What is a Reverse Mortgage?

A Reverse Mortgage is a federally regulated program for homeowners, aged 62 and older. It allows the equity in your home to pay you rather than you paying for the home.

What is a Government Insured HECM program?

HECM stands for Home Equity Conversion Mortgage. It is a federally insured and guaranteed program. The HECM is a safe way for you to access the equity in your home without ever making a mortgage payment.

How is this Program “safe” for Senior Homeowners?

No matter what happens in the economy, how much money you receive, or how long you live in your home you will never be required to make a mortgage payment. In addition, no matter what happens to your lender or your home’s value you have guaranteed access to your money.

Who owns the home if I take a Reverse Mortgage?

You own the home. However, you pledge the home as collateral.

What happens if, in the future, the Loan exceeds the Value of the Home?

Your Reverse Mortgage will continue - thanks to the federal insurance. The line of credit will still be available and monthly disbursements you may have set up, will still be sent to you.

How are Reverse Mortgages different today?

Today's reverse mortgages are highly regulated by State and Federal laws to make them safe and to protect you. Among others, the following regulations apply:

- You retain title of the home.
- No equity share is allowed, meaning the lender does not slowly take over your home.
- Fees and costs are federally regulated.

How does a Reverse Mortgage compare to a Conventional Mortgage?

In a conventional forward mortgage, you make monthly payments to the bank eventually paying off the mortgage over time. With a reverse mortgage you receive cash from your lender, as lump sum upfront, as monthly installments or as a line of credit that grows over time. As long as you live in your home you never have to pay off a single dollar of the loan.

What restrictions apply to the cash I receive from a Reverse Mortgage?

It is your money and you can use it the way you want. It’s non-taxable and does not affect Social Security payments. We do recommend that you talk to a competent financial advisor to determine the effect on any other benefits you may be receiving.

When does a Reverse Mortgage become due and what happens then?

When you no longer live in your home or when you pass away, the reverse mortgage becomes due. You or your heirs have two options:
1) Pay off the reverse mortgage including the accrued interest and retain ownership. 2) Give up ownership of the home and receive the difference between the net sales proceeds and the loan balance. You will not be liable for any shortfall if the sales proceeds do not cover the loan. Your loan may also become due and payable if you do not continue meeting the terms of the loan (For example, paying taxes and insurance owed on the property.)

What are my obligations under a Reverse Mortgage?

With a Reverse Mortgage you retain title to your home. This means that you also have all your obligations as a home owner. You are responsible for home owner taxes and insurances.

Your Reverse Mortgage

Based on the information you have provided, you are eligible to receive an estimated $201,588 in proceeds from the government insured HECM Reverse Mortgage. You May Choose How You Want to Receive the Proceeds You can decide how you want to receive the proceeds from the Reverse Mortgage:

Lump Sum Cash at Closing:
Line of Credit:
Monthly Cash Proceeds for Life:
Or a combination

Here Are the Benefits of a Reverse Mortgage

Convert equity in your home into cash to use for any purpose

Pay your bills, invest in other real estate, repair or upgrade your existing home, or even go on vacation. There are no restrictions on how you use the money.

You get to choose the way in which your funds are disbursed to you

In many situations, the income you receive through a reverse mortgage cannot be taxed.

You do not need to move out of your home

You can continue to enjoy all of its comforts while experiencing in the benefits of more flexible finances.

It can never be frozen, reduced or annulled

So long as you are conforming to the terms of your reverse mortgage

Note that a reverse mortgage is not free money; it is a loan like any other. That means that it must eventually be paid off. If you wish, you can pay it off yourself. Otherwise, you can wait for a maturity event such as the death of the last borrower on the loan. At that point, your heirs may decide whether to pay off the loan or sell the house.

Could You Be Eligible for a Reverse Mortgage in Miami?

A reverse mortgage may be the financial answer you have been looking for. Not everyone qualifies however. You will need to meet these basic requirements to pull equity from your home:

Reverse mortgages are only available to those aged 62 or aboveonly one borrower on the loan must fit the age requirement).
You must own 50% or more equity in your home.
A reverse mortgage is only available for your primary residence.
All your payments as pertain to your home must be current. These include not only your mortgage payments, but also homeowners insurance, property taxes, homeowner’s association fees, and so forth.
Your house must be properly maintained.
Your income, credit score, and tax history will be reviewed when you apply for a reverse mortgage.

Choose Lending Bankers Mortgage as Your Reverse Mortgage Company in Miami Florida

If you are ready to boost your available finances during retirement without leaving your home, you can apply for a reverse mortgage today with Lending Bankers Mortgage. We can help you figure out whether a reverse mortgage is the best fit for your situation. If we determine that you are eligible, we will walk you through the application. You are just a phone call away from a higher standard of living and greater comfort during retirement. Call (786) 220-1100 now to get started.

