Best Reverse Mortgage Lenders in Tampa, FL

How to qualify for a reverse mortgage in Tampa

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.