Many Tampa residents are retired and can benefit from reverse mortgages where lenders make loans against a home’s value. ConsumerAffairs reviewed the best reverse mortgage lenders in Tampa to help you see if this decision is right for you.
Tampa homeowners who meet the requirements may want to get a reverse mortgage in order to turn some of the equity in their home into cash. The money can be used to pay off debt, make home improvements, meet unexpected financial obligations or provide a way to live comfortably during retirement.
The local real estate market provides excellent opportunities for homeowners interested in reverse mortgages in Tampa. Retirees tend to live in suburbs such as Apollo Beach, Riverview and the private 55+ community of Sun City Center. Condominium communities are especially popular in neighborhoods like Brandon, Riverview and South Tampa.
In Florida, the average homeowner gained $12,000 in equity during 2017. Home equity values are especially strong in Tampa and the surrounding areas, growing by 20 percent over the last year. Tampa has always been an affordable market, and most of the appreciation in housing over the last few years has been in affordable markets. The additional equity in a Tampa resident's home will make a reverse mortgage loan even more lucrative.
To qualify for a reverse mortgage in Tampa, homeowners must meet the following criteria:
Borrower must be 62 years of age or older.
The home must be the borrower's primary residence. While there are different loan products that allow a reverse mortgage for purchase, a conventional reverse mortgage loan doesn't allow you to sell your current home and buy a new one.
Property standards and flood requirements mandated by The Federal Housing Administration (FHA) must be met.
Sufficient equity must be in the home. Borrowers should either own the home outright or owe such a little amount that it can be paid off with the reverse mortgage loan.
Borrower must undergo counseling with a HUD-approved agency. The counselor will assess your finances, discuss your options and make sure you're in a good position to accept the terms of a reverse mortgage.
Property must be a single-family home, FHA-approved condominium or a multi-family property in which the borrower lives in one of the units.
Homeowner must be able to meet all financial obligations associated with the property, including taxes, homeowners insurance and maintenance costs.
Take advantage of the counseling session to talk about your responsibilities and the repayment requirements of your Tampa reverse mortgage loan. Only work with a lender who answers your questions and gives transparent information.
This top-ranking reverse mortgage lender makes it a priority to earn and keep your trust. Finance of America Reverse has plenty to offer: lump sum, tenure payment and line of credit options; an average closing time of 30 days; and award-winning customer service. According to customers in Tampa, if you’re unsure of what something means, the team at FAR will go out of their way to explain it to you.
As one of the country’s largest reverse mortgage providers, Liberty Home Equity Solutions has worked with more than 50,000 seniors since 2003, and all of that experience has led to their reputation as industry experts. Offering HECMs and a promise to match or beat all competitors, this lender is an industry favorite. Customers say they love the responsiveness and personal attention provided by Liberty Home Equity Solutions representatives.
This award-winning company prides itself on a 97 percent customer satisfaction rating from in-house surveys. American Advisors Group offers HECMs and an expert staff to assist with the process every step of the way. Customers say that although sometimes the process takes longer than they had hoped, it works out in the end and is well worth the wait.