Florida has long been one of the most popular retirement destinations in the country. From waterfront estates in Naples and Boca Raton to luxury properties in Miami, Fort Lauderdale, and Sarasota, thousands of seniors across Florida are sitting on millions of dollars in home equity. But many have discovered that traditional reverse mortgages simply don’t go far enough for higher-value homes.
That’s where jumbo reverse mortgages have quickly grown into one of the most attractive financial tools for Florida’s retirees.
While standard FHA-insured reverse mortgages (called HECMs) work well for many homeowners, they come with strict lending limits. In 2025, the FHA cap is just over $1.1 million, which often leaves significant untapped equity for those living in luxury or waterfront properties throughout Florida. For homeowners whose homes are worth $1.5 million, $2 million, or far more, jumbo reverse mortgages allow them to access much larger portions of their home’s value — while still avoiding monthly mortgage payments.
With the rising cost of healthcare, insurance, property taxes, and living expenses — even in a tax-friendly state like Florida — many high-net-worth seniors are turning to jumbo reverse mortgages to create flexibility without liquidating investments or downsizing. These loans allow Florida homeowners to remain in the homes they love while turning untapped equity into available cash for retirement, long-term care, estate planning, or simply added peace of mind.
In this guide, we’ll break down exactly how jumbo reverse mortgages work, why they’ve become so popular in Florida, and which lenders are truly the best when it comes to navigating these larger, more specialized loans — starting with the top expert in the state: Select Home Loans.
What Is a Jumbo Reverse Mortgage?
While most people are familiar with standard reverse mortgages, jumbo reverse mortgages are a specialized version designed for homeowners with high-value properties that exceed the limits set by the federal government.
The FHA HECM Lending Limit
Traditional reverse mortgages are backed by the Federal Housing Administration (FHA) under the Home Equity Conversion Mortgage (HECM) program. In 2025, the FHA limit for HECM loans is set at $1,149,825. That means no matter how much your home is worth, a traditional reverse mortgage can only calculate loan proceeds based on this limit.
For Florida homeowners with homes valued at $1.5 million, $2 million, or more, this cap leaves a large amount of equity untapped.
Where Jumbo Reverse Mortgages Step In
Jumbo reverse mortgages — sometimes called proprietary reverse mortgages — are offered by private lenders, not FHA. These loans allow seniors to access significantly more of their home’s value, often lending on homes worth:
- $1.5 million
- $2 million
- $3 million
- $5 million or more
Loan amounts can often range from $1 million to $4 million, depending on the lender and the borrower’s specific situation.
Because they’re privately funded, jumbo reverse mortgages aren’t restricted by the same federal lending limits that apply to FHA HECM loans.
Who Qualifies for a Jumbo Reverse Mortgage?
The basic requirements are similar to traditional reverse mortgages:
- You must be at least 62 years old (some lenders allow 60)
- The property must be your primary residence
- You must have substantial home equity
- You must be able to keep up with property taxes, insurance, and home maintenance
Key Features of Jumbo Reverse Mortgages
- Larger loan amounts than FHA limits allow
- No required mortgage insurance premiums (unlike FHA HECM)
- More flexible payout options: lump sum, line of credit, structured payouts
- Available for high-value single-family homes, luxury condos, and even certain trust-owned properties
- In many cases, lower upfront costs than traditional reverse mortgages
Jumbo reverse mortgages have opened up entirely new financial options for Florida seniors whose homes far exceed the FHA lending cap — especially in high-end coastal markets where $1M+ home values are common.
Why Florida Is a Jumbo Reverse Mortgage Hotspot
If there’s one state where jumbo reverse mortgages make perfect sense, it’s Florida. Thanks to strong home appreciation, a large retiree population, and rising property values across the coast, Florida has become one of the busiest jumbo reverse mortgage markets in the country.
High Home Values Across Coastal Florida
In many parts of Florida, especially along the coast, home values regularly exceed $1 million. Cities like:
- Naples
- Palm Beach
- Boca Raton
- Sarasota
- Fort Lauderdale
- Miami
- Jupiter
- Marco Island
- Key West
…all have neighborhoods where even modest homes now exceed the FHA HECM limits.
For homeowners in these areas, jumbo reverse mortgages allow access to far more of their home equity than any traditional reverse mortgage ever could.
A Large Senior Homeowner Population
Florida consistently ranks at or near the top for states with the highest percentage of retirees. Many of these homeowners purchased their homes years ago at much lower prices. Today, they are sitting on significant wealth tied up in real estate.
Jumbo reverse mortgages allow these seniors to tap into their equity without selling, downsizing, or draining other investments — all while staying in the home and community they love.
Tax-Friendly Retirement Environment
Florida’s lack of state income tax, along with no taxes on Social Security benefits or retirement account withdrawals, makes it one of the most attractive states for retirees.
Reverse mortgage proceeds are not considered taxable income, which means seniors can access large sums of cash from their home equity without triggering new tax liabilities — a major advantage in Florida’s already tax-friendly system.
Estate Planning Flexibility
Many Florida retirees use jumbo reverse mortgages as part of a larger estate planning or wealth management strategy. Whether it’s gifting assets to family early, covering long-term care, or simply maintaining liquidity without selling investments, jumbo reverse mortgages have become a useful tool for protecting and preserving wealth for many high-net-worth households.
Top 12 Jumbo Reverse Mortgage Lenders in Florida (2025 Guide)
When it comes to jumbo reverse mortgages, not every lender is built the same. You need a lender who understands Florida’s luxury property market, coastal insurance, local tax laws, and the unique needs of retirees with high-value homes. Here’s a closer look at Florida’s leading jumbo reverse mortgage lenders for 2025 — starting with the top choice statewide.
1. Select Home Loans (Editor’s Pick – #1 Statewide Jumbo Reverse Specialist)
When it comes to jumbo reverse mortgages in Florida, Select Home Loans stands at the top. Unlike many national providers, Select Home Loans is built for Florida homeowners. Their team understands the state’s high-value markets — from Miami to Naples to Palm Beach — and works closely with luxury homeowners to create customized jumbo reverse mortgage solutions.
With Select Home Loans, borrowers receive:
- Access to higher loan amounts than FHA caps allow
- Personalized one-on-one consultations with experienced Florida-based reverse mortgage specialists
- Full transparency on rates, fees, and long-term financial planning
- Options for lump sum payouts, flexible credit lines, or structured income
- Expert guidance on Florida-specific issues like flood insurance, homestead exemptions, and trust-owned property
For Florida seniors with homes valued at $1.5 million, $3 million, or even more, Select Home Loans brings unmatched local experience and attention to detail.
📞 Call Select Home Loans at (888) 550-3296
🔗 Visit: selecthomeloans.com
2. Longbridge Financial – Platinum Jumbo Reverse
Longbridge Financial has earned a strong reputation in Florida’s jumbo reverse mortgage space through its Platinum Program, designed specifically for high-value homeowners.
Longbridge stands out for:
- High maximum lending limits (often exceeding $4 million)
- No required monthly mortgage insurance
- Flexible payout options
- Streamlined digital processing
Florida homeowners with properties in areas like Naples, Sarasota, and Boca Raton often turn to Longbridge for clear pricing and competitive jumbo rates.
3. Finance of America Reverse (HomeSafe Jumbo Program)
Finance of America Reverse (FAR) is one of the most active jumbo reverse lenders nationwide, with a major footprint in Florida’s coastal markets. Their HomeSafe® Jumbo Reverse Mortgage offers several variations to fit different borrower needs.
They offer:
- Loan amounts up to $4 million or more
- Multiple payout structures: lump sum, tenure payments, or line of credit
- Options for second homes in certain cases
- Customized solutions for complex estates
Finance of America Reverse is often a strong option for high-net-worth borrowers looking for flexibility.
4. Mutual of Omaha Reverse Mortgage
Mutual of Omaha brings decades of trusted financial services to the jumbo reverse mortgage market, with solid options available throughout Florida.
Florida borrowers appreciate:
- Reliable customer service with financial stability
- Both standard HECM and proprietary jumbo products
- Access to highly-trained reverse mortgage specialists
- Well-established presence across the state
5. AAG (American Advisors Group) – Advantage Jumbo Program
AAG is one of the largest reverse mortgage providers in the U.S., and their AAG Advantage jumbo program allows Florida homeowners to borrow against much higher home values than FHA limits allow.
Borrowers turn to AAG for:
- National name recognition and experience
- Higher lending limits for Florida’s luxury property markets
- Educational materials to help seniors understand complex products
- Competitive jumbo loan structures
6. Reverse Mortgage Funding (RMF) – Equity Elite Jumbo Program
RMF’s Equity Elite program is designed specifically for borrowers with higher-value properties — a strong fit for Florida’s luxury coastal market.
