Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing

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In Florida Reverse mortgages are on the rise due to the increased availability of education and the benefits they provide the average senior. Below is a list of things the average senior can consider when deciding if a reverse mortgage in Florida is right for them. A lifetime stream of additional monthly income.

All this means you can, within limits, negotiate whatever reverse mortgage fees and closing costs you want when you do a purely private deal. Indeed, if your lender is confident they are going to make a handsome profit on your mortgage, they might even waive those upfront fees altogether.

Rayford, 92, took advantage of a federally insured loan called a reverse mortgage that allows cash-strapped seniors to borrow against the. of up to $57,900, not including closing costs, according.

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Cost of a Reverse Mortgage in Florida. 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.

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Other closing costs that are commonly charged to a reverse mortgage borrower, which are the same for any type of mortgage, include: Credit report fee. Verifies any federal tax liens, or other judgments, handed down against the borrower.

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A reverse mortgage loan can be an excellent financial resource for retirees. As with any type of financial tool, it is important to have a clear understanding of all of the costs associated, including closing costs and lending fees (finance charges) and applicable interest rates, before proceeding forward.