Who is a local reverse mortgage broker in Florida? Christopher Gibson (NMLS #1910430) is an independent, Florida-licensed broker with C2 Financial Corporation (NMLS #135622). He helps Florida homeowners 62 and older, and 55+ on select proprietary programs, turn home equity into funds for retirement. Because the funds are loan proceeds rather than income, they are generally not subject to federal income tax.* Call or text 720-449-6622.
Updated
Florida home values have created real equity for longtime owners, with the typical home now worth about $390K. A reverse mortgage is one way to put it to work without selling: erase a monthly payment, open a growing line of credit, or simply age in place. The catch in Florida is not taxes, there is no state income tax and Save Our Homes caps your assessment, it is insurance, which now runs two to three times the national average and is the real budget line for retirees here. A reverse mortgage can help carry that cost, and I will walk you through whether it fits your home, condo included.
On this page
- Aging in place in Florida, at a glance
- What is your Florida home worth?
- Reverse mortgage calculator
- How Florida law treats reverse mortgages
- Senior property tax by county
- Reverse mortgage counseling in Florida
- Learn how reverse mortgages work
- Types of reverse mortgages
- HECM vs. jumbo vs. HELOC vs. HEI
- Requirements: do you qualify?
- How the reverse mortgage process works
- Reverse mortgages & aging in place, city by city
- Florida reverse mortgage FAQs
Aging in place in Florida, at a glance
Florida has no state income tax and the most expensive homeowners insurance market in the country. The measures below are the ones that actually differ between these cities, and the trauma-center column is the one most people have never checked.
Florida against the national picture
| Measure | Florida | United States |
|---|---|---|
| Median home value | $359,000 | $332,700 |
| Monthly cost to keep a paid-off home | $673 | $638 |
| Effective property tax rate | 0.76% | 0.94% |
| Owners 65+ spending 30%+ of income on housing | 30% | n/a |
| Life expectancy | 78.1 years | 77.1 years |
| Cost of living (price parity) | 103 | 100 |
Compare retirement and aging in place in these Florida cities side by side
Tap a column heading to sort. Each city name links through to the full page, where the same figures are set out with the local detail behind them. Keep/month is roughly what it costs to hold a paid-off home each month, the property taxes, insurance, and upkeep you still owe once the mortgage is gone. When you are choosing where to age in place, weigh the things that are hard to change once you are settled: what you will pay in property taxes, the overall cost of living, the climate and how it affects getting around, and how close you are to good healthcare and to family.
| City | Median home value | Keep/month | Tax rate | Life expectancy | Days 90F+ | Build year |
|---|---|---|---|---|---|---|
| Bradenton | $309,400 | $638 | 0.75% | 79.8 | 83 | 1983 |
| Cape Coral | $373,500 | $742 | 0.85% | 80.6 | 113 | 2000 |
| Citrus Hills | $436,600 | $679 | 0.76% | 72.5 | n/p | 2003 |
| Cocoa Beach | $503,200 | $952 | 0.69% | 75.8 | n/p | 1975 |
| Dunedin | $396,000 | $725 | 0.62% | 77.6 | n/p | 1976 |
| Fernandina Beach | $555,400 | $846 | 0.77% | 76.4 | n/p | 1986 |
| Hobe Sound | $394,700 | $569 | 0.69% | 80.4 | n/p | 1983 |
| Marco Island | $896,300 | $1,486 | 0.65% | 84.0 | n/p | 1987 |
| Melbourne | $385,000 | $608 | 0.73% | 75.8 | 66 | 1963 |
| Naples | $1,525,600 | $1,501 | 0.55% | 84.0 | 128 | 1983 |
| New Smyrna Beach | $395,300 | $727 | 0.81% | 75.0 | n/p | 1989 |
| Ocala | $241,400 | $573 | 0.71% | 74.0 | 119 | 1984 |
| Ormond Beach | $354,800 | $666 | 0.73% | 75.0 | n/p | 1984 |
| Port St. Lucie | $369,200 | $717 | 0.97% | 78.2 | 53 | 2002 |
