Reverse Mortgages and Home Loans in Florida

Florida has always been one of the biggest reverse mortgage states in the country. Plenty of people retire there, and plenty of them own their homes free and clear or close to it. That's a natural fit for a reverse mortgage.

But Florida also has its own set of curveballs: homestead rules, condo laws that changed after 2021, and insurance that can cost more than the property taxes. This page covers what you need to know, along with the other home loans we help Floridians with.

The short version

• We help Florida homeowners and buyers with reverse mortgages, purchases, refinances, home equity, and VA loans.
• Reverse mortgage options include the HECM, the HECM for Purchase, and proprietary (jumbo) programs where available.
• A reverse mortgage doesn't take away your homestead exemption or your Save Our Homes cap, as long as the home stays your permanent residence.
• Condos need extra planning. FHA approval, milestone inspections, and reserve studies can all affect a reverse mortgage.
• Insurance is the big one. With a HECM, you must keep homeowners insurance, including wind coverage where required, and flood insurance if your home is in a FEMA Special Flood Hazard Area.
• A homestead amendment is on the November 3, 2026 ballot. We'll update this page after the election.

Reverse mortgages in Florida

There are no required monthly mortgage payments with a reverse mortgage. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.

Floridians use reverse mortgages to:

• Pay off an existing mortgage and free up monthly cash.
• Set up a line of credit for emergencies, rising insurance, or care at home.
• Add monthly income.
• Buy a home that fits the next stage of life with a HECM for Purchase, often after moving down from up north.

HECM

The FHA-insured HECM is the most common reverse mortgage in Florida. It comes in fixed-rate and adjustable versions. How much you can access depends on the youngest borrower's age (or an eligible non-borrowing spouse's), current rates, and your home's value up to the national HECM limit. See How a Reverse Mortgage Works and Lending Limits.

Jumbo (proprietary) reverse mortgages

On higher-value homes, especially waterfront homes and condos in buildings that aren't FHA-approved, a jumbo program may be the better fit. As a broker, we compare jumbo programs from several lenders. Programs we compare include Mutual of Omaha Secure Equity, Finance of America HomeSafe, Longbridge Platinum, Smartfi Choice, Nationwide Equities EquityPower, and MCM Holdings MCM Edge. Availability varies by state and changes over time. Finance of America's HomeSafe Standard is approved in Florida. See Proprietary (Jumbo) Reverse Mortgages.

Florida property taxes: keep your homestead working for you

The homestead exemption

If the home is your permanent residence, Florida's homestead exemption can lower its assessed value: one part applies to all property taxes, and an additional part, adjusted each year for inflation, applies to non-school taxes. You file with your county property appraiser, generally by March 1.

A reverse mortgage doesn't change who owns your home. You keep the title, so the homestead exemption stays as long as the home stays your permanent residence.

Save Our Homes

Once you have a homestead, Save Our Homes limits how much your assessed value can rise each year to 3 percent or the change in the Consumer Price Index, whichever is less. If you've been in the home a long time, the gap between your assessed value and market value can be big. That gap is real money every year.

Portability: taking your savings with you

If you sell your Florida homestead and buy another one, portability can carry some of your Save Our Homes benefit to the new home, up to a limit, if you set up the new homestead in time. That's worth knowing if you're thinking about a HECM for Purchase. Talk with the property appraiser before you sell.

Extra exemptions for some seniors

Some Florida counties and cities offer an additional homestead exemption for owners 65 and older with limited household income. There's also a version for long-term residents who've lived in a lower-value home for at least 25 years. Not every county or city offers these, so check with your property appraiser.

The November 2026 ballot

Florida voters will decide a proposed homestead property tax amendment on November 3, 2026. We'll update this page with what it means for homeowners once the results are in.

Condos in Florida

A lot of Floridians live in condos, and condos come with their own reverse mortgage rules.

FHA approval

A HECM on a condo generally requires FHA approval for the project, or for your individual unit. Since 2019, HUD has allowed single-unit approval in many projects that aren't approved as a whole. In Florida, we can do condos that aren't FHA-approved with proprietary (jumbo) programs, after the lender's own review of the building.

Milestone inspections and reserve studies

After the 2021 Surfside collapse, Florida passed SB 4-D in 2022. In general, Florida law now requires:

• Milestone inspections for condo buildings three or more stories tall, generally at 30 years old (a local agency can require 25 years based on local conditions), and every 10 years after that.
• Structural integrity reserve studies, so associations save for major repairs.

These rules can lead to higher monthly dues or special assessments. With a reverse mortgage, you're still responsible for HOA dues and assessments under the loan terms. Before we start, I'll ask:

1. When was the building's last milestone inspection, and what did it find?
2. Is the association funding its reserves?
3. Are any special assessments planned?

A line of credit can be a smart safety net here. If an assessment shows up, you have money to draw instead of scrambling.

Insurance in Florida

Insurance is where many Florida reverse mortgage plans succeed or fail.

