Fort Lauderdale has long been one of Florida’s premier destinations for retirees. With its miles of beaches, boating lifestyle, vibrant senior communities, and world-class healthcare, it’s no surprise so many homeowners choose to stay here long into retirement.
But as home values across Broward County have continued to climb, many Fort Lauderdale seniors find themselves sitting on significant equity. For many, their home has become their largest financial asset, even if much of that wealth is tied up and not easily accessible.
That’s where reverse mortgages have become a valuable financial tool. For homeowners aged 62 and older, a reverse mortgage allows you to tap into your home equity without selling or taking on monthly payments. Instead of downsizing or liquidating investments, Fort Lauderdale seniors are using reverse mortgages to:
- Pay off remaining mortgages or debts
- Supplement retirement income
- Cover rising healthcare or in-home care costs
- Renovate their home to age in place
- Simply create financial peace of mind
In a city like Fort Lauderdale, with luxury waterfront homes, high-value condos, and decades of built-up equity, reverse mortgages have quietly become a powerful financial strategy for many retirees. In this guide, we’ll break down how reverse mortgages work here in Florida, why Fort Lauderdale is one of the strongest reverse mortgage markets in the state, and which lenders offer the best options, starting with Select Home Loans.
How Reverse Mortgages Work in Florida (Fort Lauderdale Edition)
A reverse mortgage allows Fort Lauderdale homeowners to convert part of their home equity into cash, while still living in the home, retaining full ownership, and eliminating monthly mortgage payments.
The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). The FHA adds extra protections for seniors, making HECMs the most widely used reverse mortgage program in the country.
Eligibility Requirements
To qualify for a reverse mortgage in Fort Lauderdale, homeowners typically must:
- Be at least 62 years old
- Own their home outright (or have significant equity)
- Live in the home as their primary residence
- Stay current on property taxes, homeowners insurance, HOA dues, and maintenance
- Complete HUD-approved counseling before closing
How Reverse Mortgage Payments Work
Instead of making payments, a reverse mortgage pays you. Fort Lauderdale seniors can receive funds as:
- A lump sum
- Monthly payments for steady income
- A line of credit that grows over time
- A combination of payment options
Many Fort Lauderdale retirees use reverse mortgages to eliminate existing mortgage payments, free up retirement cash flow, or create a financial safety net for medical or long-term care expenses.
Loan Repayment Terms
The loan is repaid when:
- You sell the home
- You move out permanently
- Or you pass away
When the home is eventually sold, any remaining equity after paying off the reverse mortgage belongs to your estate or heirs. Importantly, FHA’s non-recourse protection means you or your heirs will never owe more than the home’s market value at the time of sale.
Mandatory Counseling for Added Protection
To ensure seniors fully understand how reverse mortgages work, HUD requires all applicants to complete independent third-party counseling before moving forward. This step protects borrowers and ensures complete transparency.
Why Fort Lauderdale Is a Prime Reverse Mortgage Market
Fort Lauderdale isn’t just one of Florida’s most desirable places to live, it’s also one of the strongest reverse mortgage markets in the state. Between rising property values, a large retirement population, and unique Florida tax benefits, more seniors in Fort Lauderdale are using reverse mortgages as part of their long-term financial strategy.
High Home Values Across the City
Many Fort Lauderdale homeowners have lived in their properties for decades. Today, home values in areas like:
- Las Olas Isles
- Rio Vista
- Coral Ridge
- Victoria Park
- Harbor Beach
- Downtown high-rise condos
…have climbed well into the $500,000 to multi-million-dollar range. Even modest single-family homes purchased years ago have appreciated dramatically. For retirees, this means a tremendous amount of wealth may be locked up in their home equity.
A reverse mortgage allows these homeowners to finally access that equity without selling, downsizing, or cashing out investments.
Strong Condo Market, With the Right Lender
Fort Lauderdale has one of the highest concentrations of condominiums in Florida. While condos can qualify for reverse mortgages, many older buildings are not FHA-approved. That’s where an experienced reverse mortgage lender can make all the difference.
