Reverse Mortgage Loans
HECM Experts at Ideal Lending
Is a Reverse Mortgage Loan right for you?
If you’re 62 or older and own your home, a reverse mortgage loan could provide a powerful way to supplement your retirement income without giving up your home. At Ideal Lending, we offer FHA-insured Home Equity Conversion Mortgages (HECMs) to help Florida homeowners tap into their home equity and enjoy greater financial flexibility. You’ll receive funds tax-free* and stay in your home, no monthly mortgage payments required.*
Reverse Mortgage Qualifications Include:
- The borrower on title must be 62 years or older (a non-borrowing spouse may be under age 62)
- The home must be the borrower’s primary residence
- The borrower must own the home (The borrower must meet the financial requirements of the HECM program)
Speak to a Reverse Mortgage expert today!
Reverse Mortgage Benefits Snapshot
No monthly mortgage payments*
You’re not required to make monthly mortgage payments as long as you live in the home and meet loan terms. This can help ease cash flow during retirement.
Tax free proceeds*
The money you receive is considered a loan advance, not income, so it’s generally not taxed. This allows you to access your equity without increasing your tax burden.*
Keep your home
You retain ownership and stay in your home as long as it remains your primary residence and you continue to meet the loan obligations.
Federally-insured by the government
Home Equity Conversion Mortgages (HECMs) are backed by the FHA, providing added security for both borrowers and their heirs.
How Reverse Mortgages Are Designed to Protect You
A number of consumer safeguards have been established to protect reverse mortgage borrowers. These protections ensure lenders like us are doing their jobs right, and that you and your family have a thorough understanding of how a reverse mortgage works.
You can choose to repay the loan at any time without incurring any additional costs.
HECM loans are nonrecourse, which means you or your heirs will never be personally responsible for more than the home’s market value when the loan is repaid.
Before finalizing your loan, you’ll meet with a HUD-approved third-party counselor. They’ll explain your options, responsibilities, and any alternatives so you can make an informed decision with confidence.
HUD sets limits on how much of your equity you can access in the first year. This safeguard helps extend the life of your funds and protects your long-term financial stability.
Origination fees for HECM loans are regulated by HUD to prevent excessive charges. While other costs may vary, your lender will provide a clear breakdown so there are no surprises.
Reverse mortgages can be a valuable part of your retirement strategy. Many financial advisors recommend the growing line of credit as a tool to supplement savings, delay drawing from retirement accounts, or create a financial cushion.
Frequently Asked Questions
No. Reverse mortgage borrowers retain ownership of their homes. They are not relinquishing title or ownership using a reverse mortgage, but borrowing against the value of the home. A borrower may not lose their home under normal circumstances, as long as they comply with loan terms.*
*Borrowers must continue to make property tax, insurance, and other maintenance payments in order to avoid risk of default.
Reverse mortgage funds can be disbursed in a number of ways: full or partial lump sum, as a line of credit, through monthly payments, or a combination of any of these.
Reverse mortgages are non-recourse loans. What this means is that if somehow the loan balance ends up surpassing the value of the home, the lender cannot collect more than the value of the home. Under the HECM program, the difference between the loan balance and the home value is covered by the Federal Housing Administration’s (FHA) insurance fund.
No, these benefits will not be impacted. Reverse mortgage funds are considered loan proceeds and not income. However, Medicaid and other income-based benefits† may possibly be affected. What’s more, the longer you wait to access Social Security benefits, the more you may receive. A reverse mortgage can help delay accessing Social Security in order to boost your lifetime retirement income*.
*Reverse mortgages are not available in the state of MA.
Please consult with your tax advisor. Borrower must continue to pay for property taxes, homeowner’s insurance and home maintenance. Social Security benefits estimator available at www.ssa.gov/estimator. Required as part of loan. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Borrowers must continue to make property tax, insurance, and other maintenance payments in order to avoid risk of default.