CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Is a Reverse Mortgage Right for Me?

Reverse mortgages in FloridaReverse mortgages in Florida are loans that allow homeowners 62 and older to borrow against the equity in their homes. You can use the loan for any purpose, including paying off debt, making home repairs, or financing a long-term care event.

How Does a Reverse Mortgage Work?

A reverse mortgage works by giving the homeowner a lump sum of cash, a monthly payment, or a line of credit. Homeowners can use the money however they choose but must repay it with interest when they sell or move out.

Benefits of a Reverse Mortgage

There are several benefits to taking out a reverse mortgage, including:

  • No monthly payments are required, which can free up cash flow for other expenses.
  • The loan does not need to be repaid until the homeowner moves out of the home, sells it, or dies.
  • You can use the money for any purpose, including paying off debt or financing a long-term care event.
  • The interest on a reverse mortgage is often tax-deductible.

Drawbacks of a Reverse Mortgage

There are also some drawbacks to consider before taking out a reverse mortgage, including:

  • The loan must be repaid, with interest, when they sell the house or move out
  • The borrower may owe more than the value of the home if the value of the home decreases and they are unable to sell it for enough to cover the loan balance
  • Reverse mortgages can be expensive, and the interest rates are often higher than traditional mortgages
  • The loan may reduce the amount of money the homeowner will receive from Medicaid or other government programs if they need to go into a nursing home

Are Reverse Mortgages in Florida Good Alternatives to Bankruptcy?

A reverse mortgage can help you avoid bankruptcy, but it’s not without its risks. Make sure you understand all of the terms and conditions before you sign up.

A reverse mortgage can help you stay in your home, but it may reduce the amount of equity you have in your home over time.

There are fees associated with a reverse mortgage, so make sure you understand what they are and how they will affect your overall financial situation.

If you’re considering a reverse mortgage, talk to a qualified financial advisor to learn more about the pros and cons and see if it’s the right option for you.

Whether or not a reverse mortgage is right for you depends on your financial situation. If you’re considering a reverse mortgage, be sure to weigh the pros and cons carefully to make sure it’s the right decision for you.

To learn more, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

5 Common Budgeting Mistakes Newlyweds Make and How to Avoid Them

Budgeting mistakes are common, especially when you’re young. Not all newlyweds are young adults, but many first-time marriages do involve...
Read More

When Should Married Couples File for Bankruptcy Together?

There's no easy answer to the question of timing when it comes to bankruptcy. In some cases, it may make...
Read More

Can Your Spouses Debt Force You Into Bankruptcy?

If you're married and your spouse has a lot of debt, you may be wondering if that debt can force...
Read More

Do You Need a Bankruptcy Attorney If You’re Divorcing with Financial Problems?

Divorce and bankruptcies are more common than many people realize. Financial problems make a stressful transition even more difficult. If...
Read More

Can You File Bankruptcy without Your Spouse?

Filing for bankruptcy is a decision that should not be taken lightly. It can affect your financial life and the...
Read More

How Seniors Can Avoid Bankruptcy

Seniors are at a high risk of bankruptcy, but there are ways to avoid it. What do you need to...
Read More

What Happens If I Own Too Many Assets to File for Chapter 7?

Does hiding assets in bankruptcy protect them from your creditors? If you own too many assets to qualify for Chapter...
Read More

How to Find the Best Lawyer for Filing for Bankruptcy after Retirement

Many retirees decide to file for bankruptcy as a way to get a fresh start. But finding the right lawyer...
Read More

Does Declaring Bankruptcy Affect My Retirement Savings?

When you're struggling with debt, the thought of bankruptcy might cross your mind. But what would that mean for your...
Read More

Is a Reverse Mortgage Right for Me?

Reverse mortgages in Florida are loans that allow homeowners 62 and older to borrow against the equity in their homes....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions