When retirement savings fall short or unexpected expenses arise, many Florida homeowners turn to reverse mortgages as a solution. With rising property values across the state, especially in areas like Tampa, Orlando, and Fort Lauderdale, seniors are sitting on more home equity than ever. A reverse mortgage offers a way to access that equity without selling the home or making monthly mortgage payments.
In this guide, we’ll walk through how reverse mortgages work, who they’re for, current Florida rates, and the best lenders to consider, starting with Select Home Loans.
What is a Reverse Mortgage?
A reverse mortgage is a type of loan designed for homeowners age 62 and older. Unlike traditional mortgages, you don’t make monthly payments. Instead, the lender pays you, either as a lump sum, monthly payment, or line of credit, and the loan is repaid when you sell the home, move out permanently, or pass away.
The most common type is the Home Equity Conversion Mortgage (HECM), which is insured by the federal government through the FHA. This option is available through approved lenders and offers protections like non-recourse terms (you or your heirs will never owe more than the home’s value) and flexible payout options.
Reverse mortgages can help:
- Supplement retirement income
- Cover medical bills or in-home care
- Pay off existing debt
- Fund home renovations for aging in place
They’re not the right fit for everyone, but for many Florida homeowners, they offer a practical financial tool to maintain independence and stay in the home they love.
Who Qualifies for a Reverse Mortgage in Florida?
To qualify for a reverse mortgage in Florida, you’ll need to meet the following criteria:
- You must be 62 or older
- The home must be your primary residence
- You need to have sufficient equity (usually at least 50%)
- You must be able to cover property taxes, homeowners insurance, and maintenance
- You must meet financial assessment requirements, which look at your income, debts, and ability to maintain the home
Eligible property types include single-family homes, HUD-approved condos, townhomes, and some manufactured homes.
Many lenders in Florida will help walk you through a reverse mortgage counseling session, which is required before final approval. It’s designed to help you understand your options and make an informed decision.
Pros and Cons of a Reverse Mortgage in Florida
Like any financial tool, reverse mortgages come with trade-offs. Here’s a breakdown of the benefits and drawbacks Florida homeowners should consider before moving forward.
Advantages:
- You keep ownership of your home
- There are no required monthly payments
- You can receive cash in several ways, lump sum, monthly income, or line of credit
- Funds can be used for anything: living expenses, debt payoff, or unexpected medical costs
- The loan is non-recourse, which means you or your heirs won’t owe more than the home’s value
Drawbacks:
- Your home equity decreases over time
- Heirs may receive less inheritance
- You’re still responsible for taxes, insurance, and upkeep
- Closing costs can be higher than traditional mortgages
- Not ideal if you plan to move or sell soon
The key is to weigh the short-term relief of extra income against the long-term impact on your estate. For many Florida seniors, especially those planning to stay in their homes long-term, it’s worth it. For others, a home equity line of credit (HELOC) or downsizing may make more sense.
Reverse Mortgage Rates in Florida: What to Expect
Rates for reverse mortgages in Florida vary based on loan type, market conditions, and borrower profile. Generally, you’ll find two main options:
- Fixed-rate reverse mortgages: These offer a one-time lump sum payout with a set interest rate. Rates often range from 6.5% to 8.5%.
- Adjustable-rate reverse mortgages: These allow for flexible payouts (monthly or line of credit), with rates that may start lower but can rise over time. These often start in the 6.0% to 7.5% range.
Factors that impact your rate include:
- Age of the youngest borrower
- Value of the home and equity available
- Current interest rate environment
- Type of payout option selected
Select Home Loans helps Florida borrowers lock in favorable rates by working with multiple HECM lenders. Whether you’re looking to access funds immediately or open a standby line of credit for future use, their advisors help structure the loan to fit your financial goals.
Best Reverse Mortgage Lenders in Florida
If you’ve spent years paying down your home in Florida, a reverse mortgage can be a way to tap into that hard-earned equity, without giving up the place you call home. But not all lenders are created equal. Some treat it like a transaction. Others understand it’s a big life decision, and walk you through it like a neighbor would.