| Punta Gorda | $518,100 | $986 | 0.92% | 78.8 | 117 | 1994 |
| Rotonda West | $389,400 | $772 | 0.81% | 78.8 | n/p | 1998 |
| Sanibel | $957,300 | $1,501 | 0.83% | 80.6 | n/p | 1983 |
| Sarasota | $463,000 | $993 | 0.70% | 80.3 | 83 | 1976 |
| St. Augustine | $439,800 | $793 | 0.64% | 81.0 | 55 | 1980 |
| Venice | $434,700 | $917 | 0.87% | 80.3 | 71 | 1986 |
| Vero Beach | $391,900 | $958 | 0.85% | 78.3 | 42 | 1976 |
| The Villages | $400,100 | $645 | 0.85% | 78.4 | 74 | 2007 |
Tap any column heading to sort, and scroll the table sideways on a narrow screen. Figures: U.S. Census ACS 2020-2024 5-Year; County Health Rankings 2025; NOAA 1991-2020 Climate Normals. “n/p” means the Census does not publish a reliable figure at that size. This product uses the Census Bureau Data API but is not endorsed or certified by the Census Bureau.
Before you buy or commit to staying put, score any Florida home in about 15 minutes to see how ready it is for aging in place, and how a reverse mortgage can fund the upgrades.
Use the Aging-in-Place Scorecard →Why Florida homeowners are using reverse mortgages to age in place
Decades of appreciation have made home equity the largest asset most retirees own, while property taxes climb and fixed incomes do not. As a result, a reverse mortgage turns that equity into funds without a required monthly mortgage payment. Before you decide, it is worth weighing the pros and cons of a reverse mortgage.
Florida is the nation’s leading reverse mortgage market, home to some of the highest concentrations of homeowners 62 and older. Values range from affordable inland retirement hubs like Ocala where a standard HECM fits, to high-equity coastal markets like Naples where jumbo and proprietary programs matter.
To begin, here are a few numbers worth knowing:
Home values: Zillow. HECM limit: HUD/FHA. Figures change, so ask me for today’s numbers on your home.
What is your Florida home worth today?
To start, enter your address for an instant home-value estimate you can track over time, at no cost and no obligation.
Estimate your equity with the Florida reverse mortgage calculator
How much can you borrow with a reverse mortgage in Florida? It comes down to three things: the age of the youngest borrower, current interest rates, and your home’s value (up to the 2026 FHA limit of $1,249,125 for a HECM). Older borrowers and lower rates mean a larger amount, often somewhere between 40% and 60% of the home’s value. The calculator below gives you a personalized estimate in about a minute.
Reverse Mortgage Calculator
Let’s run the napkin math on your equity.
A reverse mortgage is a loan. The balance grows over time and is repaid when the last borrower leaves the home. You keep the title, and you remain responsible for property taxes, homeowners insurance, and upkeep.
How Florida law treats a reverse mortgage
Two questions come up in every Florida conversation I have, and the answers are better than most people expect. Does a reverse mortgage cost me my homestead exemption? Does it reset my Save Our Homes cap? No, and no.
Florida statute treats a mortgage as a lien against the property, not a transfer of title. Your Save Our Homes assessment cap resets only on a sale, a foreclosure, or a transfer of legal title, and a reverse mortgage is none of those. You stay the owner on the deed. Your homestead exemption stands, your 3% annual assessment cap keeps running from the year you bought, and any senior exemption you claim is untouched. What does not change is the obligation: taxes, insurance, and keeping the home up remain yours, and failing at those is the main way a reverse mortgage goes wrong.
For 2026 the standard homestead exemption is $25,000 plus a second $26,411, which is indexed to inflation, so $51,411 in total. Most sites still print a flat $50,000. The second portion does not apply to school district millage.
