Miami Reverse Mortgage Lenders
Miami, Florida is among the busiest city in the country where reverse mortgages are originated. The population of seniors in South Beach have lead top reverse mortgage companies to open up offices in the region to service the needs of seniors looking for a reverse mortgage. The most common type that accounts for over 90% of all reverse mortgage loans, is called a home equity conversion mortgage (HECM).
Reverse Mortgage Qualification
- 62 or older
- Property must be FHA approved, most single-family, 2-4 units and some condos will qualify
- Complete an educational reverse mortgage counseling session
- Enough equity in the property (Most lenders will want borrowers to owe no more than 40% of the property value)