Tampa Bay Florida Reverse Mortgage

tampa bay, florida

 

Your Tampa Bay Area Reverse Mortgage Specialists

If you or a family member would like an informational package or an appointment with one of our local specialists

Please call 800-565-1722 -or- complete our online questionnaire for yor quick benefits package via email

We specialize in Tampa Bay Reverse Mortgages for seniors. A reverse mortgage enables tampa bay 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 for seniors throughout Tampa Bay, Florida and surrounding area. All Reverse Mortgage Company, Tampa Bay, FL.

 We often offer much Lower Rates & Fees than your local Credit Union or Bank which may amount to thousands of dollars of retained equity through the life of your Reverse Mortgage
 We offer more programs than any other company including several Government Insured & Private Jumbo Programs
 Our Florida Reverse Mortgage Specialists are some of the most dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close

 

florida rates special

 

About: Tampa Bay Area Reverse Mortgages

Tampa lies on the West Coast of Florida in Hillsborough County.  Tampa boasts a population of over 380,000 and is Hillsborough’s Country Seat.  Tampa is actually part of a metropolitan area commonly referred to as the Tampa Bay Area, which includes Tampa, St. Petersburg, and Clearwater.   The Tampa Bay Area has an excellent growth rate and has earned such 2008 honors as being in Yahoo’s top 10 cleanest cities in America and Number 5 on the Forbes best outdoor cities list.  With Tampa boasting both affordable and high-end living and year round beautiful temperatures (according to rssweather.com, highs average from the low 70’s in the coldest months to 90 degrees in the warmest month), it’s no wonder there is a high demand for reverse mortgages in the region.

Tampa Bay, Fl - Reverse Mortgage Limits

HUD has now announced its interpretation of H.R. 3221 and how it will implement this legislation.  HUD has announced that the legislation calls for a national limit of $417,000 for the HECM program and hope to have this new limit in place by November 17, 2008.  This is very exciting for Tampa residents as they are now subject to the much lower limit of $222,300.  What this means is that if you are a senior borrower and you own a home in the area valued at more than $222,300, this represents a very large increase and quite an opportunity.  Many senior homeowners have seen their retirement funds shrink drastically over the last 15 months.  A top congressional budget analyst estimates that pension plans have lost as much as $2 Trillion during this same time.  This change in lending limits could not have come at a better time for some Tampa seniors who may now be forced to find other ways to augment their incomes.

A reverse mortgage 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 $400,000 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 All Reverse Mortgage Company are committed to helping you with answering all your questions and if the reverse mortgage is right for you, closing your loan quickly and easily.  If it’s time for you to put your equity in reverse so that you can keep your life moving forward, then we’re here to help!

 

Tampa Bay Area Florida Links:
Seniors of Tampa Bay | Tampa Bay Senior Consulting

“Reverse Mortgage Lenders Tampa”  By Cliff Auerswald – Add me to your circles