The senior exemption is a county-by-county lottery, and here is the scoreboard
Florida’s extra senior homestead exemption is set county by county, so it runs from $50,000 in some places down to nothing. Florida lets every county and every city decide separately whether to grant an additional homestead exemption to owners 65 and older, up to $50,000, and separately whether to grant the long-term residency exemption that can wipe out their portion entirely. The variation between neighboring jurisdictions is enormous and almost nobody writes it down. I pulled these from county ordinances, appraiser records and certified tax rolls while building the city pages below. Confirm your own parcel before you budget, because these do change.
Does Florida’s senior property-tax exemption vary by county? Yes. On top of the standard homestead exemption and the Save Our Homes cap, Florida’s additional low-income senior exemption is adopted county by county (and sometimes city by city), so it runs from $50,000 in counties like Collier and Lee down to no dollar exemption at all in Marion. A separate exemption exists for owners 65+ who have lived in the home 25+ years. Here is the county-by-county picture across the Florida markets I serve, grouped by region.
| County | County exemption | The city inside it | 25-year exemption |
|---|---|---|---|
| Southwest Florida | |||
| Collier | $50,000 | Naples $50,000; Marco Island not named | Yes, one of the few |
| Lee | $50,000 | Cape Coral $50,000, Sanibel $25,000 | Yes, county only |
| Charlotte | $50,000, county taxes only | Punta Gorda: none; Rotonda West unincorporated | No |
| Sarasota | $5,000 only | Sarasota $50,000, Venice $50,000, North Port $25,000 | Longboat Key only |
| Manatee | $25,000 | Bradenton: none | No |
| Central Florida | |||
| Sumter | $15,000, not the $50,000 often quoted | The Villages spans three counties | No |
| Lake | $50,000 | Lady Lake adds $25,000 | Not adopted |
| Marion | No dollar exemption at all | Ocala the same | Only the 25-year |
| Citrus | Not listed in the county’s own exemption brochure | Citrus Hills unincorporated | Not listed |
| Volusia | $50,000, all county taxing authorities | New Smyrna Beach $25,000, Ormond Beach $25,000, Daytona Beach $50,000 | Yes, county plus New Smyrna Beach, Deltona, DeBary, Holly Hill, Ponce Inlet |
| Tampa Bay | |||
| Pinellas | $50,000 unincorporated | Dunedin $50,000, others $15,000 to $50,000 | Only North Redington Beach, Safety Harbor and St. Petersburg |
| Treasure & Space Coast | |||
| St. Lucie | $25,000 | Port St. Lucie: none | No |
| Indian River | $25,000 | Vero Beach $25,000 | No |
| Martin | $25,000, county taxes only | Hobe Sound unincorporated; Indiantown $50,000 | Yes |
| Brevard | $25,000 | Melbourne $25,000; Cocoa Beach not published | Not in published materials |
| Northeast Florida | |||
| Nassau | $50,000, non-school taxes | Fernandina Beach, Form DR-501SC by March 1 | Not described |
| St. Johns | Not published in a searchable code | St. Augustine $25,000 or up to $50,000 | No |
Read that table and the pattern jumps out: living one block inside a city line can be worth ten times the exemption, and in three of these markets the city grants nothing at all while the county does. The 2026 household income limit for any of it is $38,686, measured on adjusted gross income, and it screens out more retirees than the exemption amounts do. Reverse mortgage proceeds are loan advances rather than income, so drawing on the loan does not count against that limit.
The tax deferral almost nobody qualifies for
Florida has a senior property-tax deferral, but the income limits are so tight almost nobody actually qualifies. Florida has a property tax deferral for homeowners 65 and older, and I get asked about it often. In practice it rarely works alongside a mortgage. The statute screens applicants on how much total debt already sits against the property, and those thresholds mean a homeowner with a reverse mortgage in place generally will not clear them. Unlike Texas, Florida does not write the conflict into law directly, it just makes the arithmetic fail. If you have a deferral on file, tell me at the start, because it changes the file.
