Non HECM Reverse Mortgages in Florida
Explore Proprietary Reverse Mortgage Options in Florida
Your Home May Open More Doors Than You Think
A proprietary reverse mortgage, also called a non HECM or jumbo reverse mortgage, offers another way for eligible homeowners to access home equity. These private programs are separate from the FHA insured HECM program and may provide additional options for higher value homes and certain condos.
At Select Home Loans, we help Florida homeowners explore programs such as Longbridge Platinum and Finance of America’s HomeSafe. Select programs may be available starting at age 55 and may provide access to more equity than a HECM, depending on your age, property, existing mortgage balance, and financial circumstances.
No monthly principal and interest payments are required on the reverse mortgage while loan requirements are met. You’ll continue paying property taxes, insurance, applicable HOA fees, and maintenance costs, and living in the home as your primary residence. Interest and fees increase the balance over time, and the loan must eventually be repaid. These programs are not FHA insured.
We’ll help you understand the possibilities and responsibilities with your plans at the center of the conversation.
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Why choose Select Home Loans?
- Diverse mortgage options: Conventional, FHA, VA, Reverse Mortgages, Jumbo, Non-QM Loans, HELOC, Second Mortgages, and DSCR Loans.
- Trusted reputation: A+ Rated and accredited by the Better Business Bureau.
- Customized service: Solutions crafted to meet your specific requirements.
- Established credibility: A reputation built on trust and experience.
Finding the Right Proprietary Reverse Mortgage in Florida
Maybe you want funds for a home improvement, more flexibility in your retirement budget, or a financial cushion for future expenses. We’ll start with what matters to you, then compare available programs, estimated proceeds, rates, and closing costs through our lending partners.
Depending on the program available for your Florida property, options may include a lump sum or a line of credit. For a first mortgage reverse program, your existing mortgage must be paid off at closing using the proceeds and any additional funds needed. If keeping your current first mortgage is a priority, we can also explore a reverse second mortgage.
Together, we’ll review how each option affects your remaining equity, when repayment is required, and the protections and responsibilities included in the loan. We’ll also explain independent counseling requirements and guide you through documentation so you can decide at your own pace.
Have more questions? Visit the FAQ section on our reverse mortgage page, or reach out to our team. We’re happy to help.