Their program includes:
- Loans available for properties valued up to $4 million
- Reduced closing costs compared to FHA HECM
- No mortgage insurance premiums
- Options for both lump sum and line of credit structures
7. Fairway Independent Mortgage – Jumbo Division
Fairway has built a strong reverse mortgage division that now includes proprietary jumbo options. Their Florida-based loan officers work with high-value homeowners throughout the state.
Fairway stands out for:
- Flexible consultation options (both in-person and virtual)
- Transparent pricing and fee structures
- Customized jumbo loan solutions
8. GoodLife Jumbo Reverse Mortgage
GoodLife Home Loans has expanded their reverse mortgage product offerings to include proprietary jumbo reverse options for higher-value properties.
Borrowers like GoodLife for:
- Competitive jumbo interest rates
- No required mortgage insurance premiums
- Fast, easy digital application process
- Direct customer support for Florida clients
9. Open Mortgage Jumbo Reverse
Open Mortgage offers reverse mortgage products tailored for homeowners who need loan amounts above FHA limits, with service throughout Florida’s major coastal markets.
They provide:
- Jumbo loans for homes over $1.5 million
- Dedicated reverse mortgage loan officers
- Simplified loan disclosures and no high-pressure tactics
- Quick pre-qualification process
10. Nationwide Equities – Jumbo Reverse Program
Nationwide Equities has developed a proprietary jumbo reverse product line specifically designed for borrowers in high-cost markets like Florida.
Nationwide Equities offers:
- Loan amounts into the multi-million-dollar range
- No monthly mortgage insurance
- Streamlined loan processing
- Personal guidance throughout the jumbo loan process
11. Florida Jumbo Reverse Mortgage Specialists (Local Brokers)
There are also smaller, independent Florida brokers who work exclusively with jumbo reverse mortgage products. These boutique providers often give highly customized attention and can shop multiple proprietary lenders on your behalf.
Florida homeowners may benefit from:
- Broker access to multiple jumbo lenders
- Localized knowledge of Florida tax and insurance laws
- Personal service throughout the loan process
12. Retirement Funding Solutions (RFS)
RFS specializes in reverse mortgage products for seniors nationwide and has been very active in Florida’s jumbo reverse space.
Their strengths include:
- Specialized knowledge of jumbo reverse mortgage guidelines
- Clear disclosures and borrower education
- Customizable payout structures based on financial goals
What to Look for in a Jumbo Reverse Mortgage Lender in Florida
Because jumbo reverse mortgages aren’t federally insured like FHA HECMs, choosing the right lender becomes even more important. You want a company that not only offers large loan amounts but also fully understands Florida’s unique real estate market, tax laws, and financial complexities.
Here’s what Florida homeowners should pay close attention to when evaluating jumbo reverse mortgage lenders:
Experience with Florida’s Luxury Property Market
Jumbo reverse mortgages are heavily tied to home value — and Florida’s high-end real estate comes with added complexity. Waterfront properties, coastal flood zones, hurricane insurance requirements, and varying county property tax rates all affect eligibility.
Lenders like Select Home Loans stand out because they focus specifically on Florida markets. They understand:
- Homestead exemption rules
- Flood insurance requirements
- Condo approval issues
- How to work with properties held in trusts or LLCs
Transparent Jumbo Loan Pricing
Unlike FHA reverse mortgages, jumbo products aren’t governed by strict federal fee caps. That means closing costs, origination fees, and interest rates can vary more widely.
A trustworthy lender will:
- Provide a full breakdown of all fees before you commit
- Clearly explain how rates are calculated
- Walk you through any unique closing costs tied to jumbo products
If a lender can’t clearly show you total costs upfront, that’s a major red flag.
Loan Customization Options
Every borrower’s financial situation is different. Some homeowners need a lump sum payout to clear existing mortgages, while others prefer flexible lines of credit that grow over time.
The best jumbo reverse mortgage lenders in Florida offer:
- Lump sum payouts for immediate liquidity
- Monthly tenure payments for stable income
- Growing lines of credit for future flexibility
- Custom combinations of payout structures
Strong Post-Closing Support
Jumbo reverse mortgages are long-term financial tools. You want a lender that stays available for questions or issues that may come up years after closing.
Local lenders like Select Home Loans offer ongoing support — not just quick closings. This personal touch can make a big difference down the road.
Jumbo Reverse Mortgage Risks & Protections
Jumbo reverse mortgages can be a powerful financial tool, especially for Florida homeowners with high-value properties. But like any financial product, it’s important to fully understand both the protections and the potential risks involved.
