robert Lee White of Fort Lauderdale, Fla., a reverse mortgage can be nothing short of a lifeline.
A reverse mortgage is a loan available to homeowners, 62 years or older, that allows them to convert part of the equity in their homes into cash. The product was conceived as a means to help retirees with limited income use the accumulated wealth in their homes to cover basic monthly living expenses and pay for health care.