Locations in the state of Florida dominate the list when it comes to most affordable. whether through investments or by tapping the benefits of a reverse mortgage product. According to 55places.
That said, the most popular states for vacation rental purchases are Florida, California, Texas, New York and Colorado..
A Florida Reverse Mortgage with Open Mortgage and Melinda Hipp may be just the solution for homeowners 62 and over who are house rich and cash poor or looking to downsize or up size to a new home. A Reverse Mortgage is a type of home equity loan that may allow you to access the equity you have built up over the years or have available in a new.
Florida Reverse Mortgages. Floridians are increasingly turning to Reverse Mortgages to help them stay in their homes during retirement. The number of hecm reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, liberty home equity solutions, Inc.
Florida is among the top states in reverse mortgage origination. In fact, Miami topped the charts recently as the city with the most reverse mortgages. Even with the recent housing crisis, the boom that led up to the crash resulted in a lot of Florida seniors becoming house rich.
The Sunshine state has a population of 21,299,325 and 1,522,753 of those people are homeowners age 62 and older, which more than one and a half million people may be eligible for a reverse mortgage. The median home value in Florida is $214,000, which is much lower than the hecm reverse mortgage lending limit of $726,525.
Florida remains the retiree capital of the United States. No personal income tax, warm weather and plenty of sunshine drew nearly 78,000 retirees to the state in 2015 alone, according to the most.
Florida reverse mortgages are so prevalent because of the freedom it gives homeowners. There’s not only money in a reverse mortgage. There’s also the opportunity to live the best life possible in old age.
Consider the benefits of a reverse mortgage, and learn about how a reverse mortgage can help you improve your financial position. Your Florida Reverse Mortgage Specialists.