REVERSE FLORIDA MORTGAGE LOANS ARE BASED ON
- Age of the youngest borrower or eligible non-borrowing spouse
- Current interest rate; and Lesser of appraised value or the HECM FHA mortgage limit of $625,500 or the sales price
If there is more than one borrower and no eligible non-borrowing spouse, the age of the youngest borrower is used to determine the amount you can borrow.
FLORIDA FHA REVERSE MORTGAGE LENDERS FOR SENIORS
If you are a Florida homeowner age 62 or older and have paid off your mortgage or paid down a considerable amount, and are currently living in the Florida home, you may participate in FHA’s Home Equity Conversion Mortgage (HECM) program. The HECM is FHA’s reverse mortgage program that enables you to withdraw a portion of your Florida home’s equity.
You can also use a Florida reverse mortgage to purchase a primary residence if you are able to use cash on hand to pay the difference between the mortgage proceeds and the sales price plus closing costs for the Florida home you are purchasing.