Florida has more homeowners over 62 than almost any state in the country, and a large share of them are equity-rich and cash-constrained at the same time. A reverse mortgage converts part of that equity into cash — as a lump sum, a growing line of credit, monthly payments, or a combination — without a monthly principal and interest payment and without selling the home.
The lender you choose matters more here than it does on a conventional mortgage. Reverse mortgage proceeds are calculated actuarially, and the programs available vary between lenders, so the same borrower with the same home can see six-figure differences in what they are offered depending on who runs the numbers.
Below are the ten companies worth your time in Florida for 2026, followed by the state-specific factors that will actually determine your outcome.
1. Select Home Loans
Best for: Florida borrowers who want every program compared side by side
Select Home Loans is a Florida mortgage broker headquartered in Daytona Beach, working exclusively in the Florida market and licensed under NMLS #2384002.
The structural advantage is that we are not tied to one product menu. On a reverse mortgage file we can quote FHA-insured HECM alongside proprietary and jumbo programs from multiple issuers, then show you the actual proceeds comparison rather than a single lender’s number. Because proprietary products calculate principal limits differently from one another, that comparison routinely changes the outcome by a meaningful amount.
What we offer
- HECM — the FHA-insured program, with lump sum, line of credit, tenure, or term disbursement
- HECM for Purchase — buy a Florida home using reverse mortgage proceeds, no monthly P&I payment
- Jumbo and proprietary reverse — for homes valued above the FHA limit
- Second-lien reverse — access equity while keeping a low-rate first mortgage in place
- Full comparison against alternatives — HELOC, fixed second mortgage, and conventional cash-out, when one of those serves you better
Why Florida borrowers choose us
Reverse mortgages fail in Florida for Florida reasons: an insurance premium that triggers a set-aside, a roof too old to bind coverage, a condo project that cannot clear FHA approval, a homestead spousal issue that surfaces a week before closing. We underwrite for those up front rather than discovering them at day 30.
We will also tell you when a reverse mortgage is the wrong tool. If you are likely to move within a few years, closing costs will not amortize, and we would rather say so than close a loan that does not serve you.
Get started: Request a reverse mortgage quote · (888) 550-3296 · SelectHomeLoans.com
2. Finance of America Reverse (FAR)
Best for: the widest proprietary product range
Finance of America Reverse is the largest lender in the category. Alongside standard HECM, it offers the HomeSafe proprietary line for properties above the FHA limit, HECM for Purchase, and a second-lien reverse product for borrowers preserving an existing first mortgage.
Strength: the deepest proprietary menu in the industry, which matters most for high-value Florida properties and for condo owners whose projects cannot clear FHA approval.
Consider: as a large direct lender, you will see FAR’s programs and only FAR’s programs.
Visit: fareverse.com
3. Longbridge Financial
Best for: high-value Florida homes
Longbridge is a major HECM originator whose Platinum proprietary program is publicly documented at up to $4 million.
Strength: Platinum is one of the strongest options available for Naples, Palm Beach, Key Biscayne, Longboat Key, Fisher Island, and other Florida markets where values sit well above the HECM cap. It also offers flexible draw structures rather than requiring a full lump sum at closing.
Consider: proprietary products carry no FHA insurance, so the non-recourse protection is contractual rather than federally guaranteed. Have it reviewed.
Visit: longbridge-financial.com
4. Mutual of Omaha Mortgage
Best for: institutional stability
The reverse lending arm of the Mutual of Omaha group, offering HECM and proprietary programs with the balance sheet of a long-established insurance company behind it.
Strength: on a loan you may hold for twenty-five years, the durability of the institution is a legitimate criterion. Mutual of Omaha also maintains a retail presence in Florida for borrowers who want an in-person conversation.
Consider: pricing is competitive but rarely the lowest in the market.
Visit: mutualreverse.com
5. Fairway Independent Mortgage Corporation
Best for: HECM for Purchase
A large national lender with a dedicated reverse division, notably active in HECM for Purchase — a product that lets a borrower buy a home using reverse mortgage proceeds without taking on a monthly principal and interest payment.
Strength: HECM for Purchase is heavily used by retirees relocating to Florida from higher-cost states. If you are selling in the Northeast or Midwest and buying here, this is the product to ask about, and Fairway has done a lot of them.
Consider: primarily a HECM shop; proprietary options are more limited than at FAR or Longbridge.
Visit: fairwayreverse.com
6. All Reverse Mortgage (ARLO)
Best for: researching independently before you talk to anyone
A smaller direct lender with a long operating history and consistently strong customer satisfaction scores, best known for its online calculator and a no-pressure approach.
Strength: the ARLO calculator produces real estimates without a sales call, which suits borrowers who want to model numbers privately first. Educational content is unusually good.
Consider: a smaller operation than the national lenders, with a narrower proprietary menu.
Visit: reverse.mortgage
7. HighTechLending
Best for: service quality
A reverse-focused lender that posts among the strongest customer satisfaction and complaint-history metrics in the category, with an A+ BBB rating.
Strength: borrowers who prioritize a clean, well-communicated process over squeezing the last dollar of proceeds tend to do well here.
Consider: smaller footprint and less brand recognition than the top-tier national lenders.
Visit: hightechlending.com
8. New American Funding
Best for: borrowers who want one lender for multiple needs
A large national lender with a reverse mortgage division alongside a full forward mortgage operation.
Strength: useful for households handling more than one transaction — a reverse mortgage on the primary residence and conventional or investment financing elsewhere — under a single relationship.
Consider: reverse is one line of business among many rather than the core focus.