- FHA HECM programs require FHA condo approval
- Proprietary jumbo reverse mortgages can work for non-FHA-approved condos
- A qualified lender will help navigate condo eligibility early in the process
Florida’s Tax-Friendly Retirement Benefits
Like the rest of Florida, Fort Lauderdale offers retirees significant tax advantages:
- No state income tax
- No taxation on Social Security or retirement account withdrawals
- No estate or inheritance tax
- Homestead exemptions to lower property taxes
Because reverse mortgage proceeds are not considered taxable income, Fort Lauderdale seniors can access equity without affecting their retirement income or tax situation.
Aging in Place Is a Top Priority
Many Fort Lauderdale retirees use reverse mortgages to stay in the home and neighborhood they love while covering:
- In-home care or long-term care costs
- Renovations for accessibility
- Ongoing property maintenance
- Rising insurance premiums
Reverse mortgages give seniors financial flexibility while allowing them to age in place comfortably.
Top 10 Reverse Mortgage Lenders in Fort Lauderdale, FL
Choosing the right reverse mortgage lender in Fort Lauderdale is about more than just loan amounts, it’s about finding a partner who understands Florida real estate, local condo rules, flood insurance issues, and long-term retirement planning. Below are ten top lenders serving Fort Lauderdale, starting with the clear leader.
1. Select Home Loans (Editor’s Pick – Fort Lauderdale’s #1 Reverse Mortgage Lender)
When it comes to reverse mortgages in Fort Lauderdale, Select Home Loans remains the top choice for local homeowners. Unlike national call centers, Select Home Loans focuses directly on Florida seniors, offering customized advice that reflects Broward County’s unique real estate, insurance, and HOA challenges.
What makes Select Home Loans stand out:
- Florida-specific expertise
- Personal one-on-one consultations, no call centers
- Full FHA HECM and jumbo reverse mortgage programs
- Condo eligibility experience for Fort Lauderdale’s high-rise markets
- Transparent pricing with no hidden fees
- Post-closing customer service long after your loan is finalized
Whether you live near Las Olas, Victoria Park, Rio Vista, or Fort Lauderdale Beach, Select Home Loans brings deep knowledge of the local property market, ensuring your reverse mortgage is done right from the start.
📞 Call Select Home Loans at (888) 550-3296
🔗 Visit: selecthomeloans.com
2. Florida Reverse Mortgage (Broward County Specialists)
Florida Reverse Mortgage works exclusively with Florida seniors and offers years of experience helping Fort Lauderdale residents understand both FHA and jumbo reverse mortgage options. They offer:
- Condo experience with local associations
- Customized consultations
- FHA and proprietary reverse mortgage products
- Straightforward loan education for retirees
3. Mortgage Masters Group – Fort Lauderdale Branch
Mortgage Masters Group operates throughout South Florida and offers full-service reverse mortgage lending through their Fort Lauderdale office. They offer:
- FHA reverse mortgages
- Jumbo reverse mortgage programs
- Local loan officers with Fort Lauderdale market knowledge
- Educational consultations for seniors and their families
4. PRMG (Paramount Residential Mortgage Group – Broward Office)
PRMG has built a strong reverse mortgage division in Broward County, offering:
- FHA HECM reverse mortgages
- Proprietary jumbo reverse mortgages for higher-value Fort Lauderdale properties
- Flexible loan structuring
- Dedicated reverse mortgage loan officers in Florida
5. The Home Lending Group – Miami-Dade & Broward Service
Serving South Florida homeowners, The Home Lending Group offers:
- FHA HECM loans
- Bilingual loan officers (Spanish-speaking support)
- Personalized local consultations
- Condo-focused reverse mortgage assistance
6. Longbridge Financial
Longbridge Financial is a national reverse mortgage leader with a strong presence in Fort Lauderdale. They offer:
- FHA HECM loans and proprietary Platinum jumbo reverse products
- Condo expertise for Florida markets
- Transparent loan pricing
- Flexible payout structures
7. Finance of America Reverse (HomeSafe Program)
Finance of America Reverse offers highly competitive jumbo reverse mortgage options for Fort Lauderdale’s luxury real estate market, including:
- High maximum loan amounts
- Multiple payout options
- Proprietary HomeSafe jumbo reverse program
- Transparent customer education resources
8. Mutual of Omaha Reverse Mortgage
Mutual of Omaha Reverse Mortgage brings national brand strength with dedicated Florida support, offering:
- FHA-insured HECM loans
- Flexible reverse mortgage payout structures
- Stability, clear documentation, and competitive pricing
- Experienced reverse mortgage professionals
9. AAG (American Advisors Group)
AAG is one of the largest reverse mortgage lenders nationwide, with full-service lending throughout Broward County. They offer:
- FHA HECM reverse mortgages
- Jumbo reverse mortgage programs (AAG Advantage)
- Large educational resource library for seniors
- Ongoing support throughout the loan process
10. GoodLife Home Loans
GoodLife Home Loans is an increasingly popular choice for Florida seniors, offering:
- FHA and jumbo reverse mortgage products
- Simple, streamlined application process
- Competitive jumbo pricing for high-value Fort Lauderdale properties
- Dedicated Florida support staff
What to Look for in a Fort Lauderdale Reverse Mortgage Lender
Choosing the right reverse mortgage lender isn’t just about who offers the highest loan amount, especially in a market like Fort Lauderdale where property types, insurance rules, and condo eligibility can get complicated fast. The right lender brings both product knowledge and local expertise.
