Integrity Home Loan has unique Reverse Mortgage Solution for Active Adults Who Want to Sell Their Home and Retire to Florida

ORLANDO, Fla. --- Integrity Home Loan of Central Florida has a unique solution for active adults who need to sell their family home in order to retire to Florida: a reverse mortgage will give them the cash now to invest in a retirement home.

Cynthia J. Meyers, CSA, CLTC, senior mortgage specialist at Integrity Home Loan of Central Florida working out of Integrity’s Pine Street office in downtown Orlando, said that for some active adults a reverse mortgage makes the perfect solution.

“Many active adults have put off retirement until they can sell their home up north and use the proceeds to buy a retirement home in Florida,” Meyers said.

“A reverse mortgage can make a great deal of sense,” Meyers explained. “They can use the cash to buy a retirement home now instead of waiting until the real estate market fully recovers,” she said.

Homes that are currently listed for sale won’t qualify. But the solution to that dilemma is simple, Meyers said.

“To qualify for a reverse mortgage the home must be removed from the MLS listing of homes for sale,” Meyers explained. “After the reverse mortgage is approved, the home can be placed on the market for sale again,” she said.

“Once you move into a retirement home, it becomes a primary residence and it qualifies for a reverse mortgage,” Meyers said. “And the owner can use the reverse mortgage money to start enjoying their retirement now,” she added.

Reverse mortgages may not work for everyone, Meyers cautioned.

Generally speaking, reverse mortgages have suffered the same fate as the housing market.

“The amount of equity available to a senior home owner has been affected by the general decline in housing values. In some cases that loss of equity is too much for the program to work,” Meyers said.

“However, working with their financial advisors, we can develop attractive alternatives. Many homeowners are choosing to eliminate their monthly mortgage expenses and take advantage of reverse mortgages,” she said.

Meyers said the reverse mortgage option is one solution to the retirement dilemma that should be considered with trusted financial advisors.

“For couples who are in the right position, a reverse mortgage can pave the way to their dream of Florida retirement, or retirement anywhere else,” Meyers said.