Refinance Reverse Mortgage In Florida To Pay off Estate
Yes, the family has options when it comes to refinancing a Florida estate before probate is complete. Our Florida hard money lenders are able to provide cash-out to refinance reverse mortgages in Florida for the heirs. A reverse mortgage refinance is a financing tool often used by heirs who wish to maintain ownership of a Florida home that currently has a reverse mortgage on a Florida home they have inherited. The title of the property may be in the name of an estate and going through probate or be owned by a trust. Refinancing a reverse mortgage through a conventional lender such as a bank or credit union is generally not possible as conventional lenders will not provide a loan to an individual whose name is not on title of the property.
Our Florida mortgage lenders are one of the only hard money lenders in Florida with years of experience in refinancing a reverse mortgage in Florida. Offering quick approval and funding, very competitive rates, and professional service, our private hard money lenders have proven to be a reliable direct hard money lender able to fund various types of Florida hard money loans. Contact US now to get a hard money reverse mortgage refinance loan funded fast.
To refinance a reverse mortgage in Florida, the estate’s heirs must secure a traditional mortgage to pay off the existing reverse mortgage balance if they wish to keep the property. This option requires the property’s value to exceed the reverse mortgage debt and the heirs to qualify for the new loan based on their credit. Alternatively, they can sell the property, pay off the loan with the proceeds, and keep any remaining funds, or deed the property to the lender.
