✓ Not an FHA loan. No FHA loan limit.
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
About this page: This page describes the proprietary reverse mortgage that Sunshine State Home Loans, LLC (BBB A+) arranges as a licensed Florida mortgage broker, not a lender, for homeowners aged 55 and older, covering condominium eligibility and purchase, subject to approval.
You already know what the proprietary reverse mortgage offers. Now work with a licensed Florida mortgage broker who specializes in this product. Available at age 55. Not an FHA loan. Loan amounts up to $4 million.
See If You May Qualify Or Call (727) 244-7076No obligation · We take our time with you
You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
Fill out the short form below and we will prepare your free proprietary reverse mortgage loan comparison and reach out to you. No commitment. No obligation of any kind.
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Please note: Borrowers are always responsible for the payment of property taxes, homeowners insurance, HOA dues, and any special assessments. Failure to meet these obligations may result in the loan becoming due and payable. This is not a commitment to lend. All loans are subject to credit and property approval.
If you are researching the proprietary reverse mortgage by name, you already understand the advantages over the government FHA HECM program. The next step is a licensed Florida mortgage broker who specializes in this specific product and can walk you through the numbers for your situation.
Many borrowers who contact us have already done their research. They know the proprietary reverse mortgage is available at age 55. They know a condominium can qualify with no FHA or HUD condo community approval required, subject to the product's own condo review. They know it offers loan amounts up to $4 million. What they want is a knowledgeable specialist who can guide them through the process. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
Here is what you may have already learned about the limitations of the government FHA HECM program:
As a licensed Florida mortgage broker specializing in this product, we guide you through the entire process from your first call through closing.
You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
We serve homeowners and condo owners throughout the entire state of Florida. Each loan is evaluated individually and is subject to property and borrower approval.
Borrowers with a credit score of 720 or higher who meet certain conditions may qualify for the 720 Residual Income Waiver, which is available on refinance transactions only. Ask us if you may be eligible. Purchase transactions do not qualify for this waiver. A separate residual income waiver is available on a purchase when every borrower has a credit score of 750 or above, with the same insurance and credit-history conditions (12 months of homeowners insurance that was not force-placed, and the lender's credit history requirements). The underwriter decides; subject to approval.
Choosing the right mortgage broker matters. Here is what sets our approach apart when it comes to the proprietary reverse mortgage.
We specialize in the proprietary reverse mortgage product. We understand the underwriting guidelines, the eligibility criteria, and the specific documentation requirements. We explain each requirement to you as it comes up.
The FHA government program requires age 62. The proprietary reverse mortgage we arrange as broker is available at age 55. At 55 to 61, you are too young for the FHA HECM, which starts at 62. We help eligible borrowers access their equity years earlier. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
720+ qualifying credit score on a refinance: the residual income test set by the lender that funds this loan (Sunshine State Home Loans is the broker) may be waived when the other loan requirements are met. See the FAQ on this page. Purchase transactions do not qualify for this waiver. A separate residual income waiver is available on a purchase when every borrower has a credit score of 750 or above, with the same insurance and credit-history conditions (12 months of homeowners insurance that was not force-placed, and the lender's credit history requirements). The underwriter decides; subject to approval.
Many Florida condo owners have been told they cannot get a reverse mortgage because their community is not FHA approved. A condominium that is not on the FHA approved list may still qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review. Condo-hotel and co-operative units are not eligible.
The reusable portion of your line of credit has no set end date. It stays open while you meet the loan terms. At closing, at least 25% of the amount available to you is taken as a one-time draw that cannot be redrawn. Any amount you do not draw at closing stays available as a reusable line of credit. Funds may be drawn while funds remain available and the loan terms are met. The interest rate on a line of credit is variable and can change. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
What is a proprietary reverse mortgage?
A proprietary reverse mortgage is a private loan, not the FHA HECM. It is available at age 55, accepts condominiums not FHA approved, has no upfront mortgage insurance premium, and allows loan amounts up to $4 million. Sunshine State Home Loans, LLC arranges it as a licensed Florida mortgage broker, not a lender, subject to credit and property approval. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
How is a proprietary reverse mortgage different from the FHA HECM?
The FHA HECM is a government program requiring age 62, FHA condo approval and upfront mortgage insurance. The proprietary reverse mortgage is a private loan, not government backed: age 55, condominiums with no FHA or HUD condo community approval required, subject to the product's own condo review, no upfront mortgage insurance, loan amounts up to $4 million. Both require paying property taxes, homeowners insurance, HOA dues and special assessments. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
Can I get a reverse mortgage on a Florida condo that is not FHA approved?
A condominium not on the FHA approved list may still qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review. Condo-hotel and co-operative units are not eligible. Special assessments are common in Florida condominium communities and each is reviewed individually. Eligibility is subject to property and borrower approval.
Can I use a proprietary reverse mortgage to buy a home in Florida?
Yes. Sunshine State Home Loans' own minimum home value is $555,000 for a purchase and $250,000 for a refinance. This is the company's own standard. Not every home qualifies; every loan is subject to property approval, borrower qualification and underwriting. Borrowers 55 and older may buy a Florida primary residence with no required monthly mortgage payment*. The homeowner must keep paying property taxes, homeowners insurance and any HOA dues, keep the home in good repair and live in it as their main home. Interest and fees are added to the loan balance, so the amount owed grows over time. Rates are variable or fixed; a variable rate can change. Subject to approval.
