1st Florida Lending Corp., a registered Mortgage Lender Orlando servicing only the State of Florida, offering over 48 loans programs including Conventional Loans, Non- Conforming Loans, FHA Loans, VA Loans, USDA Loan, Self-Employed Loans, Bank Statement Loans, No-Doc Loans, Reverse Mortgage Loans, ITIN Loans, Rental Investment Loans, to name a few and specializing in Bank Statement Loans or “stated loans” requiring no Tax Return verification and much more. * No broker or lender fees are for FHA,VA, USDA and Conventional loan types Main Office: 2151 Consulate Dr. * Suite 8 * Orlando, FL., 32837 * Telephone * (800)856-7097 * (800) 655- 1345 * (407) 300-2558 * Fax (877) 401-9955
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* Disclaimer: All Loan programs, rates and terms can change without notice and are subject to credit and underwriting approval. Loan charts highlight min/max constraints, assumptions & random scenarios only. We will always work hard to approve your loan but there are no guarantees of any kind expressed or implied that any loan we be approved. Licensed in Florida Only. When Banks Say No ! We Say YES ! ® is a registered trademark owned by 1st Florida Lending Corp. Florida lender license # MLD106. © 2007 - 2023 1st Florida Lending Corp. - All rights reserved
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Homeowners over 62 can use the Cash Proceeds from a Reverse Mortgage Loan for:  Paying off or Consolidating Debt  Everyday Expenses and Emergencies  Replacing Job Income While in Retirement  Providing Family Members Financial Help  Funding Home Improvements  Purchasing a Second Home or Investment Property  Offsetting Medical and Prescription Drug Costs How much you can you receive? Submit the form to find out? REVERSE MORTGAGE LOANS How We Qualify For Extra Money by using a Reverse Mortgage
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What Is a Reverse Mortgage Loan? A Reverse Mortgage loan for homeowners over the age of 62 that can access a portion of the home’s equity and uses the home as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away. At that time, the estate has approximately 6 months to repay the balance of the reverse mortgage or sell the home to pay off the balance. All remaining equity is inherited by the estate. The estate is not personally liable if the home sells for less than the balance of the reverse mortgage. Eligibility To be eligible for a Reverse Mortgage Loan, the Federal Housing Administration (FHA) requires that the youngest borrower on title is at least age 62. If the home is not owned free and clear, then any existing mortgage must be paid off using the proceeds from the reverse mortgage loan at the closing. In addition, you must meet financial eligibility criteria as established by HUD. Is there a Repayment Due Date? A reverse mortgage typically does not become due if you meet the loan obligations. For example, you must live in the home as your primary residence, continue to pay required property taxes, homeowners insurance and maintain the home according to Federal Housing Administration requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure. Inheritance In the event of death or if the home ceases to be the primary residence for more than 12 months, the homeowner’s estate can choose to repay the reverse mortgage or put the home up for sale. If the equity in the home is higher than the balance of the loan, the remaining equity belongs to the estate. If the sale of the home is not enough to pay off the reverse mortgage, the lender (not the borrower) must take a loss and request reimbursement from the FHA. No other assets are affected by a reverse mortgage. For example, investments, second homes, cars, and other valuable possessions cannot be taken from the estate to pay off the reverse mortgage. • Loan Limits • The available loan amount depends on four factors: • The age of the youngest borrower • Current interest rate • Appraised value of the home • Government-imposed lending limits. Distribution of funds There are several ways to receive the proceeds from a reverse mortgage loan: • Lump sum – a lump sum of cash at closing. (only available for fixed-rate loans) • Tenure – equal monthly payments as long as the homeowner lives in the home. • Term – equal monthly payments for a fixed period of time. • Line of Credit – draw any amount at any time until the line of credit is exhausted. • Any combination of those listed above REVERSE MORTGAGE MYTHS — AND THE TRUTH Misconceptions about reverse mortgages may cause homeowners to avoid consideration of these complex loans. Or, eligible seniors might proceed too hastily without realizing all the possible repercussions of their financial decisions. Here are a few wrong ideas and realities about this option. Myth: The lender takes title to the home. Truth: You still retain ownership of your home. The reverse mortgage is only a lien against the property. Myth: The loan can exceed the value of the property, sticking you or your heirs with a large bill when you eventually leave your home. Truth: A reverse mortgage is a “non-recourse” loan, which means that you, your heirs, or your estate will never owe more than the appraised value of the home at loan maturity. Myth: You can’t get a reverse mortgage if you currently have a conventional mortgage. Truth: Although this is true, you can get a reverse if you use the proceeds to pay off your existing mortgage at close. Myth: A reverse mortgage can cause you to be evicted from your home. Truth: You leave your home when you choose. No one will force you from your home. The reverse mortgage is not due until your home is no longer your primary residence.
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We offer over 48 loan programs in every county in the State of Florida as follows; Alachua County,Baker County,Bay County,Bradford County,Brevard County,Broward County,Calhoun County,Charlotte County,Citrus County,Clay County,Collier County,Columbia County,DeSoto County,Dixie County,Duval County,Escambia County,Flagler County,Franklin County,Gadsden County,Gilchrist County,Glades County,Gulf County,Hamilton County,Hardee County,Hendry County,Hernando County,Highlands County,Hillsborough County,Holmes County,Indian River County,Jackson County,Jefferson County,Lafayette County,Lake County,Lee County,Leon County,Levy County,Liberty County,Madison County,Manatee County,Marion County,Martin County,Miami-Dade County,Monroe County,Nassau County,Okaloosa County,Okeechobee County,Orange County,Osceola County,Palm Beach County,Pasco County,Pinellas County,Polk County,Putnam County,Santa Rosa County,Sarasota County,Seminole County,St. Johns County,St. Lucie County,Sumter County,Suwannee County,Taylor County,Union County,Volusia County,Wakulla County,Walton County,Washington County