TAMPA – There has been a great deal of talk about reverse mortgages but how do you know if it’s right for you?

First, let’s start with the basics.

According to the Florida Reverse Mortgage website a reverse mortgage is offered to homeowners who are at least 62 years old and older. It is FHA insured and differs from all other mortgages because it is a loan that is not due until the homeowner is no longer living in the property, proved the home is maintained in good condition and property insurance and taxes are paid.

The site defines said most people decided to go with a reverse mortgage to pay off an existing mortgage therefore stopping monthly payments. Another reason some people use it is to pay for medical and daily living expense, according to a 2006 survey conducted by the American Association of Retired People (AARP).

If you are wondering if you qualify for a reverse mortgage, an FHA calculation considers four factors when determining eligibility, they base their decision on four factors. They are the current interest rate, if the rate will be variable or fixed, age of the youngest homeowner and the location of the property.

Before you decide if a reverse mortgage is for you, you have to weigh all of the aspects of the decision both good and bad.

A few of the pros surrounding a reverse mortgage is it extinguishes the current mortgage on the home, a reverse mortgage will never get “upside down” so the heirs will never have to pay more than the value of the home and the homeowner can stay in the home permanently.

One common misunderstanding surrounding a reverse mortgage is that the mortgage will be sold to a bank. Lenders who finance reverse mortgages only want to make money off the interest of the loan. The homeowner will maintain the title of the home in their name. The lender adds a lien onto the title for the amount borrowed so that the lender can be certain they will ultimately get the money they loaned returned to them.

Some of the cons include reverse mortgage not being understood by most and therefore it becomes too confusing for some to consider and the fees are the same as a traditional FHA mortgage but may be more than a traditional mortgage due to insurance costs.

Longboat Landings is a quite neighborhood in the Northdale area. It is nestled up against forty two acre Lake LeClaire, one of the best lakes in the area. Lake LeClaire is a ski lake. Many of the homes are on lakefront. The community is located minutes from Citrus Park Mall and the Veteran's Expressway for easy access to Tampa Airport.

To view homes for sale in the Pinellas and Hillsborough area by searching the Tampa Bay MLS just click on: Tampa Homes and then fill in the information on your dream home or just call 813-245-0316.

The contents of this posting are the property of Pam Joffe and Solaris Realty of TampaBay. Pam Joffe is a broker working in the Pinellas and Hillsborough area helping buyers and sellers buy and sell homes. Contact Pam at 813-245-0316 to list your property for sale or to purchase a property in Hillsborough, Pinellas or Pasco County area. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, St. Petersburg, Clearwater, Brandon, Wesley Chapel, Lutz, Valrico, Odessa and other communities in the Tampa area. For more information on different communities and subdivisions go to my website by clicking on Tampa Homes . You can also call 813-245-0316.

Looking for a home in Tampa Bay? To look for homes on MLX in the Tampa Bay and Pinellas area go to my website by clicking on Tampa Homes.

The Pinnacle at Carrollwood Community has many amenities that include: beautiful Pool area, a recreation building with billiard table, Fitness Facility and more. Conveniently Located close to area services, schools, shopping, roadways & more!

The location allows for a quick commute to anywhere in the Tampa area or to MacDill. To look for homes on MLX in the Tampa Bay and Pinellas area go to my website by clicking on Tampa Homes.

The contents of this posting are the property of Pam Joffe and Solaris Realty of TampaBay. Pam Joffe is a broker working in the Pinellas and Hillsborough area helping buyers and sellers buy and sell homes. Contact Pam at 813-245-0316 to list your property for sale or to purchase a property in Hillsborough, Pinellas or Pasco County area. Information is provided in this blog with the intent to educate homeowners and buyers about Tampa, St. Petersburg, Clearwater, Brandon, Wesley Chapel, Lutz, Valrico, Odessa and other communities in the Tampa area. For more information on different communities and subdivisions go to my website by clicking on Tampa Homes. You can also call 813-245-0316.