Orlando Reverse Mortgage
Your Orlando Reverse Mortgage Specialists
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We specialize in Orlando Reverse Mortgages for seniors. A reverse mortgage enables Orlando senior homeowners to sustain their retirement while living in the home and community they love. Contact us for reverse mortgage information and our no obligation reverse mortgage informational package. We provide reverse mortgages for seniors throughout Orlando, Florida and surrounding area. All Reverse Mortgage Company, Orlando, FL.
About: Orlando Reverse Mortgages
Orlando lies geographically near the middle of Florida and is the County Seat of Orange County. The Orlando-Kissimmee metropolitan statistical area is the third largest in Florida behind Miami and Tampa. Orlando is home to Disney World, Sea World, Universal-Orlando and Lake Buena Vista. Orlando has become one of the nation’s largest visitor destinations and in fact, has the second largest number of hotel rooms, second only to Las Vegas, Nevada. There are many golf courses and with its warm sub-tropic climate, Orlando is a popular destination for visitors and a great place to live.
Orlando Reverse Mortgage Limits
HUD has now announced its interpretation of H.R. 3221 and how it will implement this legislation. HUD has announced that the legislation calls for a national limit of $417,000 for the HECM program and currently has the new limits posted on its website. This is very exciting for Orlando residents as they were previously subject to much lower limits throughout the area. What this means is that if you are a senior borrower and you own a home in the area valued at more than the previous limits, this represents a very large opportunity. Many senior homeowners have seen their retirement funds shrink drastically over the last 15 months. A top congressional budget analyst estimates that pension plans have lost as much as $2 Trillion during this same time. This change in lending limits could not have come at a better time for some Orlando seniors who may now be forced to find other ways to augment their incomes.
Orlando borrowers can choose several options to receive their reverse mortgage proceeds. They can get them all up front in a lump sum; they can choose to receive a monthly payment; they can choose to keep the money available to them in a line of credit to use when they wish; or they can choose a combination of all of the previously mentioned options. When Orlando borrowers do not take all their funds at the beginning of the loan and choose to use the line of credit option, the line of credit grows annually on the unused portion as the borrower would be eligible for a higher loan amount at the increased age. Some borrowers have asked whether or not they should wait for a few years to apply until they are older to take advantage of higher principal limits for older borrowers. Only you and your trusted financial advisors know your situation but there are other factors which go into the determination of how much money you will receive on a reverse mortgage which also include interest rates and property values. If your property value declines, you may be eligible for less money. If the interest rates rise from their current near-historic low levels, then you may also be eligible for less money. The other factor that could change and on which we have already seen several changes this year alone is the margin. The margin is added to the index to determine the final rate you pay and margins have risen this year as uncertainty has grown in the mortgage secondary market. When the margin rises, your ultimate rate increases and you will receive less money.
The only constant is your age…you do know how old you are and you do know when your next birthday is. No one can predict the future with interest rates or property values. If the values rise considerably, you can refinance a reverse mortgage and the HUD insurance does not need to be paid a second time…you would just pay the difference, if any, from your old premium amount to the new premium based on any increase in the principal lending limit in your area. The Senior Specialists at All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily. If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!
Orlando Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Orlando (est)||Avg. Home Value|