About Coral Gables' Coral Gables City Beautiful

Miami-Dade County Florida Home Buyer Assistance Program Process and Time Line

1. County sponsored home buyer education class is required.

2. Home buyer is APPROVED and signs contract for home.

3. Lender sends Reservation Form with contact to county.

4. With-in 5 days, home is inspected by county staff.

5. If necessary, lead based paint assessment is completed.

6. Lender sends loan package to county.

IF NO REPAIRS ARE NECESSARY......

7. County approves application package.

8. County contracted appraiser completes appraisal.

9. Home buyer meets with home buyer counselor.

10. Mortgage package e-mailed to title company.

11. Home buyer assistance check is released by county after HUD 1 is approved.

12. Closing occurs at the offices of the title company.

FOR MORE INFORMATION PLEASE VISIT:

HUDS List of Home Buyer Assistance Programs in the State of Florida by County

For More Information on Government Loan Programs in the State of Florida Please Visit:

Government Home Loan Programs in the State of Florida

When I first heard about the Reverse Mortgage, or Home Equity Conversion Mortgage (HECM), I only learned negative things about the program. I later came to realize that these were all myths or misunderstandings about the way the program used to work.

Today, lenders and mortgage companies who offer the Reverse Mortgage are highly regulated by the federal government's lending and housing arms, the Federal Housing Administration (FHA) & the US Department of Housing and Urban Development (HUD). This loan is also insured by FHA, protecting the current homeowners as well as their heirs.

There are only two upfront costs, if any. The first is your HECM Counseling, which is usually given over the phone by a third party FHA approved counseling company. Offering an unbiased explanation of the program, the company helps you understand every aspect of a reverse mortgage. The other upfront cost is the appraisal of your home, paid directly to the appraisal management company. All other costs are rolled into the loan amount.

It's no secret that the reverse mortgage has higher costs than most types of mortgages, but it also offers a benefit that no other mortgage offers - the ability to borrow money without EVER having to make payments until you pay off the entire loan or move out of your primary residence.

Below is some in-depth information coming directly from the FHA & HUD websites with reverse mortgage help. This is general information that will help you understand the process a bit better. After reading this, I can provide you with specific details as to how the program would work for you and the benefit (or loan amount) you qualify to receive.

FHA Reverse Mortgages (HECMs) for Consumers
This section explains the requirements, how it works, costs, and repayment.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmabou.cfm

Top Ten Things to Know if You're Interested in a Reverse Mortgage
I can elaborate on these questions
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm

Home Equity Conversion Mortgages for Seniors
This is the home page that you can go to and see all the links on HUD's related to the program.
http://www.hud.gov/offices/hsg/sfh/hecm/hecmhome.cfm

Miami Mortgage

Florida Mortgage

Gables Park Tower - Merrick designed the downtown commercial district to be only four blocks wide and more than two miles (3 km) long. The main artery bisected the business district. Merrick could boast that every business in Coral Gables was less than a two-block walk. The old electric trolley system was replaced by the popularity of modern automobiles; today a new free circulator trolley system, initiated in November, 2003, that runs down Ponce de León Boulevard is in operation. Coral Gables is known as a pedestrian-friendly destination. Located only four miles from Miami International Airport, the 'City Beautiful' boasts more than 140 dining establishments and gourmet shops, plus many notable international retailers. Among the beautiful and distinctive landmarks in Coral Gables are the Venetian Pool, Douglas Entrance, the Biltmore Hotel, and many fine residences.