Reverse Mortgages in Florida

A reverse mortgage lets you turn your home’s equity into cash without making monthly mortgage payments. You keep the title, you live in the home, and the loan is usually repaid later when you move out, sell, or pass away. You must still pay property taxes, homeowners insurance, HOA dues (if any), and basic upkeep.

How a Reverse Mortgage Works

• The lender looks at your age, home value, and interest rates to set your available funds.
• You can receive money as a lump sum, monthly payments, a line of credit, or a mix.
• No monthly mortgage payment is due; interest and fees get added to the balance.
• It’s a non-recourse loan: you or your heirs never owe more than the home is worth.
• The loan comes due when the last borrower moves, sells, or passes away.

Who Qualifies

• Age: Typically 62+ for HECM (the standard FHA-insured reverse mortgage).
• Residence: You must live in the home as your primary residence.
• Equity: You need significant equity (often at least around 50%).
• Property type: Single-family homes, eligible condos, some 2–4 unit homes (owner-occupied), and certain manufactured homes.
• Ability to maintain home costs: You must show you can keep paying taxes, insurance, HOA, and maintenance.
• Counseling: A HUD-approved counseling session is required before applying (for HECM).

Some proprietary “jumbo” reverse programs may have different age minimums and features. Ask your advisor.

HECM vs. Jumbo (Proprietary) Reverse: What’s the Difference?

Why Florida Is a Great Fit

• Lots of retirees: A large share of residents are 62+, many living on fixed income.
• Strong equity: Home values in many Florida markets remain high, creating usable equity.
• No state income tax: More of your retirement income stays with you.
• Homestead and senior tax relief: Florida offers property-tax benefits that help seniors stay in their homes.

Popular Use Cases

• Stay and supplement income: Use monthly payments or a line of credit to cover everyday costs, healthcare, or insurance.
• Eliminate your current mortgage: Pay off an existing loan and drop the monthly payment.
• Reverse Mortgage for Purchase (HECM for Purchase): Sell your current home, make a sizable down payment on a new one, and finance the rest with a reverse mortgage, move in with no monthly mortgage payment.
• Home repairs and safety upgrades: Fund a roof, HVAC, ramps, bath upgrades, or storm-readiness.
• Emergency buffer: A line of credit you can draw on when needed.

Pros and Cons

Pros

• No monthly mortgage payment while you live in the home.
• Flexible cash: lump sum, monthly payouts, or line of credit.
• Tax-advantaged: proceeds are generally considered loan advances, not income.
• Stay in your home and keep the title.
• Non-recourse protection for you and your heirs.

Cons

• Upfront/ongoing costs (origination, closing, insurance for HECM).
• Interest compounds, so the balance grows over time.
• Less equity for heirs later.
• You must pay taxes/insurance/HOA and maintain the home.
• Program rules can be complex; counseling and expert guidance are essential.

Quick Comparison Table

What You’ll Need to Apply

• ID and age verification for all borrowers.
• Proof of ownership and any mortgage payoff info.
• Recent property tax and homeowners insurance statements.
• Income/asset info to show you can handle ongoing housing costs.
• HUD counseling certificate (for HECM).
• Appraisal and standard closing documents.

FAQs

1) How much can I get?

It depends on your age, home value, rates, and fees. Older age and higher value usually mean more funds.

2) Do I lose my home?

No. You own the home and keep living there. Follow the loan rules: pay taxes/insurance/HOA and maintain the property.

3) What happens when I move or pass away?

The loan becomes due. Typically, the home is sold to pay it off. Any leftover equity goes to you or your heirs. Your heirs can also keep the home by paying the lesser of the balance or market value (per program terms).

4) Are the funds taxable income?

Reverse mortgage proceeds are generally treated as loan advances, not taxable income. Ask your tax pro about your situation.

5) Can I buy a home with a reverse mortgage?

Yes. With HECM for Purchase, you make a large down payment and finance the rest with a reverse mortgage, no monthly mortgage payment afterward (you still pay taxes/insurance/HOA).

6) Is a jumbo reverse better for high-value homes?

Often yes. Jumbo (proprietary) programs can offer larger payouts and no FHA mortgage insurance. Terms vary by lender.

7) What are my responsibilities after closing?

Live in the home as your primary residence, pay property taxes, insurance, and HOA, and keep the home in good repair.

Why Choose Truss Financial Group (formerly merged with Equity Access Group)

Truss Financial Group pairs the reverse mortgage expertise of Equity Access Group with TFG’s broad lending platform. That means you get:

• Guidance on HECM and jumbo options, including reverse-for-purchase.
• Clear estimates of how much you can access and which payout option fits your plan.
• Help organise documents and complete required counseling.
• Lender access for competitive terms and smooth, senior-friendly processing.

If you want to stay in your Florida home, improve cash flow, or buy your next place with no monthly mortgage payment, Truss Financial Group can map the best reverse option for you.