Buying Florida
Didier Malagies is a leader in the Tampa Bay Mortgage industry, serving Pinellas, Pasco, Hillsborough counties, and beyond with his sights set on educating residential and commercial buyers regarding Florida purchases. With over 20 years of expertise, Didier has built relationships with realtors, bankers, and clients based on integrity and his drive to provide the best customer experience in the state by being there from beginning to end of every purchase.
Whether you're looking to move, invest, start a business or expand, Didier will share everything you need to know on his show every week.
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Buying Florida
What is a Reverse Mortgage
A reverse mortgage is a type of loan available to homeowners aged 62 and older that allows them to convert part of their home equity into cash. Unlike a traditional mortgage, where the homeowner makes monthly payments to a lender, a reverse mortgage pays the homeowner. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.
Key Features of a Reverse Mortgage:
No Monthly Payments: Borrowers receive payments instead of making them, though they must continue paying property taxes, homeowner’s insurance, and maintenance costs.
Loan Repayment: The loan balance increases over time as interest accrues and is repaid when the borrower no longer lives in the home.
Home Retention: The homeowner retains ownership of the home as long as they meet loan obligations.
FHA-Insured Option: The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).
Ways to Receive Funds:
Lump Sum – A one-time payment.
Monthly Payments – A steady income stream.
Line of Credit – Borrow as needed.
Combination – A mix of the above options.
Pros & Cons
✅ Pros:
Provides financial relief for retirees.
No repayment is required while living in the home.
Flexible payment options.
❌ Cons:
Loan balance increases over time.
May reduce inheritance for heirs.
Fees and interest rates can be high.
Would you like to explore if a reverse mortgage is right for your situation?
Tune in and learn at https://www.ddamortgage.com/blog
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