Who It Is For
Cape Coral is home to many retirees, and a reverse mortgage can be one way to use the equity you have built. It is a big decision, so we take the time to explain it plainly.
- Homeowners 62 and older
- Retirees who want to supplement their monthly income
- Owners with significant equity who want to pay off an existing mortgage
- Owners who plan to stay in their home for the long term
How It Works
With a reverse mortgage, the lender pays you instead of you paying the lender. Funds can come as a lump sum, monthly payments, a line of credit, or a mix. The loan balance grows over time and is usually repaid when the home is sold or no longer your primary residence.
You stay on title and remain responsible for property taxes, homeowners insurance, and keeping the home in good repair. Falling behind on those can put the loan in default, so we make sure the budget works before you go ahead.
Federal rules require independent counseling before most reverse mortgages. We encourage family members to join the conversation, and you can meet with us in person at our office on Del Prado Blvd.
What You Need to Qualify
- At least one borrower aged 62 or older
- The home is your primary residence
- Significant equity in the home
- The ability to keep paying taxes, insurance, and upkeep
- Completion of a required counseling session with an approved counselor
Documents You Will Likely Need
- Photo ID and proof of age
- Your most recent mortgage statement, if you have a mortgage
- Social Security or pension award letters
- Property tax bill and homeowners insurance declarations page
- Bank statements for the last 3 months
Common Questions
Do I give up ownership of my home with a reverse mortgage?
No. You stay on title and keep ownership. You remain responsible for property taxes, homeowners insurance, and upkeep, just as you are today.
What happens to the home when I pass away?
The loan generally becomes due, and your heirs can sell the home or pay off the balance to keep it. We recommend involving your family early so everyone understands how it works.
Can I get a reverse mortgage if I still owe money on my home?
Often, yes. The existing mortgage is typically paid off from the reverse mortgage proceeds. How much is left over depends on your age, your equity, and the program.
General information only, not an offer to lend. Requirements vary by lender and program, and all loans are subject to credit approval, income verification, and property appraisal.