Reverse Mortgages in Florida: What Homeowners 62+ Need to Know
By Tyler Plack
Tyler Plack is the President of South River Mortgage. Tyler holds an active FHA Direct Endorsement (DE) underwriting certification and is the author of The Retirement Solution: Maximizing Your BenefitTyler is a seasoned entrepreneur and real estate investor renowned for his expertise in reverse mortgages and his commitment to addressing seniors' equity challenges. Tyler brings a unique perspective to his ventures, having built several successful companies throughout his career. His insights are frequently sought by industry publications, where he is recognized for his vast knowledge in the realm of reverse mortgages.
An avid investor in income-producing properties, Tyler is dedicated to helping seniors navigate their financial needs with compassion and expertise. When Tyler is not helping solve America's retirement crisis, he is a skilled pilot flying airplanes for fun.
Everything You Need to Know About Reverse Mortgages in Florida
If you’re 62 or older and living in Florida, your home isn’t just where you live—it’s one of your biggest financial tools. And for many Florida homeowners, that tool is just sitting there, unused.
That’s where a reverse mortgage comes in.
Whether you’re in Tampa, Miami, Orlando, or tucked away in a quiet beach town, a reverse mortgage can help you unlock your home’s value without selling or moving.
In this quick guide, we’ll break down how reverse mortgages work in Florida—in plain English, not financial jargon—and help you decide if it’s the right move for you.
What Is a Reverse Mortgage?
A reverse mortgage is a special type of loan that lets homeowners aged 62 or older convert some of their home equity into cash — without selling or making monthly mortgage payments. Instead, the lender pays you.
You can choose to receive your money as a lump sum, monthly payments, a line of credit, or a combination. You continue to own your home, and repayment doesn’t happen until you move out, sell, or pass away.
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What Makes Florida Unique?
Florida is one of the most popular states in the country for reverse mortgages — and for good reason. The state has a large retiree population and rising property values, plus there’s no state income tax.
Many Florida homes — especially single-family homes and condos — are well suited to qualify. That said, certain condos may require additional approvals, such as FHA approval, to qualify. Working with a reverse mortgage expert familiar with Florida’s specific housing market is key to navigating the details.
That said, certain condos may require additional approvals, such as FHA approval, to qualify. If you live in or are considering a condo, it’s important to understand the specific rules. Learn more about how a reverse mortgage on condominiums works and what to look out for.
Who’s Eligible in Florida?
Reverse mortgage eligibility in Florida is the same as the national guidelines. You must be at least 62 years old, and the home must be your primary residence.
You also need to have enough equity built up in the home and must be able to cover ongoing costs such as property taxes, insurance, and maintenance. A short HUD-approved counseling session is also required before applying.
Many different property types qualify in Florida — including single-family homes, FHA-approved condos, and some manufactured homes with a permanent foundation.
Benefits for Florida Homeowners
There are tons of reasons to choose a reverse mortgage:
- Stay in your home and age in place
- Get access to tax-free cash
- Avoid monthly mortgage payments
- Use funds however you need: healthcare, renovations, bills, or peace of mind
- Maximize your home’s value as Florida property prices rise
Did you know? You can even use a reverse mortgage to buy a new home in Florida through a special option called a Reverse Mortgage for Purchase.
Things to Consider
Just a few things to keep in mind:
- Understand that the loan balance grows over time
- Know that your heirs will need to repay the loan (typically by selling the home)
- Plan to stay in your home long-term
Work With a Florida Reverse Mortgage Expert
At South River Mortgage, we specialize in reverse mortgages — and we understand the Florida housing landscape. Whether you live near the beach, in a condo, or in the heart of a retirement community, we can help you understand your options.
We’re here to make it simple, personalized, and pressure-free.
Have questions about qualifying in your area?
Ready to take the next step? Give us a call (844) 230-6679
