Florida’s Best Mortgage Company LLC d/b/a Florida’s Best Reverse Mortgage Company is licensed in the great state of Florida | NMLS ID # 2090602 (www.nmlsconsumeraccess.org) | 13575 58th St North Ste 108 Clearwater, FL 33760| (727) 828-6061 | FL Mortgage Banker License #MBR3978 | Licensed by the Florida Office of Financial Regulation| For licensing information go to: www.nmlsconsumeraccess.org
Florida’s best Reverse Mortgage Company is an equal housing lender. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
Reverse mortgage information and disclosures:
A reverse mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan).
Reverse mortgage loan terms include occupying the home as your primary residence, maintaining the home, paying property taxes and homeowners insurance. Although these costs may be substantial, generally an escrow account for these payments is not set up. However, a set-aside account can be set up for taxes and insurance, and in some cases may be required. Not all interest on a reverse mortgage is tax-deductible and to the extent that it is, such deduction is not available until the loan is partially or fully repaid.
Origination fee, mortgage insurance premium (where required by HUD), closing costs and servicing fees, are rolled into the balance of the loan. The lender charges interest on the balance, which grows over time. When the last borrower or eligible non-borrowing spouse dies, sells the home, permanently moves out, or fails to comply with the loan terms, the loan becomes due and payable (and the property may become subject to foreclosure). When this happens, some or all of the equity in the property no longer belongs to the borrowers, who may need to sell the home or otherwise repay the loan balance.
Pre-approvals are based on underwriter review of credit and income documentation only. A pre-approval is not a loan approval, rate lock, guarantee or commitment to lend. An underwriter must review and verify a complete loan application after you are preapproved in order to qualify.
This is not a commitment to lend. Prices and guidelines are subject to change without notice. Some products may not be available at all times. Subject to review of credit and/or collateral; not all applicants will qualify for financing. It is important to make an informed decision when selecting and using a loan product; make sure to compare loan types when making a financing decision.
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