What is the 720 credit score waiver on a proprietary reverse mortgage?
On a refinance only, the lender's residual income test may be waived when a borrower has a qualifying credit score of 720 or above, has held homeowners insurance 12 months without a force-placed policy, and meets the credit history requirements. A co-borrower's score may be as low as 690. Other loan requirements apply; the underwriter decides, subject to approval. Purchase transactions do not qualify for this waiver. A separate residual income waiver is available on a purchase when every borrower has a credit score of 750 or above, with the same insurance and credit-history conditions (12 months of homeowners insurance that was not force-placed, and the lender's credit history requirements). The underwriter decides; subject to approval.
Florida homeowners come to us with different questions. The pages below go deeper on the topics our clients ask about most often.
Many Florida condo communities are not on the FHA approved list. A condominium that is not on the FHA approved list may still qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review.
The FHA government HECM program requires age 62. The proprietary reverse mortgage is available at age 55 for Florida homeowners. At 55 to 61, you are too young for the FHA HECM, which starts at 62.
Higher value Florida homes often exceed the FHA HECM lending limit. The proprietary reverse mortgage offers loan amounts up to $4 million for eligible Florida properties, making it a fit for coastal and high value communities. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
A condominium that is not on the FHA approved list may still qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review. Each property is evaluated individually.
Homeowners whose condos or age fall outside FHA HECM rules often assume they have no reverse mortgage options. The proprietary reverse mortgage is a non FHA path for eligible Florida borrowers.
If your condo community is not on the FHA approved list, this does not automatically disqualify you from a reverse mortgage. The proprietary product may serve Florida condominium owners whose communities are unapproved for FHA financing.
Florida condo owners told no elsewhere because their community lacks FHA approval may still have a path. A condominium that is not on the FHA approved list may still qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review.
Florida homeowners age 55 and older with a 720 or higher credit score who are refinancing may qualify for the Residual Income Waiver on the proprietary reverse mortgage. Purchase transactions do not qualify for this waiver.
The proprietary reverse mortgage offers a line of credit feature where the reusable portion has no term limit. At closing, at least 25% of the amount available to you is taken as a one-time draw that cannot be redrawn. Any amount you do not draw at closing stays available as a reusable line of credit. The unused line of credit grows at 1.5 percent a year for the first 7 years of the loan. After 7 years the growth feature ends, and the reusable line of credit itself remains available, subject to loan terms and borrower obligations. The interest rate on a line of credit is variable and can change. The homeowner must keep paying property taxes, homeowners insurance and any HOA dues, keep the home in good repair and live in it as their main home.
Read more on a line of credit that stays open while you meet the loan terms
Florida homeowners age 55 and older may consider a proprietary reverse mortgage line of credit as one possible cash source alongside retirement planning conversations with a qualified financial advisor. This is informational and is not investment, tax, or legal advice.
Read more on the home equity alternative to 401(k) withdrawals
Access your home equity at 55 through a proprietary reverse mortgage. Florida is on the age 55 eligibility list for this product. The FHA HECM program requires age 62. For homeowners between 55 and 61, this page walks through the eight program facts that matter most.
Buy a Florida primary residence at age 55 and older using the proprietary reverse mortgage for purchase, for homes priced at $555,000 or more, which is Sunshine State Home Loans' own standard. Not every home qualifies: the property must meet the lender's property and condominium requirements, and every loan is subject to property approval, borrower qualification and underwriting. Combine your funds at closing with reverse mortgage proceeds. No required monthly mortgage payment* on the reverse mortgage portion. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and rates are subject to change. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
There is no VA reverse mortgage. Florida homeowners 55 and older, including veterans, active service members, and surviving spouses, may qualify for the proprietary reverse mortgage. Condominiums may qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review. Military service may qualify for a rate benefit.
We serve Florida homeowners statewide. The pages below go into detail on the communities we work with most often.
Diego Quintero is the owner of Sunshine State Home Loans, LLC and its Mortgage Loan Originator, NMLS #1534075. He leads the firm's proprietary reverse mortgage practice across the state of Florida. Sunshine State Home Loans is a licensed Florida mortgage broker serving Florida homeowners age 55 and older, with a focus on condominium owners, high value coastal properties, and borrowers who have been told they do not qualify for the government FHA HECM program.
Sunshine State Home Loans, LLC · Tarpon Springs, FL 34689. We serve clients statewide by phone, secure email, and video consultation.
Diego Quintero · NMLS #1534075 · Sunshine State Home Loans, LLC · NMLS #1901827 · FL License #MBR3278 · (727) 244-7076
Any loan is subject to credit approval. No pressure of any kind. Just an honest conversation about your home, your situation, and your options.
Sunshine State Home Loans · Licensed in Florida · Serving homeowners across the entire state
This website is for informational purposes only and does not constitute financial, legal, or tax advice. Reverse mortgage products are subject to eligibility requirements, terms, and conditions. All loans are subject to credit approval. This material is not a commitment to lend. Sunshine State Home Loans is licensed to offer mortgage products in the state of Florida. Results vary based on individual circumstances. For complete program details, please contact us directly at (727) 244-7076.