• Homeowners insurance is required on a HECM, and it has to include the coverage the lender requires, which in Florida usually means wind.
• Flood insurance is required if the home is in a FEMA Special Flood Hazard Area.
• Condo owners usually need their own policy for the inside of the unit, even though the association insures the building.
• Citizens Property Insurance is Florida's insurer of last resort for homeowners who can't find coverage in the private market.

Florida premiums rose a lot over several years, and what you pay depends on your home and policy. That's exactly what the HECM financial assessment looks at. If it looks like insurance and taxes might be hard to keep up with, part of the loan can be set aside to pay them for you. That set-aside lowers the money available for other things, but it protects the home.

Florida closing costs to know about

Florida charges documentary stamp tax and nonrecurring intangible tax on recorded mortgages. Those taxes are part of the closing costs on a Florida reverse mortgage, along with the usual title, appraisal, and recording costs. I'll show you every line before you decide. See Reverse Mortgage Costs.

Manufactured homes

Manufactured homes are common in Florida retirement communities. A manufactured home can qualify for a HECM if it meets FHA's rules, including being built after June 15, 1976, on a permanent foundation, and classified as real property. If you're in a land-lease community, where you don't own the lot, the lenders follow HUD's rules on leased land. The lease generally has to be a renewable lease of at least 99 years, or run long enough past the borrower's life expectancy under HUD's rules, and some land-lease community leases don't meet that test. Bring me a copy of your lease and I'll tell you where you stand. See Can I do a reverse mortgage on a manufactured home that has a stick built addition?

After a hurricane

If a storm damages your home, call your servicer right away. Florida homeowners should keep this one handy: What Reverse Mortgage Borrowers Need to Know After a Natural Disaster.

Home loans in Florida

Reverse mortgages aren't all we do. We also help Floridians with:

• Buying a home, with conventional, FHA, VA, and jumbo loans. See Buy a Home, Conventional Loans, FHA Loans, and Jumbo Loans.
• Refinancing to change your rate or term, or take cash out. See Refinance.
• Home equity, with HELOCs and home equity loans. See Home Equity.
• VA loans for eligible veterans, service members, and surviving spouses. See VA Loans.

For a personalized quote, see Get a Rate Quote.

Florida cities

We work with homeowners all over Florida by phone, video, or in person. These pages cover the cities people ask about most:

• Jacksonville
• Miami
• Orlando
• Tampa

Where people get tripped up

• Not checking the condo first. FHA approval and the building's inspection and reserve status can decide which program works.
• Underestimating insurance. Get current quotes before you plan your budget.
• Forgetting the homestead filing on a new home. If you buy with a HECM for Purchase, file for homestead on the new home, and ask about portability.
• Assuming dues stay flat. Milestone inspections and reserve studies can change what you pay.

Common questions

Will a reverse mortgage affect my Florida homestead exemption?

Generally no. You keep the title, so the exemption and your Save Our Homes cap stay as long as the home is your permanent residence.

Can I get a reverse mortgage on a Florida condo?

Often, yes. A HECM needs FHA approval for the project or your unit. If your building isn't approved, we can do it with a proprietary (jumbo) program instead. I'll check your building first.

Do I need flood insurance?

If the home is in a FEMA Special Flood Hazard Area, FHA requires it for a HECM. Even outside those zones, many Floridians choose it.

Can I use a reverse mortgage to buy a home in Florida?

Yes, with a HECM for Purchase. You make a down payment, and there are no required monthly mortgage payments afterward. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. See HECM for Purchase.

I split my time between Florida and another state. Does that matter?

Yes. A HECM has to be on your primary residence, where you live most of the year. The home also needs to be your permanent residence for the homestead exemption.

What happens if my insurance gets canceled?

Call your servicer right away and find replacement coverage. A lapse can cause the lender to buy coverage for you and add it to your balance, and an unpaid property charge can make the loan come due.

Next step

Get your estimate, start your reverse mortgage review, or find a loan officer for Florida. You can also call us at 530-888-6000. For the full picture, start with Reverse Mortgages.

Sources

• Florida Department of Revenue, PT-113 Homestead Exemption: floridarevenue.com
• Florida Department of Revenue, PT-112 Save Our Homes and portability: floridarevenue.com
• Florida Department of Revenue, Additional Homestead Exemptions for persons 65 and older: floridarevenue.com
• Section 193.155, Florida Statutes: leg.state.fl.us
• Florida Senate, CS/SB 4-D (2022) bill summary: flsenate.gov
• Florida Department of Revenue, Tax Information Publication on documentary stamp tax and nonrecurring intangible tax: floridarevenue.com
• Ballotpedia News, June 3, 2026: ballotpedia.org
• HUD Mortgagee Letter 2019-17, summarized by Hinshaw & Culbertson: hinshawlaw.com
• HUD, FHA Reverse Mortgage for Seniors (HECM): hud.gov