For many retirees in St. Petersburg, tapping into home equity through a reverse mortgage has become a practical way to stay financially secure without leaving the comfort of home. Whether it’s covering healthcare expenses, supplementing Social Security, or simply enjoying the Florida lifestyle a little more, reverse mortgages offer a unique kind of flexibility.
But here’s the catch: not all lenders are created equal. Some focus on volume and push borrowers through a rigid process. Others, like the local experts at Select Home Loans, take the time to understand your goals and tailor a solution that fits your life, not just a sales quota.
This guide explores the top reverse mortgage lenders serving St. Petersburg in 2025, breaking down what makes each one stand out. From national names with big resources to Florida-based firms with hometown knowledge, you’ll find everything you need to make a confident decision.
What Is a Reverse Mortgage?
A reverse mortgage, specifically the Home Equity Conversion Mortgage (HECM), is a loan designed for homeowners aged 62 and older. Unlike a traditional mortgage where you make monthly payments to the bank, a reverse mortgage allows you to receive payments, either as a lump sum, a line of credit, or monthly installments, by borrowing against the equity in your home.
The loan doesn’t have to be repaid until the last borrower moves out, sells the home, or passes away. At that point, the proceeds from selling the home are used to pay off the balance. If there’s equity left, it goes to your heirs. If the home sells for less than the loan balance, the government’s non-recourse protection ensures your family won’t owe the difference.
Reverse mortgages can be used for a variety of purposes:
- Covering medical bills or in-home care
- Paying off an existing mortgage
- Renovating the home to age in place
- Providing tax-free income during retirement
In short, it’s a way to access your home’s value without giving up ownership, and when done with the right lender, it can be a smart part of your retirement plan.
Why Seniors in St. Petersburg Are Exploring Reverse Mortgages
St. Petersburg has long been a magnet for retirees, and it’s not hard to see why. With its warm climate, coastal charm, and mix of vibrant culture and relaxed living, it offers the perfect setting for retirement. But even in paradise, financial stability matters. That’s where reverse mortgages are starting to make a big difference.
Over the past decade, home values in Pinellas County have steadily climbed. For many long-time residents, that means their homes have appreciated dramatically, even if their income hasn’t. With inflation and rising healthcare costs squeezing retirement budgets, homeowners in St. Pete are finding that a reverse mortgage lets them turn that equity into a practical safety net.
Here’s why local seniors are taking a closer look:
Aging in Place
Most retirees in St. Petersburg don’t want to move. They want to stay close to their community, doctors, grandkids, and familiar routines. Reverse mortgages provide a way to stay in your home, without the burden of monthly mortgage payments.
Florida’s Favorable Tax Laws
Florida doesn’t tax income or Social Security benefits. Add in the Homestead Exemption, and many seniors pay relatively low property taxes. That means more equity stays in the home, making reverse mortgages a more viable and powerful tool compared to other states.
Unexpected Expenses
Whether it’s medical bills, home repairs, or simply the rising cost of groceries, unexpected costs hit harder when you’re on a fixed income. A reverse mortgage can provide a financial buffer, one that doesn’t require dipping into savings or selling off assets.
Flexible Access to Cash
You can receive funds as a lump sum, a monthly payment, or a line of credit you draw from when needed. For many, the line of credit is especially appealing. It grows over time and only accumulates interest when used, perfect for future-proofing retirement.
Real Stories from St. Pete
Some homeowners are using reverse mortgages to remodel their homes with safety features like walk-in tubs and ramps. Others are paying off credit cards, gifting early inheritances, or just giving themselves a little more breathing room each month. For them, it’s not about luxury, it’s about freedom and peace of mind.
Top 15 Reverse Mortgage Lenders in St. Petersburg, FL (2025)
1. Select Home Loans (Editor’s Pick – Best Local Expertise)
If you’re looking for a lender that understands both the numbers and the neighborhood, Select Home Loans should be your first call. Headquartered in Florida, they’ve built a reputation for helping retirees in St. Pete and surrounding areas unlock their home equity without stress or confusion.
What makes them stand out is their one-on-one approach. You’re not shuffled through a call center, you speak with real HECM specialists who walk you through every step, explain every option, and make sure you’re choosing a loan structure that fits your retirement.
- Local knowledge of Pinellas County regulations and tax perks
- Streamlined consultations with no pressure
- Fast quote turnaround and clear communication
Whether you’re just exploring or ready to move forward, Select Home Loans combines trust, clarity, and local heart.
📞 Call now: (888) 550-3296
🌐 Visit: www.selecthomeloans.com
2. Mutual of Omaha Reverse Mortgage
Backed by a household name, Mutual of Omaha brings decades of financial expertise into the reverse mortgage world. They offer both fixed and adjustable HECM loans and have a large support staff for borrowers across the country.
What you can expect:
- National reach with strong compliance standards
- Options for different payout structures
- Helpful resources for first-time borrowers
While their customer experience can feel more corporate, they’re a dependable choice if you want name recognition and established systems.
3. Longbridge Financial
Longbridge is often recommended for its transparency and borrower-friendly application process. They make it easy to understand your options, and they don’t overload you with industry jargon.
