West Palm Beach has long been one of Florida’s most attractive destinations for retirees. With its year-round sunshine, vibrant senior communities, excellent healthcare options, and close proximity to both the Intracoastal and the Atlantic Ocean, many retirees choose to settle here for the long haul.
Over the years, home values in West Palm Beach neighborhoods like El Cid, Flamingo Park, South End, and Northwood Shores have appreciated significantly. Many seniors now own their homes outright or carry very low remaining mortgage balances, sitting on hundreds of thousands of dollars in home equity. But while property values have climbed, living costs, healthcare expenses, property insurance, and taxes continue to rise.
This is exactly where reverse mortgages have become a valuable option for many West Palm Beach retirees. For homeowners age 62 and older, a reverse mortgage allows you to:
- Stay in your home long-term
- Eliminate monthly mortgage payments
- Convert home equity into tax-free funds
- Pay for healthcare, home improvements, or family support
- Enjoy greater financial flexibility during retirement
In a market like West Palm Beach, where many seniors are “equity rich but cash flow tight”, reverse mortgages offer a safe, government-regulated way to tap into wealth they’ve already built, while maintaining full ownership of their home.
In this guide, we’ll break down exactly how reverse mortgages work in Florida, why West Palm Beach is a top reverse mortgage market, and which lenders offer the best options, starting with Select Home Loans.
How Reverse Mortgages Work in Florida (West Palm Beach Edition)
A reverse mortgage allows homeowners to access a portion of their home’s equity as tax-free funds, without needing to sell or take on new monthly payments. The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is federally insured by the FHA (Federal Housing Administration).
Because of FHA’s involvement, HECM loans include strong protections for seniors, clear fee guidelines, and required counseling to ensure borrowers fully understand the program.
Eligibility Requirements
To qualify for a reverse mortgage in West Palm Beach:
- You must be 62 years or older
- Own your home outright or have substantial equity
- Live in the property as your primary residence
- Stay current on property taxes, insurance, HOA dues, and home maintenance
- Complete HUD-approved counseling prior to closing
How Payments Work
Unlike a traditional mortgage where you make monthly payments to the lender, a reverse mortgage pays you. Funds can be received as:
- A lump sum payout
- Monthly payments for steady retirement income
- A line of credit (which grows over time if unused)
- Or a combination of these options
Many West Palm Beach seniors use reverse mortgages to eliminate remaining mortgage payments, cover rising medical costs, or create a financial safety net for the years ahead.
When the Loan Is Repaid
Repayment occurs when:
- You permanently move out of the home
- Sell the property
- Or pass away
At that point, your heirs can sell the home, refinance the loan, or walk away. Thanks to FHA’s non-recourse protection, you (or your heirs) will never owe more than the home’s fair market value at the time of repayment, even if the loan balance exceeds that amount.
Counseling Requirement
To protect seniors, HUD requires all reverse mortgage borrowers to complete independent counseling before proceeding. This ensures full transparency and helps retirees fully understand the loan terms before signing.
Why West Palm Beach Is a Top Reverse Mortgage Market
While much of Florida is attractive for retirees, West Palm Beach offers a unique combination of real estate value, long-term homeownership, and rising living costs, all of which make reverse mortgages especially useful here.
Decades of Equity Growth
Many West Palm Beach homeowners bought their homes decades ago, when prices were far lower. Today, neighborhoods like:
- El Cid
- Flamingo Park
- Northwood Shores
- South End (SoSo)
- Historic Grandview Heights
… have seen massive appreciation. Single-family homes and condos that were once modestly priced have grown into highly valuable assets. For seniors who have spent years paying down their mortgages, this means substantial built-up equity, often hundreds of thousands of dollars, sitting untapped.
Reverse mortgages allow these homeowners to finally unlock that wealth while continuing to live in their homes.
Rising Cost of Living
While Florida offers many financial advantages for retirees, West Palm Beach seniors still face:
- High property insurance premiums (especially with rising hurricane risks)
- Steadily increasing HOA dues and property taxes (even with homestead exemptions)
- Healthcare costs that continue to outpace inflation
- Rising costs of in-home care or assisted living options
For many retirees on fixed incomes, tapping home equity through a reverse mortgage can provide the flexibility to handle these rising expenses.
