Hollywood, Florida sits right between Fort Lauderdale and Miami, offering retirees the best of South Florida’s lifestyle without the overwhelming pace or price tags of its bigger neighbors. With its wide beaches, beautiful parks, vibrant senior communities, and strong local healthcare options, Hollywood has become a favorite for many Florida retirees.
At the same time, home values throughout Hollywood have steadily climbed. Many longtime homeowners have seen their properties in neighborhoods like Emerald Hills, Hollywood Lakes, Boulevard Heights, and 55+ condo communities appreciate significantly over the past 20 or 30 years. But while home equity has grown, rising living costs, healthcare expenses, and insurance premiums often strain retirement budgets.
This is where reverse mortgages have become a powerful option for Hollywood seniors. For homeowners aged 62 and older, a reverse mortgage offers a way to:
- Eliminate monthly mortgage payments
- Access home equity without selling or downsizing
- Supplement retirement income
- Cover medical or long-term care costs
- Fund home improvements or renovations for aging in place
In a high-equity market like Hollywood, a reverse mortgage allows seniors to unlock wealth they’ve already built, while staying in the home and community they love. In this guide, we’ll walk through exactly how reverse mortgages work in Florida, why Hollywood is an excellent reverse mortgage market, and which lenders are best equipped to serve local homeowners, starting with Select Home Loans.
How Reverse Mortgages Work in Florida (Hollywood Edition)
A reverse mortgage allows Hollywood homeowners to turn part of their home equity into accessible cash, while staying in the home and maintaining full ownership.
The most common reverse mortgage product is the Home Equity Conversion Mortgage (HECM), federally insured by the Federal Housing Administration (FHA). Because of its government backing, the HECM program includes important consumer protections designed to safeguard seniors throughout the life of the loan.
Eligibility Requirements
To qualify for a reverse mortgage in Hollywood, Florida:
- You must be 62 years or older
- Own your home outright or have significant remaining equity
- Live in the home as your primary residence
- Stay current on property taxes, homeowners insurance, and HOA dues
- Complete HUD-approved counseling prior to closing
How the Loan Pays You
With a reverse mortgage, you don’t make payments, the loan pays you. You can receive your funds as:
- A lump sum payout
- Monthly payments
- A line of credit that grows over time
- Or a combination of these options
Many Hollywood seniors use reverse mortgages to eliminate existing mortgage payments, free up cash for healthcare, or simply create a financial safety net for their retirement years.
Loan Repayment Timing
The loan becomes due only when:
- The borrower permanently moves out
- Sells the home
- Passes away
At that point, the home is typically sold, the reverse mortgage is repaid from the proceeds, and any remaining equity belongs to the borrower’s estate or heirs. Thanks to FHA’s non-recourse protection, neither you nor your heirs will ever owe more than the home’s current value at the time of sale.
Required Counseling
All reverse mortgage borrowers must complete HUD-approved third-party counseling before finalizing the loan. This ensures that seniors fully understand how the loan works before moving forward.
Why Hollywood, FL Is a Growing Reverse Mortgage Market
Hollywood, Florida offers retirees an attractive mix of affordable neighborhoods, coastal living, and long-term stability. As home values have steadily risen, more Hollywood seniors are sitting on significant home equity, making reverse mortgages an increasingly smart financial option.
Substantial Equity Growth Over Decades
Many Hollywood homeowners bought their homes years ago when prices were much lower. Today, homes and condos in areas like:
- Hollywood Lakes
- Emerald Hills
- Boulevard Heights
- Hollywood Beach condos
- Hillcrest 55+ community
…have appreciated substantially. For seniors who have paid down or fully paid off their mortgage, this equity now represents a large untapped financial resource.
A reverse mortgage allows these homeowners to access that wealth without selling, downsizing, or disturbing their retirement investments.
Florida’s Retiree-Friendly Tax Benefits
Like the rest of Florida, Hollywood retirees benefit from:
- No state income tax
- No tax on Social Security or pension income
- Generous homestead exemptions to reduce property taxes
- No state-level estate or inheritance taxes
Even better, reverse mortgage funds aren’t treated as taxable income, so seniors can access equity without increasing their tax burden or affecting government benefits.