Florida’s reverse mortgage market is busy. You’ve got big banks, online lenders, and local specialists all offering different kinds of loans, promises, and processes. So how do you know who to trust?
To make things easier, we’ve pulled together a list of the best reverse mortgage lenders in Florida, companies that not only offer competitive rates, but actually help you make a smart, informed decision. Leading the list is a local standout that Florida homeowners consistently trust.
1. Select Home Loans – Florida’s Go-To for Reverse Mortgages
Select Home Loans isn’t some big national name, but that’s exactly why so many Florida seniors turn to them. Based right here in Florida, they’ve built a strong reputation by doing things differently. Instead of handing you off to some call center in another state, you work directly with a Florida-based advisor who knows the ins and outs of the local market, and takes the time to explain everything clearly.
They specialize in HECM loans (that’s the government-backed reverse mortgage most folks end up choosing), but they also help with jumbo options for higher-value homes. And they do it without pressure. No fast-talking sales pitches. Just a step-by-step breakdown of what works for you.
From Tampa and Fort Lauderdale to West Palm and beyond, Florida homeowners appreciate Select’s patient, professional approach. If you’ve got questions about how much you qualify for, how payments work, or how to protect your spouse or kids, they’ll give you real answers, not fluff.
Why they stand out:
- Based in Florida, built for Florida homeowners
- One-on-one guidance with zero-pressure consultations
- Quick quotes, real people, and no hidden fees
If you want local insight, fair terms, and someone who’ll actually pick up the phone when you call, they’re the ones to talk to first. Give us a call (888) 550-3296 or fill out our contact form here.
2. Mutual of Omaha Reverse Mortgage
Mutual of Omaha is a trusted national brand, and for good reason. They’ve been in the insurance and financial services business for well over a century, and their reverse mortgage division brings that same level of professionalism.
They offer the full suite of HECM options, from fixed-rate lump sum loans to adjustable lines of credit. Their team is courteous and professional, and they’ve got a helpful library of educational tools if you want to read up before you talk to someone.
Where they fall a little short is personal attention. If you’re hoping to work with someone local, you may be disappointed, many of their reps work remotely or out of state. But if you’re comfortable navigating things online or by phone, they’re still a solid option.
Pros:
- Established national brand
- Good support and resources
- Multiple loan options available
Cons:
- Less local presence in Florida
- More structured, less flexible service
3. Longbridge Financial
Longbridge has made a name for itself as one of the more transparent and user-friendly reverse mortgage lenders out there. They’ve invested in simplifying the process, and that’s something many seniors appreciate, especially if it’s your first time dealing with this type of loan.
They do a good job explaining fees upfront, and they don’t bury you in paperwork or jargon. They also offer “jumbo” reverse mortgage options if your home value is above the FHA limit, which is common in places like Boca Raton or Naples.
The downside? They don’t have much of a footprint in Florida. You’ll most likely deal with them over the phone or online.
Pros:
- Easy-to-understand process
- Good for higher-value homes
- Transparent fee structure
Cons:
- Limited local support
- Mostly remote communication
4. AAG (American Advisors Group)
If you’ve seen TV ads about reverse mortgages, there’s a good chance they were from AAG. They’re one of the biggest reverse mortgage lenders in the country and have helped thousands of homeowners get access to their home equity.
Their size is both a strength and a weakness. On one hand, they have plenty of tools, calculators, and product options. On the other hand, some customers report that it feels more like working with a machine than a person.
Still, if you want options, including refinancing existing reverse mortgages or exploring private products, AAG can deliver.
Pros:
- National name with lots of experience
- Wide range of loan types
- Solid educational materials
Cons:
- Less personal, more volume-based
- Can feel corporate
5. Finance of America Reverse
Finance of America Reverse rounds out our list with a strong lineup of products and solid tech. They offer traditional HECMs and proprietary options, including lines of credit that grow over time.
They’ve also developed useful tools for exploring payout scenarios, which is great if you want to visualize your options before deciding. While their rates are competitive, what really makes them stand out is the flexibility of how you receive the money, monthly, lump sum, or on demand.
Again, though, they’re more national than local. If you’re okay with that, they’re worth a look.
