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Foreign National Loans Miami FL 786-220-1100 | Mortgage Broker 33131

Lending Bankers Mortgage is a local mortgage brokerage located in Miami, FL. We work with US residents and foreign nationals throughout the state of Florida

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Reverse Mortgages

What if there were a way that you could pull equity out of your property during retirement to help you pay your bills? With a reverse mortgage in Miami, you can enhance the flexibility of your finances with supplemental income straight from your home.

See what you qualify for in 60 seconds or less!
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.
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.
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.
You own the home. However, you pledge the home as collateral.
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.
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.
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.
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 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.)
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.
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:
  1. Lump Sum Cash at Closing:
  2. Line of Credit:
  3. Monthly Cash Proceeds for Life:
  4. 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.
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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
Lending Bankers Mortgage
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ARMET ING
ARMET I.
23:09 15 Jul 21
David and Ricardo did a very good job, during the purchase of my properties, providing me with support during the purchase process. Thank you so much.
Jessica Michels
Jessica M.
01:24 15 Jul 21
Claudia helped us all the way thru the process on buying our home. We couldn’t have chosen a better professional for this job. She was always available and responding to our questions without any... delayed. I will recommend Claudia as a excellent mortgage broker.read more
Ana Paula Hensel
Ana Paula H.
19:47 22 Jun 21
David is an extremely competent and committed person, he conducted the entire process with great competence. Helped a lot in all situations, with a lot of patience and promptness.
Sergio Garin
Sergio G.
18:50 22 Jun 21
Realmente muy contento con todo el asesoramiento, de David C, que me entrego durante todo el proceso ,Disponibilidad las 24 hrs del día . Es la segunda Hipoteca que tomamos y lo volvimos a elegir... por la confianza y eficiencia que ha demostrado amplios conocimientos profesionales y gentileza en todo momento para resolver las dudas que se me presentaban, a cualquier hora del dia . Recomiendo de todas maneras su asesoramiento para comprar una tercera propiedad. fueron tiempos muy dificiles en la pandemia , porque tuvimos que cerrar en Paris y Chile, porque mi hijo se encontraba en diferentes lugares logrando los objetivos en un 100 porcientoread more
Rodolfo Villafuerte
Rodolfo V.
14:46 22 Jun 21
We had great advised and conditions with our condo mortgage. The mortgage has approved with a high percentage of financing rate.
Landon Scott
Landon S.
15:35 21 Jun 21
David Comisso is the lender you want to work with, he's very knowledgeable and is a master at compiling a file. No matter how complicated the case, David makes it happen.
Angel Bracho
Angel B.
01:41 19 Jun 21
Excellent service provided by David C. My client was able to close within 30 days. Looking forward to work with him for my next transaction.
Francisco Raddatz
Francisco R.
21:12 18 Jun 21
Thanks David and team for all the support to get my mortgage in the US. I was able to do everything remotelly and quickly. I always counted with a transparent profesional guidance that made me feel... confident all time.read more
Lia Souza
Lia S.
00:11 17 Jun 21
Claudia just helped me buy my first property in Miami without delays.She made the whole process really easy, and walked me through everything.She was always available to answer my questions.... Everything was easy and very professional.I recommend lending bankers mortgage and Claudia to anyone wanting to purchase a property here.read more
Talía Brigneti
Talía B.
23:50 15 Jun 21
I recently closed my first property with the immense help and guidance of David C— from the first day I reached out until the day we closed he was extremely responsive to every one of my of intricate... questions and took as much time as was necessary to thoroughly explain each step in the process. Even when matters got complicated with the deal, David worked out alternatives to solve the different issues and make sure we stayed on track with our closing timelines (and we closed even sooner than what we anticipated!). Highly recommend anyone to work with David if you have the opportunity!read more
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