Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing

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The Elderly Mortgage Assistance Program (ELMORE) is for seniors who are in arrears on their reverse mortgage by providing up to $50,000 to pay past due and future property charges so that they may.

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At Mortgage Depot, we offer senior borrowers the ability to use a reverse mortgage to purchase a home through our reverse mortgage purchase program. Ask about our bank statement program which eliminates the use of tax returns and we just use the deposits in your bank account to calculate income.

There are many benefits of a reverse mortgage for the senior over the age of 62 who has about 45-50% equity in their primary residence. In Florida Reverse mortgages are on the rise due to the increased availability of education and the benefits they provide the average senior.

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Homeowners can elect to adjust the method they receive payments and can refinance out of the Florida reverse mortgage at any time in order to better meet a change in financial circumstances. Mortgage amounts for a FL fha reverse mortgage are based on the age of the youngest Senior citizen, with the minimum qualifying age being 62 years of age.

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Robbins, Timothy G. "Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing." Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing EzineArticles.com.