Pros:
- Flexible payout options
- User-friendly online tools
- Competitive rates
Cons:
- Minimal in-person support in Florida
- More do-it-yourself than guided
What Can You Use Reverse Mortgage Funds For?
One of the biggest advantages of a reverse mortgage is the flexibility. Unlike a traditional loan with strict usage requirements, the proceeds from a reverse mortgage are yours to use however you see fit, whether it’s covering essentials or enjoying life a little more.
Here are some of the most common ways Florida homeowners use their reverse mortgage funds:
Medical bills or in-home care
As we age, healthcare costs add up quickly. A reverse mortgage can help you cover out-of-pocket expenses, prescriptions, or even allow you to hire in-home care so you can stay in your house longer.
Home renovations or safety upgrades
Installing walk-in tubs, handrails, ramps, or updating the AC system in an older Florida home, all of these can be paid for using reverse mortgage funds.
Travel and lifestyle
Many retirees use their equity to fund long-overdue vacations, bucket list adventures, or simply to enhance their day-to-day life with more financial breathing room.
Paying off existing debt
Got lingering credit card balances, personal loans, or even an existing mortgage? Reverse mortgage proceeds can be used to eliminate debt and reduce monthly stress.
Supplemental retirement income
For many, a reverse mortgage acts as an additional income stream to help stretch retirement savings further, without dipping into 401(k)s or IRAs too soon.
Bottom line: You’ve built this equity. Now it can help support the lifestyle or security you deserve.
What Happens When the Borrower Passes Away or Sells?
A reverse mortgage doesn’t last forever, and it’s important to know what happens when the borrower either moves out, sells the home, or passes away.
Repayment is triggered
Reverse mortgages are repaid when the home is no longer the borrower’s primary residence. That means if you sell the house or pass away, the loan becomes due. But that doesn’t mean your family is left with a mess.
Your heirs have options
If your children or heirs want to keep the house, they can choose to pay off the reverse mortgage, either through a refinance or with other funds. If they’d rather sell the home, that’s also an option. Any remaining equity after the loan is paid off goes to them.
You’re protected with a non-recourse loan
Reverse mortgages are designed so that neither you nor your heirs will ever owe more than the home’s value, no matter what happens with the housing market. That’s called a “non-recourse” feature, and it’s built into all government-backed HECM loans.
It’s not a decision to take lightly, but when structured properly, a reverse mortgage won’t burden your loved ones, it’ll give them clarity and control.
How to Choose the Right Reverse Mortgage Lender in Florida
Finding the right reverse mortgage lender is just as important as choosing the right loan. This isn’t a one-size-fits-all financial product, and you want a lender who actually treats it that way.
Here are a few things to consider:
Ask the right questions:
- Are you HUD-approved?
- Do you specialize in HECM loans?
- Will I have one point of contact throughout the process?
- Can you help me understand the costs and benefits?
Look for HUD-approved lenders
Always make sure the lender is approved by the U.S. Department of Housing and Urban Development (HUD). That ensures they follow the guidelines for HECM loans and require independent counseling before closing.
Transparent fees and local service matter
Hidden costs can quickly turn a good loan into a bad one. Choose a lender that puts everything on the table, from origination fees to servicing details. Bonus points if they offer in-person or local Florida-based service, which makes everything more personal and accessible.
Support after closing
Reverse mortgages are long-term products. Make sure your lender doesn’t vanish once the loan is signed. Ongoing customer support matters, especially if you need to make changes or have questions years down the line.
Final Thoughts + Call to Action
A reverse mortgage isn’t just another loan, it’s a financial tool that can provide peace of mind, extra income, and the freedom to age comfortably in your own home. For Florida homeowners, it can be especially useful given rising property values, growing retirement costs, and the desire to stay independent.
But it’s not for everyone. That’s why education is key. Speak with someone who listens to your goals, explains the options in plain language, and helps you make a decision that supports, not jeopardizes, your future.
That’s where Select Home Loans shines. As Florida’s top-rated reverse mortgage provider, they offer more than great rates. They offer guidance, transparency, and true local service.
