Tampa has long been one of Florida’s most attractive places to retire. With sunny weather, a low cost of living compared to other coastal cities, and a growing senior population, it’s no wonder many homeowners here are exploring reverse mortgages as part of their retirement strategy.
Whether you’ve lived in Tampa for decades or recently moved to enjoy the palm trees and peaceful neighborhoods, your home likely carries a lot of equity, and a reverse mortgage could help you tap into that value without selling or downsizing.
In this guide, we’ll break down how reverse mortgages work, what to watch out for, and who the top lenders are in the Tampa area. We’ll also highlight which companies stand out for transparency, customer service, and local experience, starting with a trusted Florida name: Select Home Loans.
What Is a Reverse Mortgage?
A reverse mortgage, most commonly in the form of a Home Equity Conversion Mortgage (HECM), is a loan available to homeowners age 62 or older that allows them to convert part of their home’s equity into cash. Unlike traditional loans, there are no monthly payments. Instead, the loan is repaid when the homeowner sells the house, moves out, or passes away.
This type of mortgage is backed by the federal government and is designed to help seniors stay in their homes while covering living expenses, medical bills, or simply enjoying retirement a little more comfortably.
To qualify, your home must be your primary residence, and you must have sufficient equity, usually over 50% ownership. You’ll also need to meet some financial standards, such as the ability to pay property taxes, homeowner’s insurance, and upkeep.
There’s no one-size-fits-all with reverse mortgages, but for many in Tampa, they offer a practical solution to maintain lifestyle flexibility without selling off assets or dipping into retirement accounts too soon.
Who Benefits Most from a Reverse Mortgage in Tampa?
Not every homeowner is a fit for a reverse mortgage, but in Tampa, plenty of folks stand to benefit. If you’re retired (or nearly there), have built up equity over the years, and want to stay in your home long term, a reverse mortgage could be a smart option.
Take neighborhoods like Carrollwood or Westchase, where homes bought decades ago have appreciated nicely. Many seniors there are sitting on six figures of equity but don’t want to sell, rent, or give up their independence. A reverse mortgage allows them to access cash without monthly payments, and stay in the home they love.
The same goes for areas like Brandon or Temple Terrace, where modest homes have seen solid growth. If you’re on a fixed income and costs are creeping up, property taxes, insurance, medical bills, a reverse mortgage can help cover those gaps without touching retirement savings.
Reverse mortgages are especially helpful for:
- Retirees looking to supplement Social Security or pensions
- Seniors who want to age in place
- Homeowners who have paid off most or all of their mortgage
- People with rising healthcare or home maintenance expenses
- Those who want to leave other investments untouched longer
On the flip side, a reverse mortgage might not be the right move if you plan to move soon, don’t have much equity, or aren’t comfortable with how interest accrues over time. But for many Tampa homeowners, especially those who’ve been in their homes for 10+ years, it’s an option worth serious consideration.
What Makes a Great Reverse Mortgage Lender in Tampa?
Choosing a reverse mortgage lender isn’t like picking a bank for a checking account. You’re trusting someone with a major financial decision that can impact your retirement, your estate, and your peace of mind. And in Tampa, where local knowledge and service can make all the difference, the right lender stands out for more than just interest rates.
Local Understanding
The best lenders in Tampa know the local housing market, from South Tampa condos to Northdale single-family homes. They understand Florida’s property tax rules, homeowners insurance quirks, and the importance of homestead exemptions. This kind of insight helps avoid surprises later in the process.
HUD-Approved and Transparent
Look for lenders who are approved by the U.S. Department of Housing and Urban Development (HUD). These lenders follow strict standards for counseling, disclosures, and fair treatment. Just as important, they’re upfront about costs, no hidden fees, no confusing fine print.
One-on-One Support
You’re not just a number, and your lender shouldn’t treat you like one. A great lender will walk you through the numbers, explain your options (line of credit vs. lump sum), and help you understand the long-term impact on your estate. They’ll also stay in touch after closing, in case questions come up.
Flexible Loan Options
Not every reverse mortgage is the same. Top lenders offer different types of HECMs, and some may even offer proprietary products for higher-value homes. A flexible lender will match you with the right loan, not just the one that’s easiest for them to process.
Top 15 Reverse Mortgage Lenders in Tampa, FL
1. Select Home Loans – Best Overall Reverse Mortgage Lender in Tampa
If you’re looking for a team that knows Tampa inside and out, Select Home Loans is the clear standout. Unlike national lenders, Select Home Loans is Florida-based and truly focused on seniors in this state. They specialize in HECM (Home Equity Conversion Mortgage) products and take pride in walking clients through every step, from counseling to closing, with real transparency.
