In 2024, there were 13 active reverse mortgage loans in Franklin County, Florida. The average home value in Franklin County is $686,507.77.

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To avoid scams, make sure you are working with a licensed lender in Florida. South River Mortgage is a fully licensed lender in Florida. The FL state regulator requires mortgage lenders to be explicitly approved to make loans and hold a license. South River Mortgage proudly holds the Mortgage Lender License in FL, and our state license identifier is MLD2179.  We also maintain active approval with HUD/FHA.

Reverse Mortgage Loans in Franklin County

Located in the panhandle of Florida, Franklin County is bordered by the Gulf of Mexico to the south and the Apalachicola River to the east. With a population of approximately 12,000 residents, the county features a subtropical climate characterized by hot summers and mild winters. Franklin County is renowned for its pristine beaches, charming coastal towns, and abundant wildlife, making it a popular destination for outdoor enthusiasts and nature lovers. Historically, Franklin County was a major center for the timber industry and played a significant role in the development of Florida’s economy. Today, it is known for its fishing and seafood industry, particularly oysters harvested from the Apalachicola Bay. Seniors in Franklin County may benefit from considering a reverse mortgage, leveraging their home equity to access funds for retirement expenses. With an average home value of $686,507.77, property taxes averaging $2,291.15, and an average interest rate of 3.99%, a reverse mortgage could provide financial flexibility for seniors looking to supplement their retirement income.

Reverse Mortgage Loan Origination in Franklin County

Reverse Mortgage Home Values in Franklin County

Reverse Mortgage Interest Rates Franklin County

There are approximately 13 active reverse mortgage loans in Franklin County. The average interest rate in Franklin County is 7.03% for reverse mortgages. The average maximum claim amount (the lesser of the appraisal or lending limit), among reverse mortgage borrowers, in Franklin County was $1,005,000.00 in 2024.

Click here to get a Reverse Mortgage Quote in Franklin County, Florida »

Note that our loan origination data will not exactly match FHA’s HECM portfolio snapshot. This discrepancy occurs because FHA’s reports are limited to loans endorsed by FHA (i.e. HECMs only). We use a series of custom data criteria that make it possible to identify all reverse mortgages: HECMs, proprietary, and even single-purpose reverse mortgages.

Jumbo Reverse Mortgage in Franklin County, FL

With the average home value of $1,005,000.00, you may be wondering about the opportunities for jumbo loans.

The FHA has increased the HECM lending limit to $1,209,750 for 2025. If your property is valued above the HECM lending limit, you may be eligible for additional proceeds through the HomeForLife jumbo reverse mortgage.

Reverse Mortgage Refinance (HECM to HECM) in Franklin County

It might make sense to refinance your reverse mortgage. There are many situations where refinancing could be very beneficial to you:

• You want to get more cash out because your home value has increased substantially
• You want to pay less in interest by obtaining a lower interest rate
• You want to add a loved one to the reverse mortgage

As a bonus, South River Mortgage can sometimes provide multiple benefits at once, depending on the situation. There have been cases where we can help secure a lower interest rate and additional cash. In some cases, we have been able to do all three benefits: lower rate, more cash, and adding a son or daughter onto the mortgage.

South River Mortgage can help you refinance your reverse mortgage. Get a quote today »

Reverse for Purchase (HECM for Purchase) in Franklin County

You can now purchase a home with a reverse mortgage in {county}, FL. The reverse for purchase lets homebuyers purchase the home and get a reverse mortgage in a single transaction. The requirements for a reverse for purchase are very similar to the traditional reverse mortgage program.

Purchasing a home with a reverse mortgage has many benefits:

• No monthly mortgage payment (although you’d still be responsible for property taxes and homeowner’s insurance)
• The home being purchased would meet HUD’s property requirements or minimum property standards (this helps keep the home safe for occupants)

Learn what your down payment would be using our Reverse for Purchase calculator. Or, get pre-approved today »