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Reverse Mortgage Glossary of Terms. Adjustable Rate: An interest rate that will change during the life of the loan based on an index.. Annuity: An insurance product that pays out an income stream and is often used as part of a retirement strategy. Appraisal: A professional estimate of the value of your home based on the features of the property and comparable sales in the area.
Florida Reverse Mortgages. Let Liberty help you turn your home equity into the cash you need. To speak with one of our knowledgeable and trusted advisors licensed in Florida, just complete the quick 2-step Calculator on this page or give us a call today at 866.751.2606! 1 reverse market insights, Inc.
There are three main reverse mortgages: single purpose, proprietary, and federally-insured, also known as home equity conversion mortgages (HECMs). Most people don’t know it, but you can also finance a new home with a reverse mortgage, through a fourth type: the home equity conversion mortgage for purchase (H4P).
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What is a reverse mortgage? A reverse mortgage is a government-insured program designed for homeowners 62 and older that have equity in their homes and want to eliminate their mortgage payments and/or receive supplementary income. Proceeds from a reverse mortgage can be accepted in either a lump sum or regular monthly payments.
Reverse Mortgages in Florida. Florida, well known as the Sunshine State, is a favorite retirement spot for many reasons. From its white sand beaches and sunny weather to its low cost of living, Florida has the amenities and comforts that many seniors wish for in retirement.
Reverse mortgages are complex, often confusing financial products. If you or an elderly relative are even considering one, it’s important to know all of the risks and pitfalls beforehand. With that in mind, we’ve created this list of facts to help you understand what can really happen if you take out one of these loans.
American Advisors Group (AAG) is the largest reverse mortgage lender in the United States (as of 2016). Founded in Irvine, Calif. in 2004, it is licensed to do business in 48 states and has been approved by the Dept. of Housing and urban development (hud) to do business in 81 separate geographical areas.