Florida Reverse Mortgage Program

Are you Ready for a HUD Reverse Mortgage from Hallmark Mortgage Services?

The HUD backed reverse mortgage program is an outstanding retirement vehicle for Florida homeowners ready to step back and begin broadening their enjoyment of a Florida lifestyle.

Lets face it, for every individual nearing the threshold of retirement, financial security through retirement planning assumes notable significance. Some Florida residents are fortunate to be able to draw comfort from a well planned nest egg and look forward to post-retirement prosperity. Then there are others who have spent a lifetime not achieving the financial security they hoped for, yet have managed to utilize their home to build equity for future retirement.

Regardless of which category you place yourself, the Federal Government's HUD Reverse Mortgage Program can bring the tranquility and peace of mind you truly deserve. As a leading Florida mortgage company, why not call one of our knowledgeable and friendly reverse mortgage specialists today at 1-866-358-2898 or just use our quick mortgage application to find out more!

HUD Reverse Mortgages at a Glance

Hallmark Mortgage Services provides HUD Reverse Mortgages to Florida Home Owners who are sixty-two years of age or older as a means of supplementing their retirement income by drawing from the equity of their homes. Even for homeowners who have limited equity in the Florida home, the reverse mortgage program can eliminate your mortgage payment, provide a smaller lump sum payment, and allow you to retain full ownership and control of your home. Imagine retirement without the worry of mortgage payments!

The amount borrowed by a senior citizen is not repaid every month like a traditional Florida mortgage. Reverse mortgage loans are paid back to the lending institution either when you pass away or when you elect to not to use your home as a primary residence. If at some point you elect to move into a retirement community on a permanent basis, the reverse mortgage generally becomes due for repayment through the sale of the home.

Payment Benefits of the HUD Reverse Mortgage

One of our experienced Loan Consultants at Hallmark Mortgage Services can work with you to explain how a HUD reverse mortgage functions and explain in more detail about the various payment benefit options. Just give us a call today at 1-866-358-2898 or use our no obligation quick mortgage application for more information.

As an overview, reverse mortgage participants can receive payments borrowed against the equity in your home in one of three ways:

• As a lump sum payment to you
• As a monthly payment to you also called an annuity
• As a credit line which you can use at your convenience

Your Hallmark Mortgage Services Loan Consultant can advise you on which payment benefit option may best suit your retirement strategy.

Checking out your Eligibility for a Reverse Loan from HUD

If you are at least sixty-two years old, own your home, and the home is your primary residence, chances are good that you will be eligible for the HUD Reverse Mortgage Program. An Hallmark Mortgage Services Loan Consultant can easily determine your eligibility by asking you a few simple questions on the phone. Call today at 1-866-358-2898 or use our fast and easy quick mortgage application.

Generally, a senior citizen would have to fulfill the following conditions in order to qualify for a HUD reverse mortgage from Hallmark Mortgage Services.

• Your home should be your principal residence
• You should be at least sixty-two (62) years of age or older
• If there is a mortgage on your home, the mortgage balance will have to be paid off first by the HUD Reverse Mortgage

There really aren't that many qualifiers to be eligible for a reverse mortgage on your Florida home.

Types of Homes Eligible for a HUD Reverse Mortgage

One of our Loan Consultants at Hallmark Mortgage Services can tell you if the home in which you reside is eligible for consideration under our HUD Reverse Mortgage Program. These types of homes are generally accepted by HUD:

• Single family home
• An apartment unit with up to four (4) apartments in which one apartment is your primary residence
• Condominium or Townhouse in a HUD approved community
• Manufactured home or mobile home tied to land

Income Eligibility for your Senior Citizen Loan

There are no wage, salary or minimum income requirements to qualify for a HUD Reverse Mortgage! This feature of the loan program is definitely its most senior citizen-friendly attribute because almost all mortgage programs have income requirements. The amount you can borrow, however, is based on the equity in your home and the paid-up equity if there is a mortgage balance on your home. A few additional factors also govern how much you can borrow and your Hallmark Mortgage Services Loan Consultant can tell you more about it. These factors include:

• The prevailing interest rate at the time you make the loan application
• Your age
• The appraised value of your home

Your age determines how much you can borrow. The older you are, the more you are eligible to receive as a payment benefit. Interest rates also control this amount to a certain extent because the lower the interest rates are, the more you can expect to receive as payment. Finally, the maximum amount you can borrow under this reverse loan program is determined by the FHA and is based on the maximum borrowing limits in your community as established by the FHA at the time of funding.

Loan Programs for Senior Citizens from HUD

You can probably find many enticing loan programs in the investment or mortgage marketplace for which you qualify. However, the HUD Reverse Mortgage Program offered by Hallmark Mortgage Services is perhaps the most ideally suited for you because:

• It can significantly improve your monthly cash flow Vs. Traditional mortgage programs from other lenders
• It provides you with complete flexibility in how you choose to spend your cash benefit
• It is fully covered by FHA's Mortgage Insurance Program
• All in all, it is a really good idea

Are you ready to learn more? Just give our office a call 1-866-358-2898 and speak with one of our qualified loan consultants. We'd love the opportunity to help you learn more about the reverse mortgage program from HUD.