Reverse Mortgage
Reverse mortgages allow homeowners aged 62 and older to convert a portion of their home equity into cash without selling their home or making monthly mortgage payments. The most common program is the FHA-insured Home Equity Conversion Mortgage (HECM).
Reverse Mortgage & HECM Options in Florida — 62+ Homeowner Guide
A reverse mortgage can allow an eligible older homeowner to convert part of home equity into loan proceeds while retaining title to the home, subject to program obligations. The FHA-insured Home Equity Conversion Mortgage (HECM) is the most common reverse-mortgage program.
Requirements at a Glance
Key Benefits
- ✓May provide access to home equity without a required monthly principal-and-interest mortgage payment
- ✓HECM proceeds can be structured in different ways subject to program rules
- ✓Borrower retains title while program obligations are met
- ✓Can be evaluated as part of retirement cash-flow planning
- ✓HECM is federally insured and includes consumer-protection requirements
How to Apply — Step by Step
Discuss goals and alternatives
Review why you are considering home-equity access and compare other options.
Complete HUD-approved counseling
HECM counseling helps explain costs, obligations, alternatives, and borrower protections.
Apply and document the property
The lender reviews age, title, liens, financial assessment, property, and other program requirements.
Complete appraisal and underwriting
An FHA appraisal and lender review are generally part of the HECM process.
Review payout and repayment terms
Understand proceeds, costs, interest accrual, ongoing obligations, and when the loan becomes due and payable.
Who Qualifies?
HECM eligibility depends on age, eligible property type, principal-residence requirements, sufficient equity, HUD-approved counseling, financial assessment, property condition, and the ability to meet ongoing property obligations such as taxes and insurance.
Reverse mortgages are complex and should be compared with alternatives such as a HELOC, home-equity loan, downsizing, or other retirement strategies. Counseling and a complete cost review are important parts of the decision.
Discuss Reverse Mortgage Options
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Florida Market Insight
Florida's large retiree population makes reverse mortgages a popular option for seniors looking to supplement retirement income, cover healthcare costs, or simply enjoy their golden years with greater financial flexibility while staying in their home.
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Reverse Mortgage by Location
Reverse Mortgage Payment Calculator
Estimated Monthly Payment
$1,816.07
Loan amount: $280,000 · 30-year term at 6.75%
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Frequently Asked Questions
- What is a Reverse Mortgage loan?
- Reverse mortgages allow homeowners aged 62 and older to convert a portion of their home equity into cash without selling their home or making monthly mortgage payments. The most common program is the FHA-insured Home Equity Conversion Mortgage (HECM).
- How do I qualify for a Reverse Mortgage loan in Florida?
- Qualification depends on credit score, income, debt-to-income ratio, and the specific Reverse Mortgage program requirements. Contact Beacon Mortgage for a free pre-qualification with no impact to your credit score.
- What is the Florida market like for Reverse Mortgage?
- Florida's large retiree population makes reverse mortgages a popular option for seniors looking to supplement retirement income, cover healthcare costs, or simply enjoy their golden years with greater financial flexibility while staying in their home.
- Where does Beacon Mortgage offer Reverse Mortgage?
- Beacon Mortgage offers Reverse Mortgage in Orlando, Miami, Tampa, Jacksonville, Fort Lauderdale, Winter Garden, and 25+ additional Florida cities. Click any city below to see local market data.