See what you qualify for in 60 seconds or less!

Lending Bankers Mortgage

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Pablo R.

20:52 18 May 22

Excelente experiencia de trabajo junto a al equipo de Lending Bankers. Nos guiaron de la mejor formar durante todo el proceso. Siempre estuvieron pendientes de los tiempos, de los documentos, revisan... todo y te alertan a tiempo de posibles necesidades y al final se cerro el proceso tal cual como nos indicaron desde el principio, sin sorpresas. La próxima vez pienso trabajar con ellos con toda seguridadread more

IVO C.

02:21 18 May 22

I had a great experience working with Danny Perez. He was always on top of all details. An excellent person. I highly recommend him!!!

Luis V.

19:24 16 May 22

Excelente servicio y compañamiento, con personal muy calificado, muy recomendado!

Johyner alberto Ramirez R.

18:19 15 May 22

Muy complacido con el trato tan profesional de Danny Perez, hizo que mi proceso en la adquisición de mi nueva propiedad fuese muy fluido. Estuvo pendiente en todo momento, haciendo el seguimiento... adecuado para la ejecución en los tiempos acordados. Muy responsable y comprometido. Recomendado 100%.read more

Elias M.

15:52 13 May 22

Claudia and Ana were a pleasure to work with and I would highly recommend them to anyone going through this process. Hopefully I get to work with them again in the near future.

Tamir V.

08:30 13 May 22

I have started working with Claudia and her team, Maria and Ana and all I can say is pure professionalism from the entire team. I am a real estate investor in Australia, and with that comes a big... complication to buy real estate and obtain a mortgage loan in the states not being a US citizen. I have started working with Claudia in March and I have just closed on the property with one of the best loan terms available in the States. Claudia has been super supportive and understanding of my complex Income streams and Investment portfolio and managed to secure it for me with Maria & Ana’s support. I will certainly use their services again with my new purchase and refer anyone interested in a US mortgage to them without a doubt in mind they will do the same over and over again!read more

Peter G.

23:36 05 May 22

I have dealt with Claudia Castano for several transactions in the past year. She is incredibly knowledgeable regarding the Miami real estate market -- both from the purchase/sale side and the lending... side. She has given me valuable advice on my investment projects (encouraging me on some and telling to avoid others). She responds quickly to all of my texts and phone calls. And, importantly, she is well liked by the realtors and title companies she has to deal with on my behalf. She is down to earth and friendly. I highly recommend her.read more

Stefano De A.

15:15 04 May 22

Mi experiencia con Gustavo y Larry en Lending Bankers ha sido realmente excepcional, absolutamente todo el proceso, atención y dedicación en todo momento fue excelente. El cuidado de los detalles,... los tiempos de entrega y atención, todo realmente maravilloso, con un servicio muy profesional y adecuado en cada uno de las etapas del proceso, con un resultado satisfactorio y exitoso. Muy contento con ellos los recomiendo totalmente.read more

Kathiuska R.

21:58 29 Apr 22

Excellent work! From start to finish, my client Johnny was pleased with the service and attention that Lending Bankers provided. Thanks to Larry for his ethics and professionalism!Excelente ... trabajo! Desde principio hasta final, mi cliente Johnny quedó complacido con el servicio y atención que ofreció Lending Bankers. Gracias a Larry por su ética y profesionalismo!read more

Katie R.

17:24 18 Apr 22

We closed our 2nd commercial loan with Claudia. Just as the first time, the process was clear and smooth. She was able to guide us and structure the loan so we could get there very best terms,... making our investment even more attractive with a great interest rate. We worked together side by side gathering all documents and following ok ever step of the process. Definitely recommend her! Thank you Claudia.read more

Issys G.

15:09 18 Apr 22

Gracias por su buen servicio y atención, fue un placer trabajar con uds especialmente Nathy Velázquez. Me ayudo mucho con el procesó y fue muy amable.

Sanjay K

00:37 09 Apr 22

I inquired about a loan with Katherine and she went above and beyond to assist me with my needs. My situation was urgent - and my employment history was minimum- so they were not able to work out a... loan which I understand.. Katherine still kept me informed about interest rates- let me know about every possible situation in my case - texted me throughout the day to help me any possible way she could. I will definitely return and hopefully get to work with Katherine in the near future. Best customer experience ever. Highly recommendread more

Rick W.

