Refinancing In Florida Has Never Been Better

It's never been a better time to refinance your Florida home

. With a myriad of options available and interest rates at an all time low, closing costs can be quickly recovered by lower monthly mortgage payments. If you've been thinking of refinancing but waiting for the right time, now is the time to act.

In this day and age, many people are refinancing to lower their expenses, withdraw additional value from their homes or even do renovations they've been contemplating for too long. If you have a high interest rate on your existing mortgage, you may want to take a close look at some of the current mortgage options available to you today.

Reverse123In particular, those who are 62 and older should consider a reverse mortgage. If you own your home outright or have a relatively small mortgage balance, this option might be right for you. Reverse mortgages have become much cheaper recently and they've become an increasingly attractive option for seniors. Reverse mortgages do not require minimum credit scores and you do not need to have any income at all to qualify. These loans are particularly attractive if you have a low credit score.

One of the great benefits of reverse mortgages is that they do not require any repayment of the loan as long as the borrowers continue to live in the home. As long as you maintain the home as your primary residence and pay your taxes and homeowners insurance, the loan does not become due until the last surviving borrower either passes away or moves out of the home. Since these loans do not require monthly payments, it's a great way for seniors to refinance their existing mortgages and lower their monthly expenses.

One other great benefit of reverse mortgages is the non-recourse nature of the loan. Simply put, this means that you can never owe more than your home is worth. So, if your live a long, healthy life and your loan balance exceeds the value of your home, you or your heirs will not be responsible for paying the bank more than your home's market value. This is great protection for seniors who are worried about leaving their heirs with excessive financial obligations.

Reverse mortgages have many options regarding how you receive your money as well. If you'd like to receive all of the money you're eligible for at closing, this is a popular option for many seniors. Alternatively, you could open a line of credit that will grow as long as you leave an unused portion in the account. You could also do what is called a "tenure" option where you would receive a fixed amount over the remaining years of your life not matter how long you live. This is a great option for supplementing your retirement income.

It doesn't matter if you're 62 and older and looking to increase your monthly income or just a typical home borrower looking to lower their monthly mortgage payments. Now is a great time to refinance your home. Despite the down economy, you should investigate your financing choices. This decision could end up saving you an unbelievable amount of money in future years. Make sure you investigate your financing options before this amazing environment of low interest rates disappears.

by: Tim Begert

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