Insurance is the real cost of living here
In Florida, homeowners insurance, not property tax, is the real cost of aging in place, at two to three times the national average. Florida is the most expensive homeowners insurance market in the country, running roughly two to three times the national average depending on whose methodology you use. For a reverse mortgage that is not a side issue: hazard insurance is a property charge you must keep current for the life of the loan, and the premium feeds the residual income test that decides whether a set-aside gets carved out of your available principal. Two identical borrowers, one inland and one on the coast with a separate flood policy, do not get the same loan.
Before you shop anything, look at My Safe Florida Home. The state matches $2 for every $1 you spend on wind mitigation, up to $10,000, and it requires a granted homestead exemption to qualify. Florida insurers must give wind mitigation credits once a qualifying feature is verified, and on an older coastal home those credits are frequently larger than the retrofit cost.
A few Florida specifics worth planning for. Many homeowners here are insured through Citizens, the state-backed insurer of last resort, and a reverse mortgage is fine with that as long as coverage stays in force. If you are in a flood zone, a separate NFIP or private flood policy is its own property charge on top of wind and hazard, and older homes often need a 4-point inspection before an insurer will write them at all. Every one of those premiums flows into the residual income test, which is why I price the insurance before I price the loan.
On My Safe Florida Home, timing is everything, because the money arrives in waves and runs dry between appropriations. The program reopened in August 2025, and a 2026 state budget put another $405 million behind it to clear a backlog of homeowners who did the wind-mitigation inspection but never got paid. Lower-income homeowners can qualify for the full grant with no match at all. If it is open when you are reading this, apply before you spend a dollar on a new roof or impact windows.
Condos, milestone inspections and the approval problem
On a Florida condo, FHA project approval and the post-Surfside reserve rules are usually what make or break a reverse mortgage. Florida is a condo state, and condos are where reverse mortgages get complicated. The general rules for condos and insurance on a reverse mortgage are on my complete guide; here is what is specific to Florida. A standard HECM wants the entire project FHA-approved. When it is not, FHA Single-Unit Approval can still work, but for a reverse mortgage it carries two conditions people are rarely told about: you must meet the residual income standard without compensating factors, and show a clean property-charge payment history without extenuating circumstances.
Layered on top is the post-Surfside regime. Florida now requires milestone inspections and structural integrity reserve studies on condo buildings three stories and up, and the special assessments that follow hit exactly the two tests FHA runs on a project: reserve adequacy, and the share of owners more than 60 days delinquent. Approval status is a moving target. Check your specific building, and check it again if months have passed.
Here is the timeline that actually drives approvals. Milestone inspections begin when a building of three or more habitable stories reaches 30 years old, or 25 years within three miles of the coast, and repeat every 10 years. The first structural integrity reserve study was due December 31, 2025 for older associations, with a grace period to December 31, 2026 when a milestone inspection is due at the same time. A 2025 law, HB 913, now lets a board pause reserve contributions for up to two budget years to fund the urgent repairs an inspection turns up. In plain terms, a building can be mid-inspection, mid-assessment, or mid-repair, and any of those can freeze an FHA approval while it plays out.
If the project will not clear FHA, there are two ways through: the single-unit approval above, or a proprietary reverse mortgage, which is not FHA-insured and can lend in condos FHA will not touch, usually on higher-value units. When I quote a Florida condo, I pull the project’s FHA status and its reserve and assessment picture first, because that, not your age or your equity, is usually what decides the deal. If it is close, call me at 720-449-6622 and I will check your building before you get your hopes up or rule it out.
The 50 percent rule changed in 2025, statewide
A 2025 state law bars Florida cities from stacking old permits toward the 50% threshold that forces a flood-code rebuild. If damage or improvement to a structure in a flood zone reaches 50% of its value, the whole building has to come up to current flood code, which usually means elevating it. Several Florida cities used to count your permits cumulatively over several years, so an old kitchen remodel could push a storm repair over the line. A 2025 state law now prohibits any Florida local government from enforcing a cumulative substantial improvement lookback period, of any length. Each permit stands on its own. That change is permanent and statewide, and some city guidance still has not caught up with it. Get the current rule in writing at permit time.