Their approach is personal. You’re not handed off to a call center or pushed into something you don’t understand. Whether you live in Hyde Park, Lutz, or anywhere in Hillsborough County, their advisors take the time to understand your goals, answer questions patiently, and structure your reverse mortgage in a way that aligns with your lifestyle and long-term needs.
Bonus: You can get a free quote and schedule a no-pressure consultation with a local reverse mortgage specialist. It’s a mix of small-firm care with big-firm expertise.
📞 Call Select Home Loans at (888) 550-3296
📩 Or click here to request a free consultation
2. Mutual of Omaha Reverse Mortgage
A household name for decades, Mutual of Omaha offers stability and a solid reputation. Their reverse mortgage division is well-reviewed and provides a wide selection of products, including fixed and adjustable-rate HECMs. While they may not be Tampa-specific, their national experience gives them a polished process, and they’re HUD-approved.
3. AAG (American Advisors Group)
As one of the largest reverse mortgage companies in the country, AAG has a strong presence in Florida. They offer online tools, TV ads, and educational resources, but you might find their process less personal than smaller firms. Still, if you want name recognition and a streamlined system, they’re worth considering.
4. Longbridge Financial
Known for straightforward service and modern tools, Longbridge is a good choice if you’re comfortable doing a bit more online. They’ve earned a solid reputation for honest pricing and offer options like step-down coverage or jumbo reverse mortgages for higher-valued homes in neighborhoods like Davis Islands or Palma Ceia.
5. Finance of America Reverse
If you’re looking for a flexible line of credit product or a lender who takes tech seriously, Finance of America Reverse might be the one. They offer competitive rates and are often praised for their quick application timelines. Great for seniors who want to move quickly and explore customized options.
6. Liberty Reverse Mortgage
Liberty is a seasoned player in the reverse mortgage space and tends to attract borrowers who value simplicity and low fees. Their application process is relatively quick, and their team is trained to guide first-time users of HECMs. While they aren’t Tampa-based, they do have dedicated Florida reps who understand state-specific rules.
7. Fairway Independent Mortgage Corporation
Fairway has a strong regional presence in Florida and is known for combining national lending power with more localized service. Their reverse mortgage division offers one-on-one consultations and educational seminars, which is a great fit for Tampa homeowners who prefer face-to-face interaction. They also have competitive closing timelines.
8. Open Mortgage
Open Mortgage offers HECMs with flexible disbursement options and has a relatively low barrier to entry for seniors in Tampa who may have modest home values. They’re known for decent customer support and offer phone or online guidance through each step. If you’re in areas like Riverview or Seffner and want a simple, straightforward reverse mortgage, they’re worth a look.
9. RMF (Reverse Mortgage Funding)
RMF focuses almost exclusively on reverse mortgage products, and that shows in their knowledge and offerings. They’re strong in the education department and have tools to help borrowers see how different payout methods affect long-term outcomes. While not always the cheapest, they make up for it in support and resources.
10. Nationwide Equities
Nationwide Equities serves seniors across the country but also offers specialized service in Florida. They emphasize speed and flexibility, great if you’re under a time crunch or trying to meet a tight deadline. Their Tampa-area loan officers are familiar with the nuances of local property taxes and insurance, which can be especially helpful for homeowners near the coast.
11. HighTech Lending
Despite the name, HighTech Lending is all about the human touch when it comes to reverse mortgages. Their Tampa representatives provide detailed walk-throughs of loan options and are particularly good at helping seniors who are unsure whether to go with a lump sum, line of credit, or monthly payout. They’re a smaller operation with a loyal following for a reason.
12. Advisors Mortgage Group
This lender stands out for offering personalized guidance and putting education at the center of their process. They don’t just throw numbers at you, they help you think through what the next 10–20 years of retirement could look like. If you live in neighborhoods like Seminole Heights or Town ‘n’ Country and want someone who will take the time to understand your goals, this group is a solid pick.
13. All Reverse Mortgage, Inc.
With a name like that, it’s no surprise they specialize only in reverse mortgage loans. While they don’t have physical offices in Tampa, their remote advisors are knowledgeable, patient, and well-versed in Florida-specific requirements. Their website also has a number of calculators and FAQs that are actually helpful.