Florida’s Tax-Friendly Environment
Florida continues to be one of the most tax-friendly states for retirees, offering:
- No state income tax
- No tax on Social Security or pension income
- Homestead exemptions to lower property taxes for permanent residents
- No state inheritance or estate taxes
Even better, reverse mortgage proceeds are not taxable income, allowing retirees to access their home equity without impacting their Social Security, Medicare, or tax situation.
Aging in Place Remains the Goal
For many West Palm Beach homeowners, selling or downsizing simply isn’t appealing. Reverse mortgages allow seniors to:
- Stay in the home and community they love
- Fund home renovations for accessibility (bathroom upgrades, ramps, etc.)
- Cover future in-home healthcare needs
- Pass down the home’s remaining equity to family after they’re gone
Top 8 Reverse Mortgage Lenders in West Palm Beach, FL
Choosing a reverse mortgage lender in West Palm Beach requires more than just comparing interest rates, it’s about finding a partner who understands local property values, Florida’s HOA and insurance landscape, and the complexities of condo approvals in Palm Beach County.
Here are the top reverse mortgage lenders serving West Palm Beach, starting with our top recommendation:
1. Select Home Loans (Editor’s Pick – West Palm Beach’s #1 Reverse Mortgage Lender)
When it comes to reverse mortgages in West Palm Beach, Select Home Loans is the standout choice for local seniors. Unlike national lenders who treat Florida as just another market, Select Home Loans focuses entirely on Florida residents, bringing deep expertise on homestead rules, property taxes, HOA restrictions, flood insurance, and the unique real estate of Palm Beach County.
What makes Select Home Loans #1:
- FHA HECM and jumbo reverse mortgage programs
- Local knowledge of West Palm Beach neighborhoods, from El Cid to Century Village
- Condo expertise for both FHA and non-FHA properties
- Full fee transparency, no surprises at closing
- Personalized, one-on-one consultations (no call centers)
- Ongoing service for years after closing
📞 Call Select Home Loans at (888) 550-3296
🔗 Visit: selecthomeloans.com
2. South River Mortgage (Palm Beach-Based Reverse Mortgage Specialists)
Headquartered in nearby Palm Beach Gardens, South River Mortgage is a locally-based reverse mortgage lender specializing in Florida seniors. They offer:
- FHA-insured HECM loans
- Proprietary jumbo reverse mortgage options
- In-depth knowledge of Palm Beach County HOA and insurance rules
- Experienced Florida-based reverse mortgage advisors
- Flexible payout options tailored to retirement goals
3. Ideal Lending Solutions (West Palm Beach Branch)
A well-known name locally, Ideal Lending Solutions provides reverse mortgage products through its West Palm Beach office. They offer:
- FHA HECM reverse mortgages
- Jumbo reverse mortgage programs
- Personalized support from local loan officers
- Clear education on loan costs and repayment obligations
4. PRMG (Paramount Residential Mortgage Group – West Palm Beach Office)
With a strong physical presence in Palm Beach County, PRMG offers:
- FHA-backed reverse mortgage programs
- Jumbo reverse mortgage products for high-value homes
- In-person consultations with local experts
- Experience handling West Palm Beach condo association requirements
5. Florida Reverse Mortgage (Florida Statewide Specialists)
Florida Reverse Mortgage works exclusively with seniors across Florida and serves the West Palm Beach market. They provide:
- FHA HECM and jumbo reverse mortgage products
- Experience navigating Florida HOA, insurance, and condo regulations
- Florida-based reverse mortgage counselors
- Education-first approach for retirees and their families
6. Fairway Independent Mortgage – West Palm Beach / South Florida Offices
Fairway’s South Florida reverse mortgage team offers West Palm Beach homeowners:
- FHA HECM loans
- Jumbo reverse mortgage options
- Hands-on service through their West Palm Beach office
- Long-term support for borrowers and families after closing
7. Mutual of Omaha Reverse Mortgage – Florida Division
Mutual of Omaha brings the stability of a national brand with experienced Florida teams who serve Palm Beach County. They offer:
- FHA-insured reverse mortgages
- Jumbo reverse mortgage options
- Financially stable national backing
- Transparent documentation and borrower education
8. AAG (American Advisors Group – Florida Division)
AAG remains one of the country’s largest reverse mortgage lenders, serving West Palm Beach through its Florida division. They offer:
- FHA HECM loans
- Jumbo reverse mortgage programs (AAG Advantage)
- Florida-based loan officers familiar with condo eligibility challenges
- Extensive borrower education tools
What to Look for in a West Palm Beach Reverse Mortgage Lender
In West Palm Beach, reverse mortgages aren’t just about rates and payouts, the local real estate market comes with its own unique mix of condos, flood zones, HOA rules, and high-value neighborhoods. Choosing the right lender means working with someone who understands these local nuances and can structure the loan to fit your exact situation.
