Tampa Reverse Mortgages and Home Loans

If you own a home in Tampa, you already know the two numbers that keep people up at night: the property tax bill and the insurance bill. They matter even more with a reverse mortgage, because those are the bills you keep paying.

The good news is that Florida gives homesteaded homeowners real breaks, and a reverse mortgage can free up the cash flow to handle the rest. Here's what we offer for Tampa homes and what to plan for.

The short version

• We help with reverse mortgages and regular home loans for Tampa 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.
• Your homestead exemption and Save Our Homes cap keep your taxes lower. Keep them in place.
• Insurance is the big one. With a reverse mortgage, you must keep homeowners insurance, and flood insurance if your home is in a FEMA Special Flood Hazard Area.
• Moving within Florida? Portability can carry your Save Our Homes savings to your next home, including one bought with a HECM for Purchase.

Reverse mortgages for Tampa 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.

The HECM for Purchase

The HECM for Purchase lets you buy your next home 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. People use it to move to a single-story home, to a different part of town, or closer to family.

Proprietary (jumbo) reverse mortgages

If your home is worth more than the HECM limit, a jumbo reverse mortgage may give you access to more, without FHA mortgage insurance. In Florida, we can also do condos that aren't FHA-approved with proprietary programs. Finance of America's HomeSafe Standard is approved in Florida. See Lending Limits for the current HECM limit.

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 the county property appraiser by March 1.

The Save Our Homes cap

Once you have a homestead exemption, 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 your home a long time, that cap may be saving you a lot.

A reverse mortgage doesn't change who owns the home, so your homestead and Save Our Homes cap stay in place. You still have to live there as your permanent residence.

Portability if you move

If you sell and buy another Florida homestead, portability may let you carry part of your Save Our Homes benefit with you, up to a limit, if you had a Florida homestead exemption on January 1 of any of the three years before you set up the new one. That pairs well with a HECM for Purchase. Talk with the property appraiser so you file on time.

A change on the ballot

Florida voters will decide a proposed homestead property tax amendment on November 3, 2026. If it passes, we'll update this page. Check with your county property appraiser for the latest.

Florida insurance and your reverse mortgage

This is where I spend the most time with Florida clients.

What you must keep

With a HECM, you must keep homeowners insurance on the home. If your home is in a FEMA Special Flood Hazard Area, FHA requires flood insurance too. In Florida, wind coverage is usually part of what the lender requires.

Why it matters

If insurance lapses, or premiums jump and you fall behind, the loan can become due. That's the same rule as any mortgage, but it feels different when you don't have a monthly mortgage payment reminding you.

How we plan for it

• We look at your insurance before you apply. Your premium is part of the financial assessment.
• A set-aside can help. If it looks like property charges could be a strain, part of the loan can be set aside to pay taxes and insurance for you, called a LESA.
• Shop your coverage. A reverse mortgage that frees up a mortgage payment can make a higher premium easier to carry.

After a storm

Call your servicer right away, file your insurance claim, and keep records. HUD may delay foreclosures in Presidentially declared disaster areas, but your obligations continue. Read What Reverse Mortgage Borrowers Need to Know After a Natural Disaster.

Home loans for Tampa 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 Tampa clients

1. A conversation by phone or video about your goals, your taxes, and your insurance.
2. Counseling with an independent, HUD-approved counselor for a HECM, usually by phone or video. See Reverse Mortgage Counseling.
3. Application and appraisal. An FHA appraiser visits the home.
4. Signing usually at home with a mobile notary.

Tampa resources

• Hillsborough County Aging Services
• City of Tampa: Aging Friendly Tampa
• Florida Department of Revenue: homestead exemption
• HUD-approved housing counselors: hud.gov/counseling or (800) 569-4287

Common questions

Will a reverse mortgage affect my Florida homestead exemption?

It shouldn't. You still own the home and live there as your permanent residence. Keep your homestead filing current.

Do I need flood insurance for a reverse mortgage in Tampa?

If the home is in a FEMA Special Flood Hazard Area, FHA requires it for a HECM. Even if it isn't, ask yourself whether you'd want it.

What if my insurance premium goes up after closing?

You must keep paying it. That's why it pays to get an insurance quote early and talk about a set-aside if it's tight.

Can I use a reverse mortgage on a Tampa condo?

Often. For a HECM, the condo generally needs FHA approval, or the 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.

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 Department of Revenue, Property Tax Information for Homestead Exemption (PT-113): floridarevenue.com
• Florida Department of Revenue, Save Our Homes and portability (PT-112): floridarevenue.com
• Section 193.155, Florida Statutes: leg.state.fl.us
• "Florida voters to decide expanded homestead tax exemption amendment in November," Ballotpedia News, June 3, 2026: ballotpedia.org
• HUD, FHA Reverse Mortgage for Seniors (HECM): hud.gov