Miami Reverse Mortgages and Home Loans

If you own a condo in Miami, your reverse mortgage questions probably start there.

That makes sense. Condos come with their own rules for reverse mortgages, their own monthly dues, and, since 2022, a new set of Florida safety laws that can bring big special assessments. Add homestead savings and Florida insurance, and there's a lot to plan for. This page walks through all of it.

The short version

• We help with reverse mortgages and regular home loans for Miami homes, through loan officers licensed in Florida.
• Reverse options include the HECM, the HECM for Purchase, and proprietary (jumbo) loans. Finance of America's HomeSafe Standard, one of the programs we compare, is approved in Florida.
• Condos need approval for a HECM, either for the whole project or for your single unit. If your building isn't FHA-approved, we can do it with a proprietary (jumbo) program instead.
• Association dues and special assessments are your responsibility, just like taxes and insurance.
• Keep your homestead exemption and Save Our Homes cap working for you.

Reverse mortgages for Miami homeowners

The HECM

The HECM is the FHA-insured reverse mortgage. You must be 62 or older, live in the home as your primary residence, and have enough equity. You can take a line of credit, monthly payments, a lump sum, or a mix.

There are no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. In a condo, that includes your association dues.

The HECM for Purchase

The HECM for Purchase lets you buy your next home, condo or house, with a down payment and a reverse mortgage together, with no required monthly mortgage payment afterward. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms. If you're buying a condo, we check its approval status before you make an offer.

Proprietary (jumbo) reverse mortgages

A jumbo reverse mortgage comes from a private lender, uses its own higher limits, and doesn't charge FHA mortgage insurance. For Miami, the bigger reason to look at one is often the condo. In Florida, we can do condos that aren't FHA-approved with proprietary (jumbo) programs, after the lender's own review of the building. Finance of America's HomeSafe Standard is approved in Florida. See Lending Limits for the current HECM limit.

Reverse mortgages on Miami condos

FHA approval

For a HECM, the condo generally needs to be on FHA's approved list. If the building isn't approved, your unit may still qualify on its own through single-unit approval, which has its own limits on owner occupancy and how many FHA loans are in the building. I'll check this first, before you spend money on an appraisal.

Florida's condo safety laws

After the Surfside collapse, Florida passed a building safety law in 2022. Among other things, it requires:

• Milestone inspections for condo buildings three or more stories tall, generally at 30 years old (or 25 years if the local building department requires it), and every 10 years after that.
• Structural integrity reserve studies every 10 years, so associations save for major repairs.

The legislature has adjusted these rules since 2022, so ask your association what applies to your building.

Why that matters with a reverse mortgage

Those inspections and reserve rules can lead to higher monthly dues and large special assessments. With a reverse mortgage, you must keep paying association dues and assessments, just like taxes and insurance. Before you apply, ask your association:

1. When was the last milestone inspection, and what did it find?
2. Is a structural integrity reserve study done, and is the association funding it?
3. Are any special assessments planned?

A reverse mortgage line of credit can be a smart cushion for exactly this kind of surprise. But I want you going in with eyes open.

Florida property taxes: keep your homestead

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. File with the property appraiser by March 1.

Save Our Homes then limits how much your assessed value can rise each year to 3 percent or the change in the Consumer Price Index, whichever is less. A reverse mortgage doesn't change who owns the home, so these stay in place as long as it's your permanent residence.

If you sell and buy another Florida homestead, including with a HECM for Purchase, portability can carry your Save Our Homes benefit with you, up to a limit, if you file in time.

Florida voters will also decide a proposed homestead property tax amendment on November 3, 2026. We'll update this page after the election.

Insurance in Miami

With a HECM, you must keep homeowners insurance, including wind coverage where the lender requires it. If the home is in a FEMA Special Flood Hazard Area, FHA requires flood insurance too. In a condo, the association insures the building, but you'll usually need your own policy for the inside of your unit.

If premiums are already a strain, we'll talk about it before you apply. Part of the loan can be set aside to pay property taxes and insurance for you, called a LESA. See Reverse Mortgage Financial Assessment. After a storm, read What Reverse Mortgage Borrowers Need to Know After a Natural Disaster.

Home loans for Miami buyers and owners

We also help with:

• Buying a home and seeing your buying power before you shop.
• Refinancing.
• Home equity loans and HELOCs.
• FHA loans, conventional loans, and jumbo loans.
• VA loans for eligible veterans and service members.

Request a rate quote for your numbers.

How we work with Miami clients

1. A conversation by phone or video. Have your association's contact information handy if you own a condo.
2. Counseling with an independent, HUD-approved counselor for a HECM, usually by phone or video. See Reverse Mortgage Counseling.
3. Condo check, application, and appraisal.
4. Signing usually at home with a mobile notary.

Miami resources

• Miami Beach Elder Resident Services
• Florida Department of Revenue: homestead exemption
• HUD-approved housing counselors: hud.gov/counseling or (800) 569-4287

Common questions

Can I get a reverse mortgage on a Miami condo?

Often, yes. For a HECM, the building generally needs FHA approval, or your unit may qualify through single-unit approval. If it isn't, we can do condos that aren't FHA-approved with a proprietary (jumbo) program.

What happens if my condo association adds a special assessment?

You must pay it, just like taxes and insurance. A reverse mortgage line of credit can help, if you have one set up.

Will a reverse mortgage affect my homestead exemption?

It shouldn't. You still own the home and live there.

Do I need flood insurance?

If the home is in a FEMA Special Flood Hazard Area, FHA requires it for a HECM.

Next step

Get My Estimate, find a loan officer for Florida, or call us at 530-888-6000. See our Florida page and the full guide to Reverse Mortgages.

Sources

• Florida Senate, CS/SB 4-D (2022) Building Safety bill summary: flsenate.gov
• HUD Mortgagee Letter 2019-17 (condominium project approval and single-unit approval), summarized by Hinshaw & Culbertson: hinshawlaw.com
• Florida Department of Revenue, PT-113 Homestead Exemption: floridarevenue.com
• Florida Department of Revenue, PT-112 Save Our Homes and portability: floridarevenue.com
• Ballotpedia News, June 3, 2026: ballotpedia.org
• HUD, FHA Reverse Mortgage for Seniors (HECM): hud.gov