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We specialize in Reverse Mortgages Loans for seniors. A reverse mortgage loan enables Miami 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 loans for seniors throughout Florida and surrounding area. Sun Capital Mortgage, Miami, FL.
We often offer competitive Rates & Fees which may amount to thousands of dollars of retained equity through the life of your Reverse Mortgage loan.
Our Senior Lending Specialists are dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close.
A Reverse Mortgage is a federally regulated program for homeowners, aged 62 and older. It allows the equity in your home to pay you rather than you paying for the home.
Here Are the Benefits of a Reverse Mortgage
Convert equity in your home into cash to use for any purpose
Pay your bills, invest in other real estate, repair or upgrade your existing home, or even go on vacation. There are no restrictions on how you use the money.
You get to choose the way in which your funds are disbursed to you
In many situations, the income you receive through a reverse mortgage cannot be taxed.
You do not need to move out of your home
You can continue to enjoy all of its comforts while experiencing in the benefits of more flexible finances.
It can never be frozen, reduced or annulled
So long as you are conforming to the terms of your reverse mortgage
Note that a reverse mortgage is not free money; it is a loan like any other. That means that it must eventually be paid off. If you wish, you can pay it off yourself. Otherwise, you can wait for a maturity event such as the death of the last borrower on the loan. At that point, your heirs may decide whether to pay off the loan or sell the house.
Could You Be Eligible for a Reverse Mortgage in Miami?
A reverse mortgage may be the financial answer you have been looking for. Not everyone qualifies however. You will need to meet these basic requirements to pull equity from your home:
• Reverse mortgages are only available to those aged 62 or aboveonly one borrower on the loan must fit the age requirement).
• You must own 50% or more equity in your home.
• A reverse mortgage is only available for your primary residence.
• All your payments as pertain to your home must be current. These include not only your mortgage payments, but also homeowners insurance, property taxes, homeowner’s association fees, and so forth.
• Your house must be properly maintained.
• Your income, credit score, and tax history will be reviewed when you apply for a reverse mortgage.
The $ 970,200. maximum limit as of January 1, 2022 on the Home Equity Conversion Mortgage (HECM or “Heck-um”) program.
A reverse mortgage loan 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 value 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 Sun Capital Mortgage is committed to helping you with answering all your questions and if the reverse mortgage loan is right for you, closing your loan quickly and easily.
These materials are not from HUD or FHA and were not approved by HUD or a government agency. The Sender is not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit http://www.hud.gov/hudclips
Reverse Mortgages are neither "approved" nor "endorsed" by the Federal Government. The FHA (Federal Housing Administration) provides certain mortgage insurance for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not lend or originate loans. It is strongly advised that you consult with your family, trusted financial planner or attorney when considering any reverse mortgage loan. These materials are not from HUD (Dept. of Housing and Urban Development) or FHA and were not approved by HUD or a government agency