Strong Condo Market, With Extra Eligibility Considerations
Hollywood, FL has a heavy concentration of condominiums, both high-rise beachfront properties and 55+ retirement communities like Hillcrest. While condos are eligible for reverse mortgages, they must meet FHA condo approval guidelines for HECM loans.
Many reverse mortgage lenders, including Select Home Loans, also offer proprietary jumbo reverse mortgage programs that can serve Hollywood condo owners even if their building isn’t FHA-approved.
Seniors Want to Age in Place
For most Hollywood homeowners, staying in their home and community is the goal. Reverse mortgages make that possible by:
- Eliminating mortgage payments
- Funding in-home care or modifications
- Providing extra monthly income
- Helping cover rising insurance and living costs
Top 8 Reverse Mortgage Lenders in Hollywood, FL (2025 Guide)
Choosing a reverse mortgage lender in Hollywood, FL means finding someone who understands not just reverse mortgage rules, but Florida’s local tax laws, insurance issues, HOA restrictions, and condo eligibility. Here are the top lenders serving Hollywood homeowners, starting with the #1 recommended choice.
1. Select Home Loans (Editor’s Pick – Hollywood’s #1 Reverse Mortgage Lender)
When it comes to reverse mortgages in Hollywood, Select Home Loans continues to stand above the rest. Unlike large national lenders who operate call centers, Select Home Loans focuses directly on Florida seniors, with extensive expertise in Broward County property rules, HOA requirements, and condo eligibility.
What sets Select Home Loans apart:
- Full Florida reverse mortgage expertise
- FHA HECM and jumbo reverse mortgage programs
- Condo eligibility experience for communities like Hillcrest and Hollywood Beach
- Personalized, one-on-one service, no call centers
- Complete transparency on fees and closing costs
- Ongoing customer service after closing
Whether you live in Hollywood Lakes, Emerald Hills, or one of Hollywood’s many active adult communities, Select Home Loans offers the specialized knowledge and attention needed to guide you through the process.
📞 Call Select Home Loans at (888) 550-3296
🔗 Visit: selecthomeloans.com
2. Florida Reverse Mortgage (Broward County Specialists)
Florida Reverse Mortgage works exclusively with seniors throughout South Florida and Broward County. They offer:
- FHA HECM and jumbo reverse mortgage options
- Expertise working with Hollywood’s condo-heavy market
- Florida-based loan specialists familiar with local rules
- Clear educational support for seniors and family members
3. PRMG (Paramount Residential Mortgage Group – Hollywood Office)
PRMG operates directly in Hollywood and throughout Broward County, offering:
- FHA-backed reverse mortgages
- Jumbo reverse mortgage options
- In-person consultations with local loan officers
- Experience navigating Broward County property regulations
4. Mortgage Masters Group (Broward County Division)
Mortgage Masters Group serves Hollywood and neighboring communities with:
- Full FHA reverse mortgage services
- Jumbo reverse mortgage programs
- Reverse mortgage experts familiar with Broward County HOA and condo association rules
- Individualized consultations for seniors
5. Fairway Independent Mortgage – South Florida Offices
Fairway Independent Mortgage supports Hollywood seniors through their South Florida division, offering:
- FHA-insured HECM loans
- Proprietary jumbo reverse mortgage products
- Clear explanations of fees and loan structures
- Long-term service and support after closing
6. The Home Lending Group – Miami-Dade & Broward Service
The Home Lending Group works throughout both Miami-Dade and Broward Counties, including Hollywood, offering:
- FHA reverse mortgage programs
- Bilingual loan officers for Spanish-speaking borrowers
- Experience assisting condo owners with FHA and jumbo options
- Education-first consultations
7. Mutual of Omaha Reverse Mortgage – Florida Division
Mutual of Omaha Reverse Mortgage offers Hollywood seniors the benefit of national stability with Florida-based loan teams:
- FHA HECM loans
- Jumbo reverse mortgage programs
- Experienced reverse mortgage professionals
- Transparent loan disclosures and borrower education
8. AAG (American Advisors Group – Florida Division)
AAG remains one of the most recognized names in reverse mortgages nationally and actively serves Hollywood homeowners. They offer:
- FHA-insured HECM loans
- Jumbo reverse mortgage programs (AAG Advantage)
- Dedicated Florida support team
- Comprehensive educational tools for seniors
What to Look for in a Hollywood Reverse Mortgage Lender
Choosing a reverse mortgage lender in Hollywood requires more than just finding someone who offers the loan, it means selecting a lender who understands the local real estate, the complexity of South Florida property laws, and the retirement needs unique to Hollywood seniors.
