What Is a Jumbo Reverse Mortgage?
A jumbo reverse mortgage is a proprietary loan designed for seniors with high-value homes—typically worth over $$1,209,750, which is the 2025 FHA lending limit for HECM reverse mortgages, and allows for loan amounts up to $6 Million!
Unlike traditional HECMs, which are insured by the Federal Housing Administration (FHA), jumbo reverse mortgages are offered by private lenders. These loans are not government-backed but come with their own safeguards and competitive terms tailored for luxury or higher-value properties.
Key Features of Jumbo Reverse Mortgages in Florida
Jumbo reverse mortgages offer several distinct benefits for Florida homeowners:
Higher lending limits (up to $6 million or more, depending on the lender)
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No monthly mortgage payments required
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Tax-free access to equity
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Remain the owner of your home
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Available for primary residences, including condos and select second homes
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Non-recourse loan protection – you or your heirs never owe more than the home is worth
This makes Florida jumbo reverse mortgages an attractive option for seniors living in high-end areas of Florida such as Miami Beach, Fort Lauderdale, or Key West, where home values often exceed the FHA limit.
Who Qualifies for a Jumbo Reverse Mortgage?
To be eligible for a jumbo reverse mortgage in Florida, you must generally meet these criteria:
Be at least 62 years old
Own a high-value home, typically over $1.2M
Live in the home as your primary residence
Have sufficient equity in the home
Pass a financial assessment to ensure property tax, insurance, and HOA obligations can be met
Some jumbo products also allow younger borrowers (as young as 55) and offer expanded property types, including some non-FHA-approved condominiums, which are common throughout Florida.