12:06 05 Apr 22

I recently had the pleasure of working with with Danny Perez at Lending Bankers Mortgage. I was purchasing a condotel apartment. Financing for this type of non-conforming loan is difficult to find.... Danny was familiar with these projects and offered some creative ideas on the easiest/best ways to obtain the needed financing. He was on top of the situation and communicated with me frequently. Danny took my information to several parties in order to provide the best interest rates. Danny is a true professional and I would highly recommend him for your financing needs.read more

Jimmy H.

00:58 05 Apr 22

I am highly satisfied with the great help of Lending Bankers Mortgage, specially thank you Claudia for assisted us during all the process until to the approval. Definitely It was an amazing... experience. I recommend it!read more

Roberto S.

21:02 21 Mar 22

Gracias Claudia y Ana por sus atenciones .

Ileana R.

16:56 21 Mar 22

La experiencia con Claudia y Ana con el refinamiento de mi casa fue muy bueno las recomiendo al 100%

Fernando P.

14:30 21 Mar 22

Great experience working with Ana Salermo, her work was very professional with my buyer who was very grateful for her help in buying his new home.COLDWELL BANKER Ellison Realty

Nicolás C.

03:50 02 Feb 22

Simon

20:39 11 Jan 22

Muy agradecido con Gabriel y con David por su profesionalismo, hicieron el proceso sencillo, siempre respondieron a mis dudas sin importar el día y la hora, me mantuvieron informado de cada paso,... los tiempos se cumplieron como lo estimaron. ¡Muchísimas gracias!read more

ENRIQUE C.

18:38 05 Jan 22

La experiencia que tuve con Claudia y Ana en la refinanciación de mi casa fue excelente. Cuando otros bancos me habían dicho que no o que no tenían tiempo para mi, ellas trabajaron eficientemente y... rápidamente cerraron mi operación. A lo largo de todo el proceso hubo constante comunicación contestando el teléfono a cualquier hora y siempre haciendo seguimiento.Las recomiendo 100% para cualquier necesidad de mortage.read more

Juan R.

13:34 24 Nov 21

Thanks to Lending Bankers, I was able to close my first real estate deal while being 100% outside of the US.!!Given their expertise and high level standards, we managed to close a deal that seemed... impossible at the beginning. Working during very limited hours (EU+US) and being outside the US never represented a barrier for them.Eyes closed and hands down I personally recommend Lending Bankers as a trusted partner for residential loans!Ana (a.k Anita), David and Jacqueline are the best partners you could ever have for this complex journey.read more

Danet De L.

17:43 23 Nov 21

I had the pleasure to work with Ana Salermo from the team at Lending Bankers. She was very professional and built rapport with my client Juan David right away, she is pro-active which is a quality... that I always look for when working with people since I am already so busy with clients the last thing I need is to be on top of somebody else to make sure they do their job correctly. Highly recommend her to other agents as an asset to their team.read more

Amad Naffah F.

01:22 20 Nov 21

Excelente servicio y mucho profesionalismo. Ya tengo varios Creditos tramitados con ellos y en todos me ha ido bien. Recomendados al 100%

Jp L.

19:20 19 Oct 21

Fantastic to work with. Very professional and knowledgeable.

Frida M.

15:00 19 Oct 21

Kind, fast, reliable and they know all the ways so that your loan is the best and most successful, Thank you David and Gabriel, for this easy and friendly closing, everyone happyFrida

José Manuel H.

16:24 14 Oct 21

Excellent service from Lending Bankers. David and Gabriel were great. Very responsive, took the time to explain every detail of the Loan and helped us to choose the best option. Definitely I... recommend them.read more

Alon B.

12:12 16 Sep 21

Working with Claudia was the most comfortable, smooth and pleasant experience, for the third time.She is professional, detailed, caring and available when ever you and/ or your project needs here... attention.read more

ARMET I.

20:20 13 Sep 21

David and Gabriel did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much. FAUSTO

Karol L.

00:23 11 Sep 21

Good and easy to deal with David and Gabriel, excellent service, professional and efficient. Always maintained contact through calls or text message. I knew every detail what was occurring with my... clients loan and the process. Thank youread more

Maria L.

16:33 08 Sep 21

The Lending Bankers team saved my clients transaction. We reached out in a moment of crisis due to errors made by another bank and helped my clients get a great loan in record time. They were... responsive and walked my clients through the entire process.read more

Lending Bankers Mortgage LLC is an Equal Housing Lender. As prohibited by federal law, we do not engage in business practices that discriminate on the basis of race, color, religion, national origin, sex, marital status, age, because all or part of your income may be derived from any public assistance program, or because you have, in good faith, exercised any right under the Consumer Credit Protection Act. Disclaimer: Programs subject to change without notice. All borrowers must qualify per program guidelines.

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Reverse Mortgages