How to apply for a reverse mortgage in Jacksonville, Fl.

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What is a Reverse Mortgage? A "reverse mortgage" allows people who are 62 and older to draw upon their home equity in order to receive a lump sum of money, a line of credit, or monthly income (or a combination of these), without having to pay back the loan until they die, move, sell the home, or breach the loan agreement.

asks Carolyn McClanahan, a physician and financial advisor at Life Planning Partners in Jacksonville, Florida. reverse mortgage as your last-resort option, turning to it after you’ve exhausted your.

The application process for a reverse mortgage generally takes about 30-45 days from start to finish and has five major steps. However, the longest part of the reverse mortgage process is the decision-making process that leads up to the application.

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Embrace the Options Available with Reverse Mortgages in Jacksonville, FL. For many people, a reverse mortgage is a fantastic way to finance certain ventures in their lives. Just imagine where you can go or what you can achieve when you have access to the funds associated with this type of financial instrument.

Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. monthly reverse mortgage advances may affect eligibility for some other programs.

This license is required for an individual who, directly or indirectly, solicits or offers to solicit a mortgage loan, accepts or offers to accept an application for a mortgage loan, negotiates or offers to negotiate the terms or conditions of a new or existing mortgage loan on behalf of a borrower or lender, processes a mortgage loan application, or negotiates or offers to negotiate the sale of an existing mortgage loan to.

Advice and Counseling in florida: hud-approved housing counseling agencies provide advice and counseling on a variety of housing issues including: homeownership, avoiding foreclosure, rental opportunities, homelessness, reverse mortgages, etc. In most cases, their services are FREE or for a small charge.

FHA mortgage loans only require a 3.5% down payment. To obtain mortgage insurance from the federal housing administration, a mortgage insurance premium (mip) equal to 1.75 percent of the loan amount at closing is required, and is normally financed in the loan paid to FHA on the borrower’s behalf. There is a monthly premium as well.