Here’s what local homeowners should look for:
Florida-Specific Experience
Hollywood’s real estate market includes:
- Condos along Hollywood Beach and Ocean Drive
- Gated communities like Emerald Hills
- 55+ communities such as Hillcrest
- Older single-family homes with significant equity
A qualified reverse mortgage lender must understand:
- Broward County homestead exemptions and property taxes
- Florida HOA and condo association rules
- Hurricane and windstorm insurance requirements
- FHA and jumbo reverse mortgage limits based on property value
This is where lenders like Select Home Loans excel, as they focus entirely on Florida markets and know exactly how these rules apply locally.
HUD Approval & FHA Certification
Only work with HUD-approved lenders offering FHA-insured HECM loans. HUD approval ensures:
- Federal protections under the FHA HECM program
- Required third-party counseling for borrowers
- Strict fee limits and disclosures
- Built-in non-recourse protections to protect your estate
Condo Eligibility Expertise
Hollywood has a very large condo population, and many reverse mortgage lenders don’t know how to handle complex condo association rules. You need a lender who can:
- Evaluate your condo’s FHA certification status
- Explore jumbo reverse mortgage options for non-FHA-approved condos
- Communicate with HOA boards if necessary to assist with eligibility
Transparent Fee Structures
Reverse mortgages include costs like:
- FHA mortgage insurance premiums
- Origination fees
- Appraisal and title fees
- Closing costs
The best lenders will explain these fees fully upfront, with no surprises at closing. Transparency is non-negotiable.
Custom Loan Structuring
Reverse mortgages offer multiple payout options:
- Lump sum
- Monthly income
- Growing line of credit
- Or a combination
The best lenders will walk you through which structure makes the most sense for your retirement plan.
Post-Closing Support
Reverse mortgages often last for many years. You want a lender who will be there not just at closing, but afterward to answer questions, assist with changes, and continue supporting you. Select Home Loans remains available long after closing to provide ongoing service.
Hollywood-Specific Reverse Mortgage Considerations
While reverse mortgages operate under national FHA guidelines, living in Hollywood, Florida brings some unique property, insurance, and HOA factors that homeowners need to consider before applying.
Condos Along Hollywood Beach and Ocean Drive
Many Hollywood retirees live in waterfront condos or high-rises near the beach. These can absolutely qualify for reverse mortgages, but only if:
- The condo association is FHA-approved
- The lender offers jumbo or proprietary reverse mortgage programs that can work with non-FHA-approved condos
Older buildings often struggle with FHA certification. That’s why working with a Florida-based lender like Select Home Loans is critical, they can quickly determine your condo’s eligibility and help you explore all available options.
55+ Communities Like Hillcrest
Hollywood is home to several large 55+ retirement communities where residents have built significant equity. Reverse mortgages are often an ideal solution here, allowing seniors to:
- Access equity without selling
- Fund in-home care or medical expenses
- Age in place while maintaining their current lifestyle
The key issue again is whether the condo building is FHA-approved, or if jumbo reverse mortgage programs are available.
HOA and Gated Community Rules
Communities such as Emerald Hills and other HOA-managed neighborhoods may have association rules that affect reverse mortgage eligibility. A local lender who understands these rules can:
- Work directly with your HOA
- Ensure proper documentation
- Prevent delays during underwriting
Flood Zones and Hurricane Insurance
Being near the coast, Hollywood homeowners may face:
- Higher windstorm insurance requirements
- Flood insurance requirements for some zones
- Strict property insurance rules imposed by reverse mortgage lenders
A qualified lender will review your insurance obligations early in the process to ensure compliance and help you plan long-term.
