Tax-Free cash, Without Payments. A reverse mortgage is a government insured loan for people age 62 and older which allows you to tap into the equity in your home. It provides tax-free funds to help pay for the things you want or need, while you continue to live in and own your home. There are no restrictions on how the money is used and no prepayment penalties. Unlike a conventional mortgage or home equity loans, there are NO monthly mortgage payments (You do have to maintain your home and pay the property taxes and homeowners insurance). One of the best new features of a reverse mortgage is the ability to establish a "stand-by" line of credit of tax-free cash you can tap as needed. Furthermore, the unused line of credit grows over time, currently at approximately 5%. A reverse mortgage can even be used as financing for a new home up to $2,250,000. Does the lender take my home when I die? Absolutely Not! You've put a lot of money into your home. Now your home can pay you back.

Website: mortgagemikeloans.com

Phone: (772) 631-2631

Cross Streets: Near the intersection of S Colorado Ave and SE Kindred St