Deep Florida & Palm Beach County Experience
West Palm Beach has:
- Historic homes in neighborhoods like El Cid, Flamingo Park, and Northwood Shores
- Oceanfront and Intracoastal condos along Flagler Drive and Palm Beach Island
- 55+ condo communities such as Century Village
- HOA-managed communities throughout the western suburbs
The lender you choose should have:
- Experience navigating Florida homestead exemptions
- Knowledge of Palm Beach County property tax rules
- Familiarity with hurricane insurance, flood zones, and windstorm coverage
- Understanding of condo eligibility and FHA condo approval processes
This is where lenders like Select Home Loans excel, they work exclusively in Florida and know how to handle the layers of complexity specific to Palm Beach County real estate.
HUD-Approved Lenders
Make sure your lender is HUD-approved to offer FHA-insured HECM reverse mortgages. HUD approval gives you:
- Strong federal consumer protections
- Mandatory counseling for full transparency
- Strict fee disclosures and cost limits
- Non-recourse protection for your heirs
Condo Eligibility Expertise
With so many condos in West Palm Beach, both high-rise and low-rise, condo eligibility is often the biggest roadblock in reverse mortgage approvals. Your lender should:
- Confirm FHA condo certification status upfront
- Offer jumbo/proprietary reverse mortgage options for non-FHA-approved buildings
- Work directly with condo associations if needed to verify eligibility
Transparent Fee Structure
Reverse mortgage costs should always be fully explained upfront. Standard fees may include:
- FHA mortgage insurance premiums (MIP)
- Origination fees
- Appraisal, title, and closing costs
- Servicing fees (if applicable)
A good lender will clearly break these down so there are no surprises at closing.
Custom Loan Structuring
Reverse mortgages are highly flexible. Your lender should help you design a payout structure that fits your retirement plan, including:
- Lump sum payouts
- Monthly income streams
- Growing line of credit options
- Or blended combinations of all three
Post-Closing Customer Support
Reverse mortgages can last 10, 15, or even 20 years. You want a lender who won’t disappear after closing, someone who will:
- Stay available for questions
- Assist your family or heirs when the loan eventually matures
- Help with servicing questions over time
Select Home Loans is known for its long-term customer service and personal ongoing support.
West Palm Beach-Specific Reverse Mortgage Considerations
While reverse mortgages follow federal guidelines, the local real estate market in West Palm Beach brings several extra factors into play that can affect your eligibility, loan terms, and long-term strategy. Here’s what West Palm Beach seniors need to keep in mind:
Condos Along the Intracoastal and Downtown
West Palm Beach has a heavy concentration of condos, especially along:
- Flagler Drive
- Downtown West Palm Beach
- South End / SoSo neighborhoods
- Century Village (55+ condos)
Condos often require extra due diligence because:
- FHA HECM loans require the entire building to be FHA-approved.
- Many older or smaller buildings may not maintain FHA certification.
- Jumbo reverse mortgages may allow for more flexibility in non-FHA-approved buildings.
Lenders like Select Home Loans and others experienced with Florida condos can quickly review your building’s eligibility and advise whether FHA or proprietary reverse mortgage programs are best.
Flood Zones, Hurricanes, and Windstorm Insurance
Being near the ocean and Intracoastal, many West Palm Beach properties fall into:
- Special Flood Hazard Areas (requiring flood insurance)
- Windstorm or hurricane insurance zones
- Coastal floodplain zones with higher insurance premiums
Lenders will review all required property insurance to ensure long-term affordability. Properties with lower flood risks may see slightly better payout calculations.