And Florida takes nothing off the top
Florida has no state income tax, so Social Security, pensions, and IRA withdrawals arrive whole. No state income tax, so Social Security, pensions and IRA withdrawals arrive whole. No estate tax and no inheritance tax, which simplifies what your heirs deal with. Reverse mortgage proceeds are loan advances rather than income, so they are not taxable. Be clear-eyed about the other half: no death tax does not mean no cost to your heirs. When the loan ends they keep any equity above the balance, and the FHA insurance means they never owe more than the home is worth, but the balance still has to be settled.
Every one of the city pages below carries the local layer: the exemptions actually adopted where you live, the storms that hit, what insurance costs, and where the nearest trauma center is. Start with yours.
Sources: Fla. Stat. §§193.155, 196.031, 196.075, 197.252, 697.02 and §163.31795; Florida Department of Revenue additional homestead exemption bulletin, January 2026; county ordinances, property appraiser records and certified tax rolls for Collier, Lee, Charlotte, Sarasota, Manatee, St. Lucie, Indian River, Brevard, Sumter, Lake, Marion and St. Johns counties, gathered August 2026; Florida SB 180 (2025); HUD Mortgagee Letters 2015-06 and 2019-17 and Handbook 4235.1; 24 CFR §206.205; My Safe Florida Home; Florida condominium milestone inspection and structural integrity reserve study requirements. County and city exemption amounts change by ordinance; verify your own parcel with your property appraiser. Figures are educational, not advice.
The HUD counseling requirement, explained
In addition, federal HUD rules require independent counseling before you close, on every HECM, in every state. First, you meet with a HUD-approved counselor who confirms you understand the loan. Then, find approved counselors through HUD’s HECM program; the Florida Office of Financial Regulation also offers consumer guidance.
HUD-approved counseling agencies in Florida
| Agency | Address | Phone |
|---|---|---|
| R.E.A.C.H. (Real Estate Education & Community Housing) | 4006 S MacDill Ave, Tampa, FL 33611 | (561) 491-1670 |
| R.E.A.C.H. (Real Estate Education & Community Housing) | 8409 N Military Trl, Ste 112, West Palm Beach, FL 33410 | (561) 491-1670 |
| R.E.A.C.H. (Real Estate Education & Community Housing) | 7875 NW 12th St, Doral, FL 33126 | (786) 260-6821 |
| Consumer Credit & Budget Counseling (NFDM) | 13921 Icot Blvd, Clearwater, FL 33760 | (866) 395-5769 |
| GreenPath Financial Wellness | 121 S Orange Ave, Orlando, FL 32801 | (813) 374-2251 |
| H.E.L.P. Community Development Corp | 63 E Kennedy Blvd, Eatonville, FL 32751 | (407) 628-4832 |
| Housing Foundation of America | 2400 N University Dr, Pembroke Pines, FL 33024 | (954) 923-5001 |
| Trinity Empowerment Consortium | 11845 SW 216th St, Miami, FL 33170 | (305) 248-4553 |
| Debt Management Credit Counseling Corp | 1330 SE 4th Ave, Ste F, Fort Lauderdale, FL 33316 | (866) 724-3328 |
| Consolidated Credit Solutions | 5701 W Sunrise Blvd, Plantation, FL 33313 | (800) 435-2261 |
Counseling by phone, nationwide: available to Florida homeowners (availability can vary by agency, so confirm when you call):
| Agency | Phone |
|---|---|
| Balance | (800) 777-7526 |
| Cambridge Credit Counseling | (800) 757-1788 |
| ClearPoint Financial Solutions | (800) 251-2227 |
| Consumer Credit Counseling Service of Maryland | (800) 642-2227 |
| Credit.org | (800) 947-3752 |
| GreenPath | (888) 860-4167 |
| Housing Options Provided for the Elderly (HOPE) | (844) 432-6467 |
| Money Management International | (877) 908-2227 |
| National Foundation for Credit Counseling | (866) 698-6322 |
| Navicore Solutions | (866) 855-7736 |
| Horizon Counseling | (888) 315-4326 |
For the full, current roster of HUD-approved HECM counselors, call HUD at 800-569-4287 or search the HUD counselor directory.