Here’s what Fort Lauderdale seniors should pay attention to when selecting a reverse mortgage partner:
Local Florida and Fort Lauderdale Experience
Fort Lauderdale’s real estate is different from many other Florida cities. Between luxury waterfront homes, high-rise condos, flood zone insurance requirements, and HOA restrictions, you want a lender who knows how to navigate:
- Broward County property taxes and homestead exemptions
- Flood and hurricane insurance rules for coastal properties
- HOA requirements for gated communities
- FHA vs. jumbo reverse mortgage rules for high-value properties
- Condo eligibility, especially for older buildings common in Fort Lauderdale
Lenders like Select Home Loans specialize in Florida reverse mortgages and understand how these factors affect your loan options.
HUD Approval & FHA Certification
Work with a HUD-approved lender for FHA-insured HECM loans. This ensures you receive:
- Full federal non-recourse protections (you or your heirs never owe more than the home is worth)
- Required independent counseling for full transparency
- Federal guidelines on fees, disclosures, and borrower rights
HUD-approved lenders follow strict rules that protect seniors throughout the life of the loan.
Fee Transparency
Reverse mortgages do have upfront and long-term costs, but you should never be surprised by them. A reputable lender will break down:
- FHA mortgage insurance premiums (MIP)
- Origination fees
- Title, appraisal, and closing costs
- Ongoing servicing fees
A lender who avoids discussing fees upfront may not be the right fit. The best lenders put everything on the table early.
Custom Loan Structuring
There’s no one-size-fits-all reverse mortgage. The right lender will help you evaluate:
- Lump sum payouts
- Monthly income options
- Growing lines of credit
- Or blended solutions depending on your needs
Your payout structure should reflect your unique financial situation, not just fit into a standard box.
Post-Closing Support
Reverse mortgages often stay in place for many years. You want a lender who sticks around, not one who disappears after closing. Select Home Loans offers long-term customer service, so you always have someone to call if questions come up.
Fort Lauderdale-Specific Reverse Mortgage Considerations
While reverse mortgages work similarly throughout Florida, Fort Lauderdale’s real estate market brings a few extra factors that seniors should carefully consider before starting the process.
Condo Eligibility
Fort Lauderdale is one of Florida’s most condo-heavy markets. Many seniors here live in:
- High-rise waterfront condos
- Active adult 55+ condo communities
- Downtown Fort Lauderdale luxury condominiums
For FHA HECM reverse mortgages, the condo building must be FHA-approved. Unfortunately, many older condos have not gone through FHA certification. This doesn’t mean you’re automatically disqualified, many lenders, including Select Home Loans, offer proprietary jumbo reverse mortgage programs that can approve non-FHA condos under more flexible guidelines.
Flood Zone and Hurricane Insurance
Fort Lauderdale’s coastal location means many homes and condos fall within flood zones or windstorm exposure areas. Reverse mortgage lenders will require:
- Active homeowners insurance
- Flood insurance if the property is in a designated flood zone
- Windstorm or hurricane coverage for coastal properties
A good lender will help you review these insurance requirements early to avoid surprises later in the process.
HOA and Gated Community Rules
Many Fort Lauderdale communities have homeowners associations (HOAs), especially in:
- Gated waterfront neighborhoods
- Private golf course communities
- Luxury townhome developments
Some HOAs have restrictions that may affect reverse mortgage eligibility. A local lender who understands Fort Lauderdale’s HOA landscape can help navigate these conversations with your association if needed.
