Reverse Mortgage

Get the cash you need to enjoy a stress-free retirement – and spoil the grandkids.

Benefits of a Power Financial Credit Union Reverse Mortgage

Lump Sum or Line of Credit

Choose to get your funds all at once or set up a credit line to use whenever you need.

Pay No Principal or Interest

Enjoy the extra cash knowing the loan will be repaid from the eventual sale of your home.

Funds Are Not Taxable

Plus, your payments will have no impact on your Medicare Benefits or Social Security.

You Remain 100% Owner

You retain complete ownership rights of your home and can sell whenever you like.

Key Details About Our Reverse Mortgage Tool

Saving for retirement can be a decades-long effort, but it's not easy to set aside enough money to live comfortably. A reverse mortgage lets you borrow against your home's value to access extra cash.

Homeowners age 62 and older are eligible.
Choose either a lump sum or credit line.
You don't need to make principal or interest payments while you live in the home.
The loan is repaid from the eventual proceeds of your home sale.
The money isn't taxable and doesn't affect Medicare or Social Security benefits.
You retain 100% title to your property.

Power Financial Credit Unions offers a smooth approval process with a range of secure payment options.

See Our Easy Application Process for a Reverse Mortgage

Step 1

Apply

You can apply in-branch or by speaking with one of our trusted advisors.

Step 2

Review and Offer

We'll look at your financial picture and offer you a loan amount and rate for you to consider.

Step 3

Access Funds

We'll transfer the loan funds into your account, or you can transfer from your credit line as needed.

"Super huge help in assisting me! Very nice and welcoming."

– Joshua M.

FAQs About Reverse Mortgages in Florida

Answer: Getting a reverse mortgage is much easier than taking out a home loan because you already own your property. Here's what will happen:

You provide similar information as when you applied for your home loan, along with details of your existing mortgage and lender.
We review your details and check your eligibility, and we'll look at the ways you will benefit from a reverse mortgage to make sure it's worthwhile.
If approved, we'll offer you a rate and loan amount or credit line limit.
We sign the contract and make the funds available.
You don't need to repay the loan until your home is eventually sold, so you make no payments on principal or interest while you're living in the home.
When you sell your home, the proceeds will be used to pay off your reverse mortgage in full.
In some cases, the loan will be repaid when the borrower dies.

Answer: Here are the main reasons to choose a reverse mortgage:

You own your home, and the age of the youngest borrower is 62
You want extra funds to enjoy your retirement
You need extra funds to meet debts or help family members

Answer: You can check you meet this list of criteria to qualify for a reverse mortgage may include the following:

The youngest borrower on the title must be 62 or older
Own your home outright or have a low mortgage balance with equity of at least 80%
Live in your home for most of the year, so it's your primary residence
Don't have any federal debt such as income taxes or student loans
Have proof of enough income to keep paying your property taxes and homeowners insurance
Your home is in good shape
Willing to get counseling from a HUD-approved reverse mortgage counseling agency

Note that you may need to meet other criteria if you apply for a Home Equity Conversion Mortgage (HECM), which is a type of reverse mortgage where your mortgage is insured by the Federal Housing Administration's (FHA).

Answer: You can use your loan or line of credit funds for just about anything! Common uses include:

Home improvements, remodeling, and repairs
Vacations, weddings, and other family events
Medical, dental, and vision expenses
Unexpected expenses and emergency funds
Debt consolidation of high-interest credit cards and loans

Pay off student loans or income taxes

Answer: No, your loan funds won't affect your other sources of income, such as Social Security, and the loan payments are not considered taxable income. Your Medicare benefits will also remain the same.

Answer: A reverse mortgage is not a new mortgage, so you don't need to pay closing costs like you do for a mortgage refinance.
But you may need to pay a loan origination fee or other fees to establish the loan.

Answer: To get a reverse mortgage, you need to meet membership criteria for joining the credit union. It takes just a few minutes to become a member and then you can access a reverse mortgage and all our other quality products and services.

Our membership consists of those who live, work or go to school in Broward, Charlotte, Collier, Lee, Martin, Miami-Dade, Monroe, Palm Beach County, Hillsborough, Manatee, Pinellas, Sarasota, or St. Lucie counties.

We're also proud to offer membership to our Select Employee Groups. Employees of Ryder System, Inc. FPL/NextEra Energy, and members and employees of Bonefish & Tarpon Trust are always welcome to join no matter where they're located.

Apply Today or Get in Touch for More Information

Get Started Call Us: 800-548-5465 Contact Us

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*APR Assumptions – The ANNUAL PERCENTAGE RATE (APR) is calculated on a loan amount of $100,000 for the purchase of a single family primary residence. This annual rate of interest example takes into account a 20% down payment.

The actual rates quoted above may vary depending on program availability, credit, loan to value, cash out, term, loan size, waiving of escrows, length of lock, income and other secondary market guidelines.

We may offer other Mortgage Interest Rates and terms in the future.