Luxury Properties and Jumbo Reverse Mortgages
In high-end neighborhoods like:
- El Cid
- SoSo (South of Southern)
- Flamingo Park
- Northwood Shores
- Palm Beach Island (just across the bridge)
Many properties exceed FHA lending limits (currently $1,149,825 for 2025). In these cases, jumbo or proprietary reverse mortgage programs allow:
- Higher loan amounts
- More flexible condo rules
- Customized payout structures for high-value homes
HOA Rules and Gated Communities
HOAs in gated communities across Palm Beach County may impose specific restrictions or documentation requirements during underwriting. An experienced lender can:
- Review HOA documentation early in the process
- Ensure association bylaws allow for reverse mortgage liens
- Help avoid unexpected delays
Aging in Place Remains the Goal
For many West Palm Beach seniors, reverse mortgages offer:
- The ability to stay in the home they love
- Funds to make necessary home improvements for accessibility
- Resources for future healthcare or in-home care costs
- Peace of mind with stable housing as expenses rise
Florida’s Homestead Exemption Stays Intact
Reverse mortgages do not interfere with your Florida homestead exemption, which offers:
- Reduced property taxes for full-time Florida residents
- Additional exemptions for seniors over 65
- Strong protections from most creditors
As long as you continue to live in the home as your primary residence and stay current on taxes and insurance, your homestead benefits remain fully protected.
Frequently Asked Questions for West Palm Beach Seniors Considering Reverse Mortgages
Q: Do I still own my home if I take out a reverse mortgage?
Yes. With a reverse mortgage, you remain the full legal owner of your home. The lender simply places a lien on the property, similar to a traditional mortgage, but you maintain full ownership and control as long as you meet the loan’s basic requirements.
Q: When does the reverse mortgage get repaid?
The reverse mortgage becomes due when:
- You move out permanently
- Sell the home
- Pass away
At that point, your heirs can sell the home, refinance the loan, or turn the property over to the lender. Thanks to FHA’s non-recourse protection, you and your heirs will never owe more than the home’s current market value at the time of repayment.
Q: Can I qualify if I still have a regular mortgage?
Yes. Many West Palm Beach homeowners use reverse mortgages specifically to pay off their existing mortgage. This eliminates monthly mortgage payments and frees up cash for other retirement expenses, as long as you have enough equity remaining after the balance is paid off.
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
- No impact on Social Security or Medicare eligibility
The funds won’t interfere with most government retirement benefits.
Q: What kind of fees will I pay?
Reverse mortgages include:
- FHA mortgage insurance premiums (MIP)
- Origination fees
- Appraisal, title, and closing costs
- Servicing fees (in some cases)
Most of these costs are rolled into the loan balance, requiring little to no upfront out-of-pocket payment.
Q: What if I live in a condo?
Condos are very common in West Palm Beach, but condo eligibility is one of the most important factors. FHA reverse mortgages require full condo association FHA approval. However, many jumbo/proprietary reverse mortgage programs offer more flexibility for non-FHA-approved buildings. This is why working with a lender like Select Home Loans is so important, they know how to navigate these scenarios.
Q: Is counseling required before getting a reverse mortgage?
Yes. HUD requires all reverse mortgage borrowers to complete independent third-party counseling before finalizing the loan. This protects seniors and ensures everyone fully understands the loan terms and responsibilities.
Reverse Mortgages in West Palm Beach, FL
West Palm Beach offers some of Florida’s best retirement living, beautiful neighborhoods, vibrant communities, strong healthcare access, and long-term financial stability. But even here, retirees still face rising healthcare costs, high insurance premiums, and everyday living expenses that continue to climb.
For seniors with substantial home equity, reverse mortgages offer a smart way to:
- Eliminate monthly mortgage payments
- Access tax-free funds
- Pay for long-term care, medical needs, or home upgrades
- Stay in the home and community they love
- Preserve other retirement savings for future needs
Why Select Home Loans Is West Palm Beach’s #1 Reverse Mortgage Lender
Select Home Loans stands out because they’re built for Florida, not national call centers or one-size-fits-all companies. They know:
- How Palm Beach County HOAs, condos, flood zones, and insurance work
- Which programs fit West Palm Beach luxury properties and high-end homes
- How to work with both FHA and jumbo reverse mortgage options
- How to structure fully transparent loans with no surprises
- How to provide real, ongoing customer support long after closing
Whether you live in El Cid, Flamingo Park, Century Village, or along the Intracoastal, Select Home Loans delivers the experience, expertise, and personal attention West Palm Beach seniors deserve.
📞 Call Select Home Loans today at (888) 550-3296
🔗 Visit: selecthomeloans.com
Your home built your wealth, now let your wealth protect your retirement.
