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.

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.

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.

Jimmy Hurtado
Jimmy Hurtado
18:35 20 Jul 20
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
Monica Soto
Monica Soto
18:29 20 Jul 20
Awesome experience! Lending Bankers Mortgage helped me during all process for my mortgage. They got for us an excellent loan rate and the approval was ready in 20 days! Claudia is very professional and she was our great advisor. Thank you for to do our dream a reality today! We are extremely happy and proud to have our first home in U.Sread more
Juan Luna
Juan Luna
23:10 19 Jun 20
Excellent service, they helped and assisted us during the entire process. Our dream is a reality now, we are happy homeowners. We got an excellent loan rate and the process went fast and smooth. Claudia is a great professional and very knowledgeable. 100% satisfied. Definitely recommend it.read more
Selim Akdogan
Selim Akdogan
07:55 18 Jun 20
They worked very professionally and I was very satisfied with their service. Even during this pandemic and us beeing in another country, they were always very available and things went very smoothly. We got the mortgage loan and closed from far during the pandemic.I can definitely recommend this team.read more
Miguel Otaola
Miguel Otaola
19:09 14 Jun 20
I needed to refinance my mortgage as my balloon payment was expiring. Claudia offered me several options based on my financial and personal situation. She guided me step by step until we got it done. I was able to obtain a great rate and a very affordable payment. Very professional, knowledgeable and excellent service.read more
Lucy
Lucy
19:55 18 May 20
Just amazing people, professionals, honest, trustworthy. I would recommend to friends and family. Extremely happy with the service and the outcome. Mr. David it’s an amazing professional and an even better human being. If I could give 10 Stars I would!!!read more
Lucy
Lucy
11:42 16 May 20
Just amazing people, professionals, honest, trustworthy they go to work and they get it done, I can testify to that. I would recommend to friends and family. Extremely happy with the service and the outcome. Mr. David it’s an amazing professional and an even better human being. If I could give 10 Stars I would!!!read more
Ana Salermo
Ana Salermo
22:57 28 Apr 20
As a real estate agent working closely with a good mortgage broker is key for the success of my business. The team at Lending Bankers is highly knowledgeable and they are always able to find a mortgage that fits my client's needs. More important they take the time to educate me and my clients in all aspects related to the mortgage. If you are a realtor looking for a great lender in the Miami / Fort Lauderdale area this is your team. Even during these difficult times they are giving solutions and closing loans.read more
Eugene Pabon
Eugene Pabon
20:07 12 Mar 20
Claudia was able to get me a private loan on my short-term rental when the banks would not touch the financially sound property. She was a great help!
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
OV Properties
OV Properties
20:12 04 Nov 19
We had the best experience working with Lending Bankers Mortgage and received the best attention possible from Mr. David. He handled everything smooth and helped us on a hard to get loan. We couldn't be more satisfied by the ability and help from the team.read more
Ernesto Osuna
Ernesto Osuna
23:47 22 Oct 19
I am very grateful and satisfied for all the work done by Kelly and Gustavo in approving the loan for my home. Excellent attention, very quick answers and always attentive to clarify your doubts
Clara Sellier
Clara Sellier
18:06 06 Oct 19
My clients experience could not have been better. David and his team far exceeded our expectations. They locked in at the lowest rate possible and when rates dropped again, they repeated the whole process and found my clients an even lower rate. The buying process for Foreign National, Investors , Debt Consolidation and financial solutions is exceptional, easy and the team is simply the best! Lendingbankers is a leader in facilitating options to help reach your financing goals.read more
harel bitton
harel bitton
20:09 11 Sep 19
Exceptional service !! Super reliable ,fast , honest brokers I ever dealt with over my 10 years as an agent . Literally this guys Finance EVERYTHING!
soraya McCollum
soraya McCollum
19:43 11 Sep 19
It was a great experience working with Lending Bankers . Mr David was great through all the process always available , very committed to provide us what we needed. Very high recommended!!
Lizzy Spaccarotella
Lizzy Spaccarotella
22:12 13 Aug 19
I had the best experience working with Claudia Castano, she was the loan officer and our office acted as the closing agent on a transaction. We really work as a team, she made the process easy and we closed the transaction on time as she promised. The buyer was super happy. We look forward to work with Claudia again!read more
Erika Spaccarotella
Erika Spaccarotella
23:34 12 Aug 19
I finally got my dream home thanks to Claudia Castano from Lending Bankers. I thought I’ll never get a loan but she helped me with the all process, THANK YOU CLAUDIA for all ur help! You are the best!read more
Merlin Friesen
Merlin Friesen
01:44 26 May 19
We had a great experience working with Gustavo and Lending Bankers. They provided a good no pressure approach and were very focused on providing what we wanted.Highly recommended !
Avisha Kassir
Avisha Kassir
15:41 04 Apr 19
Alex helped me purchase my first investment multifamily in Miami and very thankful for the awesome service I received! Super easy to work with, efficient and helped every step of the way and even came to closing which was awesome!! Highly recommend Alex! Can't wait to purchase my next 2 unit!!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
Fiorella Mazzei
Fiorella Mazzei
16:37 16 Mar 19
Mr David of Lending Bankers Mortgage helped me to get a loan. He was such a professional advisor, always available to answer my questions and always clear and patient. I am not an US citizen and I was worry about the loan, but thanks to him and his staff everything was fine. Thank you Lending Bankers!read more
sanja
sanja
18:35 21 Feb 19
I dont have words to discribe our amazing experience with Gustavo, that is part of this company. So professional, so responsive, so full with knowledge and always there when we needed. I can not be thankful enough to Gustavo for everything he did and for the smoothest closing ever. Thank you Gustavo for everything. You are the best read more
Aldo Enderica
Aldo Enderica
15:47 04 Jan 19
Amazing team! Had a great experience working with them on a hard to place loan. They never let their foot off the pedal and kept going until the end and as a result had an extremely smooth closing.
Christian Stanbury
Christian Stanbury
20:48 11 Oct 18
Alexander helped me purchase my first home. He worked with me every step of the way, and he even drove 70 miles north to my closing 6 hours before Hurricane Matthew hit South Florida. Can’t thank him enough for being such a great Loan Officer person and individual.read more
Next Reviews Write a review
English English Portuguese Portuguese Spanish Spanish
Chat with live agent
Need Help?
Hello, how can we help you?