Jumbo Reverse Mortgages for Higher-Value Homes
Some Hollywood properties, especially waterfront or luxury homes, may exceed FHA’s current lending limits ($1,149,825 for 2025). Jumbo reverse mortgages allow:
- Access to significantly larger loan amounts
- More flexible property eligibility rules (particularly for non-FHA-approved condos)
- Custom payout structures
Homestead Exemption Protections
Florida’s strong homestead exemptions remain intact with a reverse mortgage, as long as you:
- Maintain the home as your primary residence
- Stay current on property taxes and insurance
Reverse mortgages do not affect your homestead status or creditor protections.
Frequently Asked Questions for Hollywood Seniors Considering Reverse Mortgages
Q: Will I lose ownership of my home if I take out a reverse mortgage?
No. You remain the full legal owner of your home throughout the life of the reverse mortgage. The reverse mortgage simply allows you to borrow against your equity while continuing to live in the home and maintain full control.
Q: When is the reverse mortgage repaid?
The loan becomes due when:
- You move out of the home permanently
- You sell the property
- You pass away
When that happens, your heirs can sell the home to repay the loan or refinance if they want to keep the property. Thanks to non-recourse protection, neither you nor your heirs will ever owe more than the home’s market value at the time of repayment.
Q: Can I still qualify for a reverse mortgage if I have an existing mortgage?
Yes. Many Hollywood seniors use reverse mortgages specifically to pay off their current mortgage balance. This eliminates the monthly mortgage payment entirely, freeing up more cash for retirement. You simply need enough equity to qualify.
Q: Are reverse mortgage proceeds taxable?
No. Reverse mortgage funds are considered loan proceeds, not income. This means:
- No federal income tax
- No Florida state income tax (Florida has no income tax)
- No impact on Social Security or Medicare benefits
Q: What costs should I expect?
Reverse mortgages include:
- FHA mortgage insurance premiums
- Origination fees
- Appraisal, title, and closing costs
- Servicing fees (in some cases)
The majority of these fees are rolled into the loan balance, so you typically have little or no out-of-pocket costs upfront.
Q: Do condos in Hollywood qualify?
Yes, but condo eligibility is a major factor in Hollywood. FHA HECM reverse mortgages require full condo project FHA-approval. If your building isn’t FHA-approved, some jumbo reverse mortgage programs may still allow you to qualify. This is where working with a lender like Select Home Loans is critical.
Q: Is counseling required?
Yes. HUD-approved counseling is mandatory for all reverse mortgage borrowers before closing. This ensures full transparency and understanding of how the loan works before you commit.
Reverse Mortgages in Hollywood, FL
Hollywood, FL offers retirees the perfect balance of beachfront living, affordability, and long-term stability. But like everywhere, healthcare costs, insurance premiums, and rising living expenses can put pressure on even well-prepared retirees. That’s where reverse mortgages have become a smart option for many local seniors.
Reverse mortgages allow Hollywood homeowners to:
- Access their home’s equity
- Eliminate monthly mortgage payments
- Fund healthcare and home upgrades
- Enjoy greater financial freedom, all while staying in their home
Why Select Home Loans Is Hollywood’s #1 Reverse Mortgage Lender
Select Home Loans stands out because they focus 100% on Florida homeowners. They know how to:
- Navigate condo eligibility for Hollywood’s complex real estate
- Work with HOAs and flood zone regulations unique to Broward County
- Offer both FHA HECM and jumbo reverse mortgage solutions
- Provide full transparency on fees and long-term costs
- Deliver one-on-one service without call centers or pressure sales
- Support clients long after the loan closes
Whether you live along Hollywood Beach, in Emerald Hills, Hillcrest, or one of the city’s many established neighborhoods, Select Home Loans offers the experience and expertise to guide you safely through the entire process.
📞 Call Select Home Loans today at (888) 550-3296
🔗 Visit: selecthomeloans.com
You’ve built your home, now let your home help build your financial future.
