Use a reverse mortgage to turn your sand and sun retirement dreams into a sand and sun reality. A reverse mortgage provides a secure way for you to hold on to your liquid assets while still comfortably affording a storybook ending in the picture-perfect community of 30A. Provided you’re eligible, a reverse mortgage is your ticket to living out your twilight years in the Sunshine State.

Why Retire to 30A?

There comes a point in everyone’s life when it’s quitting time –it’s time to stop working and start enjoying the little things like sunrises and sunsets, the smell of the sea, and having nothing better to do than to read a good book.  There are some plreire1aces like 30A where stopping to smell the roses is just a little bit more spectacular than it is anywhere else.

30A is the seaside stretch of Florida panhandle highway that runs between Destin and Panama City.  Unlike Destin and Panama City, 30A is quieter, more private, and more intimate.  Beach cottages and bungalows sit side by side on cobbled streets.  Nature-carved pathways weave throughout the communities that seamlessly bleed into one another.  Local restaurants, shops, and things to do abound.  It’s a genial place where people walk and bike to get from one destination to another.  Best of all, 30A has a front-row seat to the pillow-soft white sands and glistening emerald waters of the Florida Gulf Coast.

It’s a perfect place for someone who has worked his or her entire life to retire and to make up for lost living.

What is a Reverse Mortgage?

The obstacle many retirees encounter when planning to spend their remaining years in paradise is the issue of affording it.  It’s not feasible for those on the precipice of retirement to start a new mortgage again as their social security, retirement income, and other savings won’retire8t necessarily sustain such in congruence with other living expenses.  A reverse mortgage enables mortgage holders to leverage their equity into a new venture without being subject to a principle & interest mortgage again.  Here’s how it works

  • The minimum eligibility age is 62: You must be at least 62 to take out to reverse mortgage. The older you are, the more you can take out and the less you have to put in to close the loan.
  • You must own or have a vast quantity of equity in your existing property.
  • The mortgage can cover 47-52% of the home’s purchase price.
  • You still have to pay insurance, maintenance, taxes, Home Owner’s Association dues, and any other fees on the home: Failure to do so gives the lender the right to foreclose.
  • The property must be your primary residence: Reverse mortgages are only available for primary residences (so, if you are looking at buying on 30A, you must make that where you live most of the time).

There are also purchase criteria for accruing property with reverse mortgage funds.

  • Single-family units
  • Two- to four-unit homes with the borrow living in one unit
  • U.S. Department of Housing an Urban Development-approved condominiums
  • FHA-approved manufactured homes

On 30A, there are single-family units and some condominiums that meet the eligibility criteria for purchasable dwellings.

With a reverse mortgage, you aren’t pouring all of your retirement assets into the home either as you would if you purchased the property outright.  Further, one of the only ways to lose with a reverse mortgage is if you invest in property that fails to accrue equity or that loses equity.  With 30A being one of the most beautiful and desirable places to reside and own property in the US, it’s highly unlikely that the property will not increase in value over time.retire5

Though a reverse mortgage, you are not putting all of your savings and assets eggs into one basket, but you are still getting the retirement lifestyle you have always envisioned.

There is no better place in the world to spend those precious twilight years than strolling the beaches of 30A, watching the waves roll in as the sun sets. Picture-perfect real estate and tight-knit communities feel homey and comfortable in a paradise setting. If you’re thinking of retiring to the sunshine state’s beloved Florida panhandle, contact local real estate expert, Melissa Clements, who will help you ease into retirement 30A-style.