Luxury Property Values and Jumbo Reverse Mortgages
Because many Fort Lauderdale homes easily exceed FHA lending limits (currently $1,149,825 for 2025), jumbo reverse mortgages are often the better fit for:
- Waterfront estates
- Las Olas Isles properties
- Rio Vista luxury homes
- Intracoastal and beachfront properties
Proprietary jumbo reverse mortgage programs allow homeowners to access larger loan amounts on high-value properties while offering flexible payout options.
Homestead Exemption and Property Taxes
Fort Lauderdale seniors benefit from Florida’s strong homestead protections, including:
- Reduced property tax bills
- Additional exemptions for seniors over 65
- Protection from creditors under Florida law
Reverse mortgages won’t affect your homestead exemption as long as you continue living in the home as your primary residence.
Frequently Asked Questions for Fort Lauderdale Seniors Considering Reverse Mortgages
Q: Do I still own my home if I get a reverse mortgage?
Yes. You remain the full legal owner of your home. A reverse mortgage simply allows you to borrow against your home’s equity while keeping your name on the deed. As long as you continue living in the home, pay property taxes, homeowners insurance, HOA dues, and maintain the property, you remain the full owner.
Q: When is the loan repaid?
The reverse mortgage comes due when:
- You sell the property
- You move out permanently
- You pass away
Your heirs can either sell the home to pay off the loan or refinance the balance if they wish to keep the property. Thanks to non-recourse protection, you or your heirs will never owe more than the home’s current market value at the time of repayment.
Q: Can I still qualify if I have an existing mortgage?
Yes. Many Fort Lauderdale homeowners use a reverse mortgage to pay off their current mortgage. This eliminates monthly payments entirely, freeing up more income in retirement. You’ll need enough home equity to cover the balance of your existing loan.
Q: Are reverse mortgage funds taxable?
No. Reverse mortgage proceeds are not considered income, so they’re not subject to federal income tax. The funds will not affect your Social Security, Medicare, or Florida state tax obligations.
Q: What fees are involved in a reverse mortgage?
Typical fees include:
- FHA mortgage insurance premiums (for HECM loans)
- Loan origination fees
- Appraisal, title, and closing costs
- Ongoing servicing fees
Most fees are financed into the loan, so you rarely pay anything upfront out of pocket.
Q: What about condos in Fort Lauderdale?
Condos can qualify for reverse mortgages, but only if they meet FHA’s condo approval guidelines. Many older condos may not be FHA-approved. However, many Fort Lauderdale lenders, including Select Home Loans, offer jumbo reverse mortgage programs that allow for non-FHA-approved condos under different qualification standards.
Q: Is counseling required before getting a reverse mortgage?
Yes. All FHA HECM reverse mortgage borrowers are required to complete HUD-approved counseling. This step ensures you fully understand how the loan works before you sign any documents.
Reverse Mortgages in Fort Lauderdale
Fort Lauderdale offers retirees one of Florida’s best lifestyles, but like everywhere, retirement comes with rising costs for healthcare, home maintenance, insurance, and everyday living. For many seniors, the equity in their home represents the largest untapped source of financial security.
Reverse mortgages give Fort Lauderdale seniors a safe, flexible way to access that equity while staying in the home they love, without monthly payments or forced downsizing.
Why Select Home Loans Is Fort Lauderdale’s #1 Reverse Mortgage Lender
Select Home Loans offers what Fort Lauderdale seniors need most:
- Local Florida expertise
- Deep understanding of Fort Lauderdale condos, HOAs, and waterfront property rules
- Personal, one-on-one guidance (not national call centers)
- FHA HECM and jumbo reverse mortgage programs
- Full transparency on costs and long-term obligations
- Dedicated customer support throughout the entire process
Whether you live in Las Olas Isles, Coral Ridge, Victoria Park, or anywhere in Broward County, Select Home Loans delivers local knowledge with national strength, guiding you every step of the way.
📞 Call Select Home Loans today at (888) 550-3296
🔗 Visit: selecthomeloans.com
Your home has built your financial foundation, now let it help fund your freedom, with trusted local guidance every step of the way.
