Florida has one of the largest populations of homeowners 55 and older anywhere in the country, and a lot of them own their homes outright or are sitting on a mortgage rate from another era. A full reverse mortgage means giving that up. A Reverse Mortgage Second doesn’t — it leaves your existing first mortgage exactly where it is and adds a second-lien reverse mortgage behind it.
How it works
It’s a non-recourse loan — neither you nor your heirs are personally liable — with no required monthly payments on the second lien. Funds can go toward home repairs, healthcare costs, helping family, or simply having more cash on hand in retirement.
Minimum credit score: 640
Program highlights
- Loan amounts from $50,000 up to $1,000,000
- Fixed rate, no upfront or monthly mortgage insurance premium
- Simplified financial assessment available for qualifying borrowers
- Eligible on single-family homes, PUDs, condos/townhomes, and 2–4 unit properties
- We handle Florida’s specific title and intangible tax requirements on these loans so you don’t have to sort it out yourself
What your existing first mortgage needs to look like
Your current first lien needs to be a fully amortizing fixed-rate mortgage, a HELOC already in repayment, or a qualifying ARM. It can’t be interest-only, a balloon loan, negatively amortizing, held by a private lender, in forbearance, or already a reverse mortgage.
Who it’s for
Florida homeowners who want to stay in the home they love, keep the mortgage they already have, and put their equity to work.
Have a scenario you want to run? Send us the details and we’ll let you know within hours whether it fits — Select Home Loans | NMLS # 2384002 | Call (888) 550-3296 | Email: info@selecthomeloans.com.
