What makes reverse mortgages in Florida somewhat unique are the taxes on the closing costs of the transaction. One could make the argument that since there is no state income tax, the state makes up for it by charging higher taxes on real estate transactions. The document stamp tax is $3.50 per thousand of the deeded amount.
Florida Reverse Mortgages. Floridians are increasingly turning to Reverse Mortgages to help them stay in their homes during retirement. The number of HECM reverse mortgage loans in Florida has increased 35% since 2014. 1 As one of the largest reverse mortgage lenders in the nation, liberty home equity solutions, Inc. (Liberty) has helped more than 1,100 Florida homeowners since 2011 2 discover.
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Secretary Ben Carson affirmed his commitment to the reverse mortgage program in a Monday speech to a major. Housing and Urban Development secretary said in remarks at LeadingAge Florida’s annual. But as South Florida’s first reverse mortgage fraud case shows. Also, federal law now allows you to purchase a new home with a reverse mortgage.
For instance, a 62-year-old who buys a $400,000 home with a reverse mortgage for purchase must make a down payment of $159,450, according to a recent quote using All Reverse Mortgage Company’s.
“There are a wide range of reasons why individuals would go after a reverse mortgage,” said Mario Quintero, mortgage loan originator with Strock & Tanner Mortgage Corporation, which serves Florida.
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A HECM for Purchase allows borrowers to obtain a reverse mortgage and buy a new home all within a single transaction. Not only does this enable borrowers to eliminate their monthly mortgage payments*, but it also allows them to reduce their closing costs and other fees since both the home-buying and loan processes are combined into a single transaction.
This allows seniors to get a new home without draining assets, but there are drawbacks.. Is it smart to use a reverse mortgage to buy a home?
Purchase Reverse Mortgages As of January 1, 2009 HUD began allowing seniors to purchase a new home using a reverse mortgage. This is exciting for seniors, 62 and over who have wanted to purchase a new residence but could not qualify under conventional underwriting standards and didn’t have the money available to buy the house.