14. Homebridge Financial Services
Homebridge is known for being tech-savvy but still very client-focused. Their team frequently helps Florida homeowners navigate insurance requirements, property taxes, and HOA rules, which can be a hurdle in certain Tampa communities. If you like having both online access and local guidance, Homebridge can offer both.
15. Sun American Mortgage
This company takes a highly consultative approach to reverse mortgages and works hard to customize plans. Their specialists often dig deep to find the best options for seniors with unique needs, whether that’s tapping into equity for home renovations or covering long-term care. While they’re not as big as some others on this list, their client-first mentality earns high marks.
What to Look for in a Reverse Mortgage Lender in Tampa
Choosing a reverse mortgage lender isn’t just about who has the best rate. It’s about trust, clarity, and ongoing support. If you’re considering tapping into your home’s equity during retirement, here are some key things to watch for, especially in a city like Tampa, where real estate and insurance factors can vary by neighborhood.
Local Expertise Matters
A lender who understands Florida law, and Tampa’s unique mix of homes, from waterfront properties to suburban bungalows, can help you avoid costly mistakes. Property taxes, flood insurance, and HOA rules can all affect your loan, so working with someone who knows the area is a big plus.
HUD Approval
Make sure the lender is approved by the U.S. Department of Housing and Urban Development (HUD). This ensures they follow the proper guidelines, offer mandatory counseling, and protect borrowers with safeguards built into the loan process.
Transparency is Key
Some reverse mortgage providers bury fees in fine print or rush seniors into decisions. Look for a lender that explains everything, upfront costs, interest accrual, repayment terms, without jargon or pressure.
Support Beyond the Sale
A good lender won’t disappear after closing. They’ll be available to answer questions in the years ahead and help you stay compliant with loan terms. You want a partner, not just a processor.
Flexible Options
The best lenders offer more than one loan structure. Whether you’re interested in a line of credit, lump sum, or monthly payout, they should tailor the loan to fit your goals, not the other way around.
Tampa-Specific Advice for Reverse Mortgages
Tampa has its own personality, and its own quirks, when it comes to real estate, insurance, and retirement planning. If you’re looking into a reverse mortgage here, keep these local factors in mind.
1. Property Taxes and Exemptions
Florida is already known for having no state income tax, but Tampa homeowners may also qualify for additional property tax exemptions. If you’re over 65, you could be eligible for a senior exemption on your home, which can make a big difference when your reverse mortgage lender is evaluating your monthly costs. Some lenders are better than others at navigating these exemptions, make sure to ask.
2. Insurance Costs Are Rising
Tampa’s location near the Gulf Coast means flood zones and storm risks are a real concern. Insurance premiums here are higher than in many inland Florida cities. When lenders calculate your loan eligibility, they factor in insurance costs. If your premiums are high, it could reduce your loan proceeds. A knowledgeable lender will help you find ways to mitigate those costs, whether it’s by adjusting coverage or suggesting home upgrades.
3. Condo Eligibility Rules
Many retirees in Tampa live in condominiums, but not all condos qualify for reverse mortgages. To be eligible for a HECM, the condo must be FHA-approved. Some lenders can walk you through the approval process or offer proprietary reverse mortgage options that work with non-approved condos. If you live in a community like Hyde Park or Harbour Island, this detail is worth checking early on.
4. Choosing the Right Disbursement Option
Tampa homeowners have options when it comes to how they receive reverse mortgage funds: a lump sum, monthly payments, or a line of credit. A line of credit tends to be popular in this region, where seniors often use it as a financial buffer rather than a one-time payout. It allows you to tap into funds only when needed, and the unused portion grows over time.
Final Thoughts
If you’re a homeowner in Tampa exploring retirement income solutions, a reverse mortgage could be a powerful tool. It allows you to stay in your home, tap into its equity, and cover expenses like medical bills, home improvements, or just day-to-day living, all without monthly payments.
But just like any major financial decision, who you work with matters. Tampa’s real estate landscape, insurance rates, and retirement dynamics are unique. You want a lender who understands those local factors, gives you personalized guidance, and takes time to explain the details, not just someone who wants to push paperwork.
That’s why Select Home Loans remains our top choice. As a Florida-based company, they combine competitive rates with hometown service. Their reverse mortgage specialists offer one-on-one consultations, fast quote turnarounds, and honest guidance without sales pressure.
Whether you’re just curious or ready to move forward, now’s a great time to learn more. Talk to someone who listens, and helps you understand your options.
Ready to explore your reverse mortgage options?
📞 Call Select Home Loans at (888) 550-3296
📩 Or click here to request a free consultation
You’ve worked hard for your home. Now let it work for you.