For what the counseling session covers, see the counseling page.
Free guide: Your Home Can Help
My complete guide to reverse mortgages for Florida homeowners, the retirement squeeze, the myths, your options, real client stories, and what it really costs. No email required.
Learn how reverse mortgages work
New to reverse mortgages? Start with my complete reverse mortgage guide for the full national picture, then dig into the specifics below.
Want the full details before we talk?
Types of reverse mortgages
In short, there are two broad paths. First, a government-insured FHA HECM is the flexible standard. A proprietary or jumbo reverse mortgage, on the other hand, is built for higher-value homes, can unlock more equity, and in some cases starts at 55.
For a plain-English rundown of each type, see the types of reverse mortgages guide.
HECM vs. jumbo vs. HELOC vs. HEI
A HELOC and a home equity investment (HEI) are the two common alternatives that are not reverse mortgages: a HELOC needs monthly payments and full income qualifying, while an HEI trades a share of your home’s future value for cash now. For a full side-by-side of the HECM, proprietary jumbo, HELOC, and home equity investment (HEI) options, see the comparison on my complete reverse mortgage guide. That same guide breaks down what a reverse mortgage costs and what happens to your home and your heirs. In most of Florida a home sits well under the 2026 FHA limit of $1,249,125, but along the high-value coast, think waterfront Miami-Dade or the Keys in Monroe County, a home can exceed it, and that is where a proprietary jumbo reverse mortgage comes in.
Reverse mortgage requirements in Florida
Do you qualify for a reverse mortgage in Florida? The core requirements are the same across Florida: you are age 62 or older for the government-insured HECM, or age 55 and up on some proprietary programs, the home is your primary residence, and you keep up with property taxes, homeowners insurance, and upkeep. There is no income or credit-score cutoff the way there is on a regular mortgage, though the lender does confirm you can cover those ongoing costs.
For the full checklist, including eligible property types and the financial assessment, see the reverse mortgage requirements guide. Condos are everywhere in Florida, and a condo qualifies only if its project is HUD-approved or clears FHA spot-approval, which I can check before you apply.
How the process works, step by step
- Free consultation. First, we talk through your goals and whether a reverse mortgage even makes sense. If it does not, I will tell you.
- HUD counseling. Next, you meet with an independent, HUD-approved counselor, required by HUD on every HECM, who confirms you understand the loan.
- Application & shopping. Then I compare programs across my wholesale lender network to find competitive pricing and the most available funds.
- Appraisal & underwriting. After that, a licensed appraiser values your home, and the lender verifies the details.
- Closing & funding. Finally, you sign, get a three-day right to cancel, and then your funds are available as a lump sum, line of credit, monthly payments, or a mix.
See the full walkthrough on how it works.
Why work with a mortgage broker, not a bank
As a broker with C2 Financial, I shop your loan across more than 30 wholesale reverse-mortgage lenders. As a result, you get competitive pricing and access to proprietary and jumbo programs a single bank cannot offer. C2 Financial Corporation (NMLS #135622) is a national mortgage brokerage.
Reverse mortgages and aging in place in Florida, city by city
These are more than a list of links. Each city page is its own local guide to aging in place in that community, and in Florida the local details decide everything: homeowners insurance that swings with how close you are to the coast, an additional senior exemption set county by county, and condo rules that vary building by building. Each page carries the local home values, the county tax and exemption scoreboard, and the resources that matter when you plan to age in place. If you are weighing whether to stay put in Florida, start with your city.
I have grouped the cities by region, the way Floridians actually search: Southwest Florida, Greater Orlando and Central Florida, the Treasure and Space Coast, and Northeast Florida. Find your area, then open your city.
