Florida Reverse Mortgages
Explore options to access your home equity in retirement
Reverse Mortgage Options for Your Retirement Goals
What Is a Reverse Mortgage?
A reverse mortgage lets eligible homeowners access a portion of their home equity without selling their home or making monthly principal and interest payments on the reverse mortgage. Options include FHA-insured Home Equity Conversion Mortgages (HECMs) for qualifying homeowners aged 62 and older, along with proprietary programs that may be available starting at age 55, depending on the program. Proprietary programs are not FHA-insured.
Funds can help supplement retirement income, cover medical costs, or provide a financial cushion. Certain programs can also pay off an existing mortgage. Reverse second mortgages let eligible homeowners access equity while keeping their existing first mortgage and its rate. Payments on that first mortgage continue.
At Select Home Loans, we help you explore these options through our network of lending partners, with personal guidance so you can understand the benefits, costs, and responsibilities.
You must continue paying property taxes, insurance, applicable HOA fees, and other required property charges, maintain the home, and live there as your primary residence. Interest and fees accrue over time, and the loan must eventually be repaid.
How Could a Reverse Mortgage Help You?
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 Reverse Mortgage for Your Florida Home
Your home’s value, current mortgage balance, age, and financial goals help shape your available options. Whether you want funds now or flexibility for later, we’ll take time to understand what matters most to you.
We’ll compare estimated proceeds, interest rates, and closing costs, and explain how each choice affects your remaining home equity over time. Depending on the program, funds may be available as a lump sum, monthly disbursements, or a line of credit.
We also guide you through documentation and required independent counseling, answer your questions, and coordinate with your lending partner throughout the process. You’ll have the information and support to decide at your own pace.
Frequently Asked Questions
Do I still own my home with a reverse mortgage?
Absolutely. Your home remains yours, and the lender holds a lien on the property. You’ll continue paying property taxes, insurance, and applicable HOA fees, maintaining the home, and meeting primary residence and other loan requirements. With a reverse second mortgage, payments on your first mortgage also continue.
Can my heirs keep the home after a reverse mortgage?
Yes, your heirs may keep the home by satisfying the applicable payoff requirements when the loan becomes due. They may also sell it and keep any remaining equity. HECMs and the non HECM programs we offer include protections against personal liability for a loan shortfall. Payoff requirements and protections for a surviving spouse depend on the program and circumstances. We’ll help you understand these details before you move forward.
How much can I borrow with a Florida reverse mortgage?
Your available funds depend on your age, home value, current mortgage balance, interest rates, and the program you choose. We’ll help you explore the possibilities with a personalized estimate and compare available options through our lending partners.
What fees and interest come with a reverse mortgage?
We’ll walk you through the costs so you know what to expect. These may include origination, appraisal, counseling, and other closing fees, along with interest that accrues on your loan balance. HECMs also carry FHA mortgage insurance; non HECM programs do not. Some costs may be included in the loan, although upfront expenses may apply.
Is reverse mortgage counseling required?
Yes. HECMs require independent counseling with a HUD approved agency, and the non HECM programs we offer also require independent counseling. It gives you time to ask questions and understand the costs, responsibilities, and alternatives before moving forward. We’ll explain the requirements and help you find an eligible counselor.