St. Petersburg retirees appreciate their:
- Detailed estimates and scenario tools
- No-pressure, consultative sales style
- Specialized products for high-value homes (jumbo reverse mortgages)
They’re not Florida-based, but their ease of use and clear fee structure put them high on the list.
4. American Advisors Group (AAG)
AAG is one of the largest reverse mortgage lenders in the U.S., with a familiar name and a massive educational library. If you’ve seen Tom Selleck in their commercials, you know who they are.
AAG offers:
- Strong customer education tools
- Experienced loan officers
- Variety of payment and disbursement options
That said, you may get a slightly less personal experience than with smaller lenders. It’s a tradeoff between scale and service.
5. Finance of America Reverse (FAR)
Finance of America Reverse has carved out a strong niche with its tech-savvy tools and flexible line-of-credit options. They’re a great choice for homeowners who want more control over how and when they access their equity.
Why they’re ranked in the top 5:
- User-friendly dashboards and online access
- Creative loan structures and flexible terms
- Competitive rates, especially on LOC products
They don’t have as many local offices, but if digital tools matter to you, FAR is a solid pick.
6. Liberty Reverse Mortgage
Liberty Reverse Mortgage is a national lender with a long history in the reverse mortgage space. They’re known for making the process simple and for offering strong customer support before and after closing.
What makes Liberty appealing in St. Pete:
- A variety of HECM loan options, including lump sum and line-of-credit
- Licensed across Florida with phone-based and online consultations
- Decent reputation for transparency and quick processing
If you’re looking for something straightforward and reliable, Liberty is a dependable mid-size lender with a strong track record.
7. Fairway Independent Mortgage
Fairway is a full-service mortgage company, but their reverse mortgage division has grown significantly in recent years. What sets them apart is their mix of modern technology and in-person service, particularly in areas like Tampa Bay and St. Petersburg.
Highlights include:
- Personalized service with local loan officers
- Online tools and calculators to explore options
- Trusted name among financial advisors and realtors
Fairway can be a great option if you’re looking for a company that offers both digital convenience and human support.
8. Open Mortgage
Open Mortgage offers reverse mortgage services through a growing network of regional offices. While smaller than some national lenders, their team prides itself on walking clients through every stage of the process with care and patience.
Why they’re a fit for Florida homeowners:
- Straightforward quotes and no-pressure consultations
- Flexible options for payouts, especially monthly disbursements
- Helpful for first-time borrowers who need education and guidance
They may not have the flashiest tech or marketing, but what they lack in size they often make up for in service.
9. GoodLife Home Loans
GoodLife is newer than many on this list, but they’re quickly building a name for themselves with simplified applications and no hidden fees. They’re ideal for retirees who want speed and transparency.
Why GoodLife is gaining traction:
- Competitive interest rates and clear fee breakdowns
- Speedy processing (often faster than larger competitors)
- Florida-friendly team that understands local property nuances
They’re worth considering if you’re looking for something streamlined, modern, and no-nonsense.
10. Reverse Mortgage Funding LLC (RMF)
RMF is one of the more specialized companies in the reverse mortgage space, and they offer a full range of HECM and proprietary products. Many financial professionals recommend them for clients with complex financial goals.
Key advantages:
- Strong customer education resources
- Unique products like Equity Elite for high-value homes
- Trusted by financial advisors for estate planning strategies
They’re not Florida-based, but their flexibility and deep specialization make them a solid option for savvy retirees.
11. Nationwide Equities
Nationwide Equities blends personal service with smart financial tools. Though not as widely known as some national brands, they’ve earned strong marks in Florida for their client-centered approach.
Why they’re on the list:
- Flexible reverse mortgage options for a range of property types
- Excellent one-on-one consultations, even remotely
- Reputation for listening to client goals and tailoring solutions
They may not be flashy, but they’re a great choice for borrowers who want attentive service and honest guidance.
12. Homebridge Financial Services
Homebridge is a full-spectrum mortgage lender that offers reverse mortgage options through a team of trained specialists. With a national footprint and decent presence in Florida, they offer both experience and flexibility.
What makes them a contender:
- Competitive rates on both fixed and adjustable reverse loans
- Bilingual loan officers for Spanish-speaking borrowers
- Good support during and after the loan closes
They’re particularly helpful for homeowners who want a long-term relationship with their lender.
13. Sun American Mortgage
Sun American Mortgage has been specializing in reverse mortgages for over 35 years. While their physical offices are out of state, they serve Florida clients with remote consultations and efficient processing.
What sets them apart:
- Depth of reverse mortgage experience
- Solid communication, especially with heirs and co-borrowers
- Easy online document management tools
Their focus is narrow, and that makes them particularly sharp when it comes to guiding seniors through the details.
14. Quontic Bank
If you’re tech-savvy or looking for a digital-first lender, Quontic Bank may be the right fit. This innovative bank has a growing reverse mortgage division with flexible options and fast processing.
Why people like them:
- Digital applications that move faster than traditional lenders
- Transparent fee structures
- Good fit for retirees with higher-value homes or investment properties
They don’t have a deep local presence in St. Pete, but they shine when it comes to efficiency and flexibility.
