Fort Myers is a popular place to spend life’s later years, as evidenced by the high share of its population aged 65 or older. For some retirees in the area, reverse mortgages are a way to supplement a fixed income. These loans allow seniors to exchange equity in their homes for regular payments. To help you learn more, our partners at ConsumerAffairs reviewed the best reverse mortgage lenders in Fort Myers.
How to choose a reverse mortgage lender in Fort Myers
Are you considering getting a reverse mortgage in Fort Myers? Doing so could make retirement easier, providing extra funds to pay bills, lessen debt, buy another home or change investment strategy.
Similarly to areas throughout the southern part of Florida, Fort Myers’ housing market is currently in a down cycle. The median home value, according to Zillow, is just above $209,000. But values, along with equities, are expected to grow over the next year. This gives the opportunity to senior homeowners, who live in communities like Seven Lakes, Pelican Preserve and Heritage Palms, to get added financial benefit from a reverse mortgage.
To qualify for the most common type of reverse mortgage in Fort Myers, called a Home Equity Conversion Mortgage (HECM), you must:
Be 62 or older
Own or be close to owning the property outright
Use the property as a principal residence
Not be late on any federal debt
Be able to pay property taxes, insurance, homeowner association fees, etc.
Participate in a government-approved HECM information session
Other than an HECM, which is insured by the U.S. Department of Housing and Urban Development, options for senior homeowners include proprietary reverse mortgages, which are backed privately, and single-purpose reverse mortgages, offered by state and local government agencies with restrictions on how the funds can be used.
Depending on which type of reverse mortgage you have, you can receive the money in a lump sum, in monthly payments, as a line of credit or in a combination of ways. Remember, a reverse mortgage is a loan and eventually has to be repaid, usually after the borrower dies or the home is sold.
When looking for a reverse mortgage, get information from different lenders. Consider not just interest rates but other costs associated with reverse mortgages, like origination fees, insurance and closing costs. Make sure that you can use the proceeds in the manner you want.
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 Fort Myers, 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.
One Reverse Mortgage
One Reverse Mortgage, founded in 2001, is one of the largest lenders of HECMs in the U.S. Customers can expect constant communication, beginning with an educational session, all the way through closing. One Reverse Mortgage is accredited by the BBB and has an A+ rating. Customers of One Reverse Mortgage say the loan officers are patient with questions and do not use pressure tactics.
American Nationwide Mortgage Company
If you want to work with a Fort Myers-based company for your reverse mortgage, consider American Nationwide Mortgage Company. Established over 18 years ago, the company values great customer service, educating borrowers and competitive pricing. Consultations are free. Customers say the staff is responsive and dedicated to individualized solutions for borrowers.