Best Reverse Mortgage Lenders in West Palm Beach, FL
Dec. 13, 2019, 12:13 a.m.
West Palm Beach has long been a popular destination for retirees who want to enjoy their golden years. Many can benefit from a reverse mortgage, which allows you to draw on your home’s equity to receive cash from a lender. Our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in West Palm Beach to help you find financial security during retirement.
How to choose a reverse mortgage lender in West Palm Beach
In West Palm Beach, where over 18 percent of the population is 65 or older and home prices are rising faster than the national average, senior homeowners can supplement their cash flow with reverse mortgages. Reverse mortgages in West Palm Beach allow qualified senior homeowners to tap into equity to receive funds in a variety of ways, often with few restrictions on how the money can be spent.
There are several different types of reverse mortgage loans in West Palm Beach for homeowners to consider. Each is generally repayable once the borrower dies, but may need to be repaid sooner if the home is no longer used as a principal residence or if the borrower fails to meet minimum requirements, like paying taxes or insurance or making repairs.
Type of reverse mortgage
Use of funds
Home Equity Conversion Mortgage (HECM)
U.S. Department of Housing and Urban Development (HUD)
Several options for receiving funds; bigger loan advances at lower total cost
Proprietary reverse mortgage
Loans can exceed HECM limits; funds usually available only as lump sum at closing
Single-purpose reverse mortgage
State and local government agency or nonprofit
Least expensive option; most homeowners with low or moderate income can qualify
Single purpose, specified by lender
By far the most common type of reverse mortgage is a federally-insured Home Equity Conversion Mortgage (HECM). To qualify, you must meet the following requirements:
Be 62 or older
Own the property completely or have a considerable amount paid off
Occupy the property as a primary residence
Not have any federal debt past due
Be able to make ongoing payments of property taxes and insurance
Participate in a federally-approved HECM counseling session
It is important to work with a reverse mortgage lender in West Palm Beach that is transparent, reliable and trustworthy. When shopping for a reverse mortgage, compare origination fees, interest rates, closing costs and servicing fees. If you have a spouse, be sure to ask your lender how he or she will factor into the agreement. Also, ask your lender what happens if you owe more than the value of your home when the loan becomes due. Most agreements are “non-recourse,” meaning you will never owe more than the sales price of the home.
Remember, the funds from a reverse mortgage are usually non-taxable and will not affect your federal benefits. You also have a right to cancel for several business days after closing without penalty.
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in West Palm Beach, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.
As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.