15. Cardinal Financial
Cardinal Financial rounds out the list with a respectable presence in Florida and a consistent approach to customer service. While they offer a wide range of loans, their reverse mortgage team has received praise for responsiveness and education.
Key features:
- Licensed throughout Florida with regional coverage
- Great communication for first-timers
- Competitive loan estimates and quick pre-approvals
They’re ideal for borrowers who want straight answers, a steady process, and no sales pressure.
What to Look for in a Reverse Mortgage Lender
Choosing a reverse mortgage lender isn’t just about who offers the lowest rate. It’s about who’s going to guide you through one of the most important financial decisions of your retirement, and who’s going to be there if questions come up down the road.
Here are the key things to consider when comparing lenders:
Local vs. National Lenders
A local lender, like Select Home Loans, often has an edge when it comes to understanding Florida-specific regulations, tax benefits, and property nuances. You also get more personalized service and faster response times.
National lenders bring brand recognition and broader resources, but you may end up talking to someone in a call center who’s never been to Florida, let alone understands St. Pete’s housing market.
HUD Approval
The Department of Housing and Urban Development (HUD) oversees the HECM program, which is the most common type of reverse mortgage. Always verify that your lender is HUD-approved. This ensures they follow strict rules for consumer protection, counseling, and loan processing.
Support During and After Closing
A reverse mortgage isn’t a “set it and forget it” deal. Your lender should explain not just how you’ll receive the funds, but what happens after: how interest accumulates, how property taxes and insurance are handled, and how your heirs can repay or sell the home later on.
Look for a lender that’s willing to walk you through the long-term implications, not just get you to the signing table.
Types of Reverse Mortgages Offered
While the HECM is the most common, some lenders offer proprietary “jumbo” reverse mortgages for higher-value homes. Others provide options for step-down coverage or special payouts tailored to health needs or estate planning.
Make sure your lender isn’t trying to push you into a one-size-fits-all loan. The right provider will listen to your needs and help you choose the option that makes the most financial sense.
Florida-Specific Considerations for Reverse Mortgages
Living in Florida comes with unique perks, and challenges, that can impact your reverse mortgage. If you’re a homeowner in St. Petersburg, it’s worth understanding the local factors that can affect your loan’s value, eligibility, and ongoing costs.
Property Tax Exemptions for Seniors
Florida offers a Homestead Exemption, which helps reduce your property tax bill. Seniors over 65 with limited income may qualify for additional exemptions. If you’re considering a reverse mortgage, these savings can increase the equity available in your loan, and reduce your monthly financial burden.
Check with Pinellas County’s property appraiser’s office to see what exemptions apply to you. Some lenders will even help you file for them during the loan process.
Homeowners Insurance Costs
Insurance is a big piece of the puzzle. Florida’s insurance rates have risen sharply due to hurricane risk, and some lenders may require additional coverage to protect the home’s value. Before finalizing a reverse mortgage, make sure your current homeowners policy is up to date, and be prepared for lenders to review it.
You’ll also need to maintain flood insurance if you’re in a FEMA-designated flood zone. This is non-negotiable, and some borrowers are surprised to find out they need more coverage than they thought.
Condo Eligibility Can Be Tricky
Not all condos qualify for reverse mortgages. In Florida, where condos are common, this can be a hurdle. The entire building must be FHA-approved, or you’ll need a proprietary reverse mortgage, which usually comes with different terms and limits.
If you live in a condo, choose a lender who understands Florida real estate and can help you determine your eligibility upfront.
Line of Credit vs. Lump Sum
Florida retirees often prefer the line of credit option because it grows over time and only accrues interest when used. But for major expenses, like medical bills or paying off a current mortgage, some choose the lump sum route. Each has pros and cons depending on your goals and how long you plan to stay in the home.
The best lenders will help you explore both options, not just steer you toward the one they prefer.
Choosing the Right Reverse Mortgage Lender in St. Petersburg
A reverse mortgage can be a powerful tool, when it’s the right fit and done with the right guidance. For many seniors in St. Petersburg, it’s not just about unlocking home equity. It’s about staying independent, covering rising costs, or finally breathing a little easier in retirement.
The key is finding a lender who listens, explains every option clearly, and understands Florida’s unique real estate and tax environment.
Here’s a quick recap:
- Reverse mortgages aren’t one-size-fits-all. There are different types, payout structures, and requirements.
- Florida’s tax laws and real estate dynamics can work to your advantage, but only if your lender knows how to navigate them.
- Local expertise matters. A St. Pete homeowner has different needs than someone in Phoenix or Pittsburgh.
That’s why Select Home Loans stands out as the top choice for reverse mortgages in St. Petersburg. They offer personalized service, fast quotes, and Florida-first knowledge you won’t get from a national call center. Whether you’re still weighing your options or ready to move forward, they’ll walk you through the process with no pressure, just clarity.
Talk to a Local Reverse Mortgage Specialist Today
If you’re ready to explore your options, start with the team that puts Florida homeowners first. Contact Select Home Loans for a free consultation and personalized quote.
📞 Call now: (888) 550-3296
🌐 Visit: www.selecthomeloans.com
