By Phil Ganz
Edited by Ryan Skerritt
Fort Lauderdale’s sunny weather, scenic beaches, and vibrant culture make it a prime destination for retirees.
Verify Your Reverse Mortgage Eligibility
Whether you’re enjoying a morning walk on the shore or exploring the city’s renowned attractions, a reverse mortgage can provide the financial security to help you fully embrace your retirement.
Fort Lauderdale Reverse Mortgages
At MakeFloridaYourHome, we specialize in helping Florida homeowners unlock the financial potential of their homes through reverse mortgages. With years of experience and billions in residential financing closed, we have helped thousands of families achieve their financial goals and enjoy their retirement with greater peace of mind.
We offer expert guidance on a range of reverse mortgage options, including federally insured HECM loans and jumbo reverse mortgages for higher-value properties in Fort Lauderdale and the surrounding areas. Whether you’re looking to supplement your income, pay off debt, or make home improvements, our team is here to provide personalized solutions that meet your needs.
Our commitment to transparency and client success means you’ll receive clear information and support throughout the process. Let us help you make the most of your home equity and enjoy the retirement you deserve.
Contact us today to learn more about how we can assist you with a reverse mortgage tailored to your unique situation.
Verify Your Reverse Mortgage Eligibility
What Is a Reverse Mortgage?
A reverse mortgage is a unique loan for homeowners aged 62 and older, allowing you to convert your home equity into tax-free income while continuing to live in your home.
Unlike traditional mortgages, there are no monthly payments. Repayment is deferred until the home is sold, the borrower moves out, or passes away, making it a flexible financial tool for retirees.
Popular Reverse Mortgage Options
- Home Equity Conversion Mortgage (HECM): A federally insured loan option designed for homes within FHA lending limits.
- Proprietary Reverse Mortgages: Tailored for high-value properties, these loans are perfect for Fort Lauderdale’s luxury real estate market, where the median home price reached $579,000 in September 2024, reflecting a 13% increase from the previous year.
Verify Your Reverse Mortgage Eligibility
Why Consider a Reverse Mortgage in Fort Lauderdale?
Fort Lauderdale homeowners can benefit from:
Fort Lauderdale’s Growing Real Estate Market
In September 2024, the median home price in Fort Lauderdale rose to $579,000, a 13% increase from the previous year, offering homeowners more equity to tap into for their financial needs.
Tax-Free Income
With a reverse mortgage, the money you receive is considered a loan, not income, so it’s not subject to taxes.
This allows you to use your home’s equity for living expenses, home improvements, or medical bills without worrying about paying taxes on the funds.
No Monthly Payments
With a reverse mortgage, you don’t have to make monthly mortgage payments because the loan is repaid when you sell your home, move out, or pass away.
Until then, you keep full ownership of your home and can stay in it as long as you meet the basic requirements like paying property taxes and insurance.
Flexible Funds
Choose from lump sums, lines of credit, or monthly payments to suit your needs.
On average, homeowners can access 50-60% of their home's value, with lump sums typically ranging from $33,000 to $462,000.
Stay in Your Home
A reverse mortgage lets you stay in your home because the loan doesn’t require you to sell or move out.
As long as you meet basic requirements like maintaining the property and paying taxes and insurance, you can continue living there while using the equity to improve your cash flow.
Federally Backed Security
HECM loans are insured by the FHA, which means that even if the housing market declines or your loan balance exceeds your home's value, you’re protected.
This guarantee ensures you or your heirs will never owe more than the home’s value when the loan is repaid, providing peace of mind and financial security.
Verify Your Reverse Mortgage Eligibility
Reverse Mortgage Eligibility Requirements
To qualify for a reverse mortgage in Fort Lauderdale, you must:
- Be at least 62 years old.
- Use the property as your primary residence.
- Own your home outright or have substantial equity.
- Maintain the property and stay current on taxes and insurance.
- Meet basic credit and financial guidelines.
Verify Your Reverse Mortgage Eligibility
Get Started Today
Ready to explore how a reverse mortgage can enhance your retirement? With the median home price in Fort Lauderdale reaching $579,000 in September 2024, many homeowners have significant equity to unlock for their financial needs.
Take the first step toward financial freedom today. Our team of experts is here to answer your questions, provide personalized guidance, and help you make the most of your home’s equity.
Don’t wait to secure your financial future. Contact us now and discover how a reverse mortgage can help you enjoy the retirement you deserve.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
