Reverse Mortgage Attorney Miami - Florida Reverse Mortgage Specialists
A reverse mortgage, or generally a Home Equity Conversion Mortgage, allows you to tap the equity in your home or condo without having to sell or take out another type of loan. Reverse mortgages can be a very useful tool to access the equity in your real estate without having the burden of monthly payment transactions. Although many reverse mortgage lending companies will promote their services as FREE LOAN MONEY FOR LIFE, or NO LOAN PAYMENTS FOR LIFE or similar marketing, a potential borrower must consider the decision very carefully. Here are some basic but important questions potential reverse mortgage borrowers should ask themselves before applying with a reverse mortgage lending company:
- Do I really need the reverse mortgage money right now?
- Is having the reverse mortgage loan money important enough to make it worth the high loan fees?
- Are there less expensive ways to obtain the needed funds?
- Do I fully understand the reverse mortgage process and costs?
- Will I be better off saving my home equity for later use?
- Am I only interested in a reverse mortgage because of advertisements for FREE MONEY?
As reverse mortgage attorney closing and title specialists, our goal is to protect our clients while guiding them through their reverse mortgage transactions. We offer affordable rates and a friendly atmosphere where clients are welcome to call or visit the office with questions.
Reverse Mortgage Attorney Miami
Many borrowers with equity in the real estate make effective use of a Miami reverse mortgage. Reverse mortgages are a subject of Federal lending laws, and are generally the same in all fifty states. Christian N. Folland, Esq., owner of Folland & Associates, LC and South Pointe Title Company is a Florida Bar Certified real estate attorney experienced in closing reverse mortgage loans and working with a borrowers reverse mortgage lending company to finalize and close the reverse mortgage transaction and write the final required title insurance policy.
Miami Reverse Mortage Facts
Home owners with reverse mortgages still own their property. Home owners with reverse mortgages must still pay all their normal bills, including property taxes and normal insurances. Home owners with reverse mortgages must also make all the general and needed repairs. The amount of a reverse mortgage loan will depend on the individual borrower's situation and the particular loan product from the reverse mortgage lender.
If the value of the reverse mortgage property decreases to less than the reverse mortgage loan amount, the borrower is generally not responsible for any shortage.
We are reverse mortgage attorney closing specialists. We assist and guide our clients through the reverse mortgage loan process, and coordinate the transaction from application to closing.
To discuss a Miami area reverse mortgage loan question please call 786-276-9900 or visit our office today for a consultation.
