A reverse mortgage Florida program allows homeowners aged 62 and older to convert a portion of their home equity into tax-free funds. No monthly mortgage payments are required, and repayment only occurs when the home is sold, the borrower moves, or passes away. It’s a flexible way to boost retirement income while continuing to live in and own your home.
To qualify for a Florida reverse mortgage, you must be at least 62 years old (some programs start at age 55), live in the home as your primary residence, and have sufficient equity. The property must meet FHA guidelines, and borrowers must maintain taxes, insurance, and upkeep. Many seniors in Florida choose reverse mortgages to improve retirement flexibility and cash flow.
The amount available from a reverse mortgage in Florida depends on your age, home value, interest rates, and loan program. Generally, the older you are and the more equity you have, the more you can borrow. We offer free personalized estimates to help you understand your options.
Yes, reverse mortgages are federally regulated and insured by the FHA. In Florida, borrowers are also required to complete HUD-approved counseling to fully understand the loan. Our team helps guide you through the process with transparency and care.
Yes. Through a HECM for Purchase, Florida homeowners can use a reverse mortgage to buy a new primary residence without taking on monthly mortgage payments. This option works well for downsizing, relocating, or purchasing a more retirement-friendly home.
Florida reverse mortgages offer tax-free income, no required monthly payments, and the ability to stay in your home. The funds can be used for medical expenses, home repairs, daily living costs, or even travel. It’s a flexible financial tool for retirement.
Yes, you remain the owner of your home with a reverse mortgage in Florida. As long as you live in the home and meet the loan requirements, the title stays in your name. The loan is repaid when you move, sell the home, or pass away.
You can choose from several payout options including a lump sum, monthly payments, a line of credit, or a combination. We’ll help you select the structure that best fits your retirement goals.
No, funds from a reverse mortgage are not considered income and are not taxable under federal or Florida tax law. They also do not affect Social Security or Medicare benefits.
Most single-family homes, FHA-approved condos, and some manufactured homes qualify for a reverse mortgage in Florida. The property must be your primary residence and meet minimum condition requirements.
Start by contacting our team for a free consultation. Then, you’ll complete a HUD-approved counseling session. We’ll help you with the application, appraisal, and closing every step of the way.
When the homeowner passes, the loan becomes due. Heirs can repay the loan and keep the home or sell the property and keep the remaining equity. Reverse mortgages in Florida are non-recourse, meaning the estate never owes more than the home is worth.
Yes, refinancing a reverse mortgage is possible. Many Florida homeowners refinance to get better interest rates or access additional equity. This is called a HECM-to-HECM refinance, and we can help you explore if it makes sense for your needs.
The average reverse mortgage process takes about 30 to 45 days. Timelines may vary depending on property appraisals, documentation, and counseling. We work to make it as smooth as possible.
A jumbo reverse mortgage is designed for high-value homes that exceed FHA lending limits. It allows homeowners to access more equity than a standard HECM. It’s ideal for Florida seniors with luxury or high-priced properties seeking greater financial flexibility.
Typical fees include an origination fee, FHA mortgage insurance, appraisal costs, and third-party closing charges. Most of these can be rolled into the loan, so there are usually no out-of-pocket costs at closing.
A reverse mortgage Florida option helps seniors unlock home equity without monthly payments or selling the home. The funds are tax-free and can be used for anything from healthcare to home upgrades. It’s a flexible way to stay financially secure in retirement.