Southwest Florida
- Reverse Mortgage in Bradenton, FL
- Reverse Mortgage in Cape Coral, FL
- Reverse Mortgage in Citrus Hills, FL
- Reverse Mortgage in Cocoa Beach, FL
- Reverse Mortgage in Dunedin, FL
- Reverse Mortgage in Fernandina Beach, FL
- Reverse Mortgage in Hobe Sound, FL
- Reverse Mortgage in Marco Island, FL
- Reverse Mortgage in Melbourne, FL
- Reverse Mortgage in Naples, FL
- Reverse Mortgage in New Smyrna Beach, FL
- Reverse Mortgage in Ocala, FL
- Reverse Mortgage in Ormond Beach, FL
- Reverse Mortgage in Port St. Lucie, FL
- Reverse Mortgage in Punta Gorda, FL
- Reverse Mortgage in Rotonda West, FL
- Reverse Mortgage in Sanibel, FL
- Reverse Mortgage in Sarasota, FL
- Reverse Mortgage in St Augustine, FL
- Reverse Mortgage in The Villages, FL
- Reverse Mortgage in Venice, FL
- Reverse Mortgage in Vero Beach, FL
Greater Orlando & Central Florida
Treasure & Space Coast
- Reverse Mortgage in Melbourne, FL
- Reverse Mortgage in Port St. Lucie, FL
- Reverse Mortgage in Vero Beach, FL
Northeast Florida
Finally, do not see your city? Reach out. I serve homeowners across all of Florida.
Reverse mortgage FAQs for Florida homeowners
Who offers reverse mortgages in Florida?
Christopher Gibson (NMLS #1910430) is an independent, Florida-licensed reverse mortgage broker with C2 Financial Corporation (NMLS #135622). He serves homeowners statewide.
How much can I borrow with a reverse mortgage in Florida?
It depends on the age of the youngest borrower, current interest rates, and your home value. Generally, many owners qualify for more than the national average. In addition, higher-value homes may fit a jumbo program above the FHA limit. See how the principal limit sets your number.
Is HUD counseling required for a Florida reverse mortgage?
Yes. Specifically, federal HUD rules require a session with an independent, HUD-approved counselor before closing, on every HECM, in every state. Fortunately, it is usually low-cost or free, and HUD publishes the approved counselors serving your county. Here is what to expect from HUD counseling.
What are the age and equity requirements?
A standard FHA HECM starts at age 62. However, some proprietary programs start at 55. In addition, you need significant equity, and the home must be your primary residence. See the full reverse mortgage requirements.
Are there special reverse mortgage rules in Florida?
Florida has a few features that make reverse mortgages a little different here. Because of Florida’s strong homestead protections in the state Constitution (Article X, Section 4), if you are married both spouses generally must sign the loan documents, even if only one spouse is on the title. Many Florida seniors live in condominiums, and a federally insured HECM usually requires the condo to be in an FHA-approved project or to receive FHA Single-Unit Approval, so the building itself has to qualify. Florida also has no state income tax, and if a reverse mortgage is ever foreclosed it must go through the courts because Florida is a judicial foreclosure state, which adds time and oversight. Reverse mortgage activity is regulated by the Florida Office of Financial Regulation, HUD-approved counseling is required before you apply, and the specifics should always be confirmed for your own property and situation. See the details in how Florida law treats a reverse mortgage.
About Christopher Gibson
Christopher Gibson (NMLS #1910430) is an independent mortgage and reverse mortgage broker with C2 Financial Corporation (NMLS #135622), serving homeowners across the states he is licensed in. Serving communities across Florida. Call or text 720-449-6622. More about Christopher.
Read reviews of Reverse Mortgages & Home Loans with Christopher Gibson at C2 Financial
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*This is general information, not tax advice. Reverse mortgage proceeds are loan advances rather than income and are generally not subject to federal income tax. Consult a CPA or tax advisor about your specific situation. Receiving loan proceeds may also affect eligibility for need-based government benefits such as Medicaid or Supplemental Security Income (SSI).