Mortgage Approval Group
Reverse Mortgage & HECM Options in Tampa & Florida
Reverse mortgages and HECM loans are mortgage options designed for eligible homeowners age 62 and older. Mortgage Approval Group helps eligible borrowers throughout Tampa Bay and Florida understand reverse mortgage options, including HECM for Purchase.
What Is a Reverse Mortgage / HECM?
A reverse mortgage is a loan available to eligible homeowners age 62 and older that allows them to access equity in their home without making required monthly principal and interest mortgage payments, as long as program obligations are met. The most common type of reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA).
With a reverse mortgage, the loan balance grows over time as interest accrues. The loan becomes due when the borrower sells the home, moves out of the home as their primary residence, or passes away. Borrowers remain responsible for property taxes, homeowner's insurance, HOA fees and property maintenance throughout the life of the loan.
HECM proceeds may be available in several forms depending on the program and lender, including a lump sum, a line of credit, monthly payments or a combination. The specific options available depend on the program and lender guidelines. Borrowers should consult with a tax advisor regarding the tax treatment of reverse mortgage proceeds.
HUD-approved reverse mortgage counseling is required before obtaining a HECM. This counseling is designed to ensure borrowers understand the program, their obligations and available alternatives.
Who May Be Eligible for a Reverse Mortgage?
Key Features & Benefits
General Qualification Considerations
HECM eligibility requires the borrower to be age 62 or older and occupy the property as their primary residence. The property must meet FHA property standards. A financial assessment is conducted to evaluate the borrower's ability to meet ongoing property obligations.
The amount available through a reverse mortgage depends on the borrower's age, the property value, current interest rates and the program being used. HUD-approved counseling is required before obtaining a HECM.
All reverse mortgages are subject to program guidelines, lender requirements and credit approval. Contact Mortgage Approval Group to discuss eligibility and available options.
Reverse Mortgages in Tampa & Florida
Florida has a large population of retirees and older homeowners, particularly in the Tampa Bay area and throughout the state. Reverse mortgages can be a consideration for eligible homeowners age 62 and older who want to access home equity without making required monthly mortgage payments.
Mortgage Approval Group works with wholesale lenders to help eligible borrowers throughout Florida understand reverse mortgage options. Our mortgage professionals can help you understand HECM program requirements and evaluate whether a reverse mortgage may be appropriate for your situation.
Why Work With Mortgage Approval Group?
Mortgage Approval Group is an independent mortgage broker headquartered in Tampa, Florida, serving homebuyers, homeowners and real estate investors throughout the state. As a broker, we work with a network of wholesale lenders — which means we can compare loan programs and pricing across multiple sources rather than being limited to a single lender's offerings.
Our mortgage professionals take time to understand your goals, review your financial situation and help identify financing options that may fit your circumstances. Whether you're purchasing your first home, refinancing an existing mortgage or exploring a specialized loan program, we're here to guide you through the process.
Mortgage Approval Group, LLC is located at 2918 Busch Lake Blvd, Suite A, Tampa, FL 33614. We serve borrowers throughout Florida.
Frequently Asked Questions
Related Loan Programs
Ready to Explore Your Options?
Contact Mortgage Approval Group to discuss your goals and learn about the mortgage programs that may be available for your situation.