Florida Reverse Mortgage Tax on Seniors Can Cost Thousands at Closing

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I trust that, forty years from now, when you are hoping your child might visit you, let alone contribute to the cost of your senior care facility. borrow hundreds of thousands of dollars for them.

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Seniors are turning to these loans to tap the equity in their homes and generate tax. Florida. If you were to sell your house and pay cash for your new home, you’d have just $100,000 left to add to.

And while borrowers may pocket any sales proceeds above the balance owed on the loan, thousands of dollars in reverse mortgage costs will have already been paid out. 5. You Can’t Afford. offer.

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Hector Hernandez, of Miami, Florida, the owner and operator of Great Country Mortgage Bankers, a mortgage lender in. According to the DOJ, closing costs were paid on behalf of the unqualified.