Your Florida Reverse Mortgage Loan Specialists

Miami Reverse MortgagesIf you or a family member would like an informational package or an appointment with one of our local specialists please call  305-271-9349 -or- complete our online questionnaire and we will send quick benefits package via email.

We specialize in Reverse Mortgages Loans for seniors. A reverse mortgage loan enables Miami 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 loans for seniors throughout Florida and surrounding area. Point  Mortgage Company, Miami, FL.

We often offer competitive  Rates & Fees  which may amount to thousands of dollars of retained equity through the life of your Reverse Mortgage loan.

Our Senior Lending Specialists are dedicated and talented professionals within our industry assuring you a truly no-hassle & timely close.

About: Reverse Mortgages

The HUD Home Ownership Center (HOC) is located in Coral Gables, insures more Home Equity Conversion Mortgages (HECM’s) than any other HOC in the nation.  Even with this large number of HUD HECM’s, Miami/Dade County is also home to some extremely high dollar cities including waterfront  communities with larger and more expensive properties.  These senior homeowners often opt for jumbo or proprietary reverse mortgage programs which are not included in the HUD numbers.

Miami Reverse Mortgage Limits

The $625,500 maximum limit on the Home Equity Conversion Mortgage (HECM or “Heck-um”) program. The lending limit shall remain at $ 625,500 through December 31, 2015.

A reverse mortgage loan 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 value 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 Point Mortgage Company is committed to helping you with answering all your questions and if the reverse mortgage loan is right for you, closing your loan quickly and easily.

 

These materials are not from HUD or FHA and were not approved by HUD or a government agency. The Sender is not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit http://www.hud.gov/hudclips

 

Reverse Mortgages are neither "approved" nor "endorsed" by the Federal Government. The FHA (Federal Housing Administration) provides certain mortgage insurance for lenders and borrowers in connection with the lender’s HECM loans; the FHA does not lend or originate loans. It is strongly advised that you consult with your family, trusted financial planner or attorney when considering any reverse mortgage loan. These materials are not from HUD (Dept. of Housing and Urban Development) or FHA and were not approved by HUD or a government agency