Jumbo Reverse Mortgages Are Not FHA-Insured
Unlike traditional FHA HECM reverse mortgages, jumbo reverse mortgages are proprietary loans offered by private lenders. That means they aren’t insured by the federal government.
Because of this, they don’t require borrowers to pay expensive FHA mortgage insurance premiums — which can save you money upfront and throughout the life of the loan. However, without FHA insurance, borrowers are relying entirely on the lender’s contract terms.
This makes it even more important to work with a reputable, experienced lender who fully explains every detail of your loan.
Non-Recourse Protections Still Apply
Even though jumbo reverse mortgages aren’t federally insured, nearly all reputable lenders still include a non-recourse feature in their contracts. This means:
- You (or your heirs) will never owe more than the home is worth at the time of sale.
- If property values drop, neither you nor your family are personally responsible for any shortfall.
Non-recourse protections provide important peace of mind, even with jumbo loan amounts that can reach several million dollars.
Closing Cost Differences
Because jumbo reverse mortgages are not tied to FHA regulations, the fees can vary more from lender to lender. Jumbo loans often include:
- Origination fees (which may be higher than FHA caps)
- Appraisal and title fees (which may increase for higher-value homes)
- Third-party closing costs
The best lenders will provide you with a full, detailed closing cost estimate upfront, so you’re never surprised later.
The Importance of Financial Counseling
With FHA HECMs, counseling is mandatory. While jumbo lenders are not federally required to offer counseling, many highly reputable lenders still encourage borrowers to complete independent counseling sessions before closing.
Even for experienced borrowers, this extra step ensures you fully understand the loan’s structure, obligations, and long-term impacts on your estate and heirs.
Jumbo reverse mortgages can be safe and highly beneficial — as long as you work with an experienced, transparent lender who prioritizes your long-term financial security.
Frequently Asked Questions About Jumbo Reverse Mortgages in Florida
Q: What is the minimum home value to qualify for a jumbo reverse mortgage?
Most jumbo reverse mortgage programs start considering homes valued at $1 million or higher, though some lenders may begin as low as $900,000 depending on the property and market.
Q: What age do I need to be to qualify?
Most jumbo reverse mortgage lenders require borrowers to be at least 62 years old, though a few proprietary programs may allow applicants starting at age 60.
Q: How much can I borrow with a jumbo reverse mortgage?
Loan amounts vary based on your home’s appraised value, your age, current interest rates, and lender-specific guidelines. In Florida, some borrowers are able to access loan amounts between $1 million and $4 million or more, depending on their circumstances.
Q: Will a jumbo reverse mortgage affect my taxes?
Generally, no. Proceeds from a jumbo reverse mortgage are not considered taxable income. Since it’s a loan against your home equity, it typically won’t impact your income taxes or affect Social Security benefits. However, always speak to a qualified tax advisor for personalized guidance.
Q: Can I get a jumbo reverse mortgage if my home is held in a trust?
Yes. Many jumbo reverse mortgage lenders work with homeowners whose properties are held in certain types of trusts. The trust documents will need to be reviewed to ensure they meet lender requirements.
Is a Jumbo Reverse Mortgage Right for You?
For many Florida homeowners, especially those with luxury properties along the coast, a jumbo reverse mortgage opens up access to substantial equity that would otherwise sit untapped. Whether you want to supplement retirement income, eliminate an existing mortgage payment, fund long-term care, or simply create financial flexibility — a jumbo reverse mortgage allows you to stay in your home while converting its value into cash.
That said, because jumbo reverse mortgages are not federally insured, working with an experienced, transparent lender is absolutely critical. You need a partner who understands not only the jumbo reverse product itself but also Florida’s unique property laws, flood insurance requirements, homestead exemptions, and estate planning challenges.
Why Select Home Loans Is Florida’s #1 Jumbo Reverse Mortgage Specialist
Select Home Loans leads the way because they focus on what matters most:
- Deep expertise in Florida’s high-value property markets
- Personal one-on-one guidance throughout the entire process
- Full transparency on all rates, fees, and loan options
- Jumbo reverse mortgage solutions tailored to your long-term financial goals
- Continued support and service long after the loan closes
If you’re considering a jumbo reverse mortgage in Florida, Select Home Loans offers the experience, care, and attention you need to make the right decision — without pressure or confusion.
📞 Call Select Home Loans today at (888) 550-3296
🔗 Visit: selecthomeloans.com
Your home’s value has grown for years. Now it’s time to let that value work for you — safely, responsibly, and with expert guidance.
