Palm Beach Florida Reverse Mortgage
Your Palm Beach Reverse Mortgage Specialists
All Reverse Mortgage® is proud to be Florida's #1 rated reverse mortgage lender by the BBB with a Perfect 5.0 stars and A+ review. All Reverse Mortgage® lends throughout all of Florida state including Palm Beach, FL. All Reverse began in 2004 and as the name implies, the only loan product that All Reverse Mortgage® originates is the residential reverse mortgage loan.
We offer reverse mortgages to Palm Beach homeowners and our staff has a combined lending experience exceeding 100 years with national mortgage banking experience on both coasts and points between. Due to this varied direct experience, All Reverse Mortgage® is well positioned to be able to assist borrowers with all specific needs associated with the reverse mortgage program.
About: Palm Beach Reverse Mortgages
Palm Beach County consists of both incorporated and un-incorporated areas and is the second oldest county in South Florida. The largest city and county seat are in West Palm Beach, while Boca Raton follows in second place. Boynton Beach is the third largest city in the county, and south of Boynton Beach lie Delray Beach and Boca Raton. The greatest numbers of people reside in these cities and not surprisingly, this is the area that sees some of the highest demand for reverse mortgages in the area.
Palm Beach County was originally created in 1909 although much of its’ original area now belong to neighboring counties. Palm Beach County has many things for which it is known, however, it will forever be remembered as the center of the worldwide media storm in 2000 with the now infamous butterfly ballot, the many who felt that they had voted incorrectly and thus the recount and Supreme Court Challenge of the 2000 Presidential Election. With the diversity of homes in the county and its high senior homeowner population, Palm Beach County has the real need for both low and high balance reverse mortgage loans.
Palm Beach Reverse Mortgage Limits
The implications are unclear at present as to the effect that H.R. 3221 will have on the Entire Florida market as many of the area of Florida currently receive lower lending limits under the HUD guidelines. There are three possible scenarios under this bill. HUD will publish their limits within days (the Bill was signed into law on 7/30/2008) and once the limits are published, Palm Beach County residents will be eligible for increased amounts under the HECM program.
A reverse mortgage uses actuarial tables much the same as insurance products and borrowers receive more money the older they are. Therefore, a 62 year old borrower just meeting the age requirement will receive much less cash than a 78 year old borrower with the same $400,000 home. When 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 changes 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!
Palm Beach Reverse Mortgage Facts
|City||Homeowners Age 62+||Reverse Mortgages Closed Last 12 Months||Purchase Reverse Mortgages Closed Last 12 Months||Lenders in Palm Beach (est)||Avg. Home Value|