Learn why a reverse mortgage is a great option during rate drops.

Did the recent half-point rate drop get you excited? Most people have heard about the half-point rate drop by the Fed, which started discussions on what’s happening with mortgage rates. To bring this topic to light, we talked with Michael Fuhrman, a Boca Raton local lender from Rate, about the current housing market, mortgage rates, financing options, and cultivating relationships with vendors in your local market.

We’ve worked with Michael for some time now. He’s been in the mortgage industry for over 15 years. Throughout his career, he’s helped many clients with the complicated process of getting a mortgage and provided financing options for homeowners.

One of the main topics we want to discuss is the current state of mortgage rates. Prior to the most recent mortgage rate drop, rates had already dramatically fallen, from the sevens to lower sixes, or even possibly higher fives depending on the current situation. We are looking at more rate decreases in the coming months and within the next year, but it will take time, and we’ll see the rates fluctuate.

“A reverse mortgage allows you to manage your budget without being burdened with monthly mortgage payments.”

A reverse mortgage is a financing option that pairs well with mortgage drops because it allows potential clients to borrow more than they could before the rate drop. This is a great option for older adults who want to take advantage of their current home and use the equity for reasons other than purchasing a new home. A reverse mortgage allows you to manage your budget without being burdened with monthly mortgage payments.

It’s important to note that a reverse mortgage doesn’t mean you have to sell your house. You can still sell it later if you choose to. There are a lot of misconceptions about reverse mortgages, so I encourage you to learn more about them. We can walk you through the program to know whether this is the right option for you. 

If you’re interested in learning more about his program, feel free to contact Michael at (561) 226-4239. For additional information on anything related to real estate, you can contact us at (561) 843-4464 or by email at DanKarp@kw.com. This is a team effort, and we're here to help you.