Sarasota Reverse Mortgages

Reverse Mortgage Requirements

Hello Sarasota residents! This is another article in a series of articles that I have written and that I hope you find informative about Sarasota reverse mortgages. I have decided to write on this topic due to the substantial increase in home values in the Sarasota area. Rising home values in the Sarasota area is great news in general for homeowners in the Sarasota area. In particular, rising home values make a reverse mortgage in Sarasota more attractive!  I think rising home values is particularly worth noting for Sarasota homeowners who have been thinking about getting a reverse mortgage.  Recent surges in home values is important because a reverse mortgage loan amount is based upon a percentage of the value of your home. In other words, if your home is worth more, you can get a higher loan amount under a reverse mortgage.

Many of you my not be certain what the requirements are to obtain a reverse mortgage. Sarasota reverse mortgage requirements are quite simple. So simple, in fact, that many people can’t believe that there aren’t more reverse mortgage requirements.  I will list the requirements of a FHA HECM (Home Equity Conversion Mortgage) because this is the most widely used Sarasota reverse mortgage program The requirements to qualify for a reverse mortgage (FHA HECM) are as follows:

1.  You must be a homeowner 62 years of age or older.
2.  You must own the home outright (no mortgages) or have an outstanding mortgage loan balance low enough that it can be paid off with the proceeds of a reverse mortgage loan.
3.  You must have the financial resources/ability to pay ongoing property expenses such as annual real estate taxes and homeowners insurance.
4.  You must live in the home.
5.  You must receive consumer information about reverse mortgages from a HECM counselor prior to obtaining the loan.

That is it!

So, if you have been considering getting a reverse mortgage loan, now may be the time to do it. I am happy to answer any questions you may have about getting a reverse mortgage.  l am happy to use my experience to help guide you through the reverse mortgage process. All you have to do is pick up the phone and give me call – (941) 795-7525. If I am unable to answer, please leave a message and I will call you back as soon as I am able.

I look forward to helping you with this exciting opportunity. Thank you for reading this article and enjoy the rest of your day in lovely Sarasota!

Michael Wyckoff
Operations Director – Sarasota & Manatee
(941) 795-7525