Visit: newamericanfunding.com
9. Movement Mortgage
Best for: purchase-focused borrowers
Offers HECM and HECM for Purchase with a strong retail presence across the Southeast, including Florida.
Strength: solid execution on purchase transactions and a well-established Southeast footprint.
Consider: limited proprietary options; best suited to borrowers whose home value falls under the HECM cap.
Visit: movement.com
10. Onity Mortgage (formerly Liberty Reverse Mortgage)
Best for: existing Liberty borrowers
Liberty Reverse Mortgage was for years one of the largest HECM originators in the country. The brand now operates under the Onity Mortgage name following the company’s rebrand in March 2026.
Note: the company’s reverse origination activity has been in transition. Existing borrowers’ loan terms are unaffected, but new applicants should confirm current origination status before beginning a file.
Visit: onitymortgage.com
The Florida Factors That Decide Your Outcome
A national lender ranking will not tell you any of this, and all four of these will affect your file.
Insurance sustainability and the set-aside risk
Every reverse mortgage requires a financial assessment confirming you can sustain property taxes, insurance, and maintenance for the life of the loan. In most states this is close to a formality. In Florida, with premiums where they are, it is not.
Borrowers who cannot demonstrate sustainability may be required to take a Life Expectancy Set-Aside (LESA) — a portion of the proceeds carved out and escrowed to cover future taxes and insurance. A LESA can consume a substantial share of what you expected to receive.
Bring a current insurance premium to your first conversation, not an estimate. A lender who does not ask for it early will surprise you later.
Roof age
Many Florida carriers will not bind coverage on a roof past roughly 15 years, and some draw the line sooner. Because insurability drives the financial assessment, roof condition can gate a reverse mortgage approval in Florida in a way it does not in most states. Raise it before you order an appraisal.
Condo eligibility
For a HECM, the condo project must be FHA-approved, or the individual unit must clear single-unit approval. Post-Surfside inspection and reserve requirements have pushed a meaningful share of Florida associations outside those standards.
Proprietary programs set their own condo criteria and will sometimes approve projects a HECM cannot. For a Florida condo owner, a proprietary product is sometimes not the higher-limit option — it is the only option.
Homestead and spousal joinder
Florida’s constitutional homestead protections generally require both spouses to join in a mortgage on homestead property regardless of who holds title. Non-borrowing spouse protections differ between HECM, where they are federally mandated, and proprietary products, where they are contractual.
For a married couple — especially where one spouse is under the minimum age — this belongs in front of an elder law attorney before closing.
Needs-based benefits
Reverse mortgage proceeds are loan proceeds, not income. They are not treated as taxable income and do not affect Social Security or Medicare. They can affect Medicaid and SSI eligibility if funds accumulate in a bank account past month-end. A line of credit structure rather than a lump sum usually avoids this. Consult an elder law attorney if either program applies.
HECM or Proprietary?
| HECM | Proprietary / Jumbo | |
|---|---|---|
| Insurer | FHA | Private investor |
| 2026 value cap | $1,249,125 | Commonly up to $4M |
| Minimum age | 62 | Often 55 |
| Mortgage insurance premium | Upfront and annual | None |
| Non-recourse | Federally guaranteed | Contractual |
| Condo | FHA approval required | Investor criteria |
| Rate | Typically lower | Typically higher |
Home under about $1.25 million: start with HECM. The MIP is a real cost, but federal insurance, standardized spousal protections, and a lower rate usually win.
Home well above the cap: proprietary converts value a HECM strands. No MIP partially offsets the higher rate.
Condo that cannot clear FHA approval: proprietary, regardless of value.
Under 62: proprietary is the only door, and only in participating programs.
What Actually Drives Your Proceeds
Three things, in order of impact: the age of the youngest borrower, appraised value, and the expected rate at closing. Each year of age materially increases the principal limit.
Credit score and income do not move the number much. Both are reviewed, but they determine approval and whether a set-aside applies — not how much you receive.
This is why shopping works differently here. You are not shopping a rate. You are shopping for the highest principal limit at your age and value, net of costs.
How to Compare Offers
- Net proceeds from at least three sources at your age and value. This is the comparison; the rest is secondary.
- Draw structure — lump sum, line of credit, or tenure, and whether the credit line grows. A growing line of credit is one of the most valuable features in the category and not every product offers one.
- Total closing costs in dollars, including origination, MIP where applicable, and third-party fees.
- Non-recourse and non-borrowing spouse language, reviewed by your attorney.
- HUD counseling. Required for HECM and generally required on proprietary products. The counselor works for you, not the lender — use the session.
Questions Worth Asking Any Lender
- Based on my actual insurance premium, will I face a LESA, and how large?
- Can you quote both HECM and proprietary programs, or only one?
- If my condo project is not FHA-approved, what is my path?
- Does the line of credit grow, and at what rate?
- What are total closing costs in dollars?
- What protections apply to my spouse if they are not on the loan?
A lender who answers all six precisely has done this in Florida before.
Start the Conversation
Choosing a reverse mortgage lender is not about brand recognition. It is about who can show you the most options and who understands what will actually complicate your file in this state.
Select Home Loans quotes HECM, jumbo, proprietary, and second-lien reverse across multiple issuers, and compares them honestly against a HELOC or fixed second mortgage when one of those is the better answer.
Request a reverse mortgage quote · (888) 550-3296 · NMLS #2384002
Related: Florida Reverse Mortgage Guide· Best HECM Reverse Mortgage Lenders in Florida· Best Jumbo Reverse Mortgage Lenders in Florid
