The only reverse mortgage insured by the U.S. Federal Government is called a Home Equity Conversion Mortgage (HECM), and is only available through an FHA-approved lender. If you are a homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the home, you may participate in FHA’s HECM program.
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The number of HECM reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, liberty home equity Solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover how a reverse mortgage loan can help them access the funds they need to plan for a more secure retirement.
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To learn more about the HECM reverse mortgage program, go to www.hud.gov and enter "HECM" in the home page search box to find a long list of relevant links. You should also consider talking to a trusted financial planner or elder-law attorney or estate planning attorney before taking out this type of mortgage.
The No. 1 HECM lender in the nation, closing more loans than any other lender in the country Member of the National Reverse Mortgage Lenders association (nrmla) approved lender of the U.S. Department of Housing and Urban Development
LIBOR-indexed ARMs | Marimark Mortgage in Tampa, Florida Marimark Mortgage LLC. Marimark Mortgage LLC is a mortgage brokerage in Tampa serving homebuyers and homeowners in Florida, Virginia, and Pennsylvania. The firm specializes in conventional home mortgages with fixed or adjustable interest rates, all government-backed mortgages including fha, VA, and USDA, refinancing, and reverse mortgages.
The fixed interest rate loans provided one lump sum payment at the time of mortgage closure. Under the adjustable interest rates, there are a variety of payment options available. The Tenure payment option provides equal monthly deposit until the time one borrower survives and continues to live in the residence as a major occupant.
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Formally called ‘home equity conversion mortgages’ (HECMs), reverse mortgages are available to homeowners 62 years of age or older and allow these homeowners to pull equity from their paid-for homes.