✓ Not an FHA loan. No FHA loan limit.
✓ Line of Credit Available While You Meet Loan Terms (variable rate)
✓ Available at Age 55
✓ Loans Up to $4 Million
The 720+ credit Residual Income Waiver is a feature of the private proprietary reverse mortgage that Sunshine State Home Loans, LLC arranges as a licensed Florida mortgage broker for Florida homeowners age 55 and older who are refinancing. On a refinance, when the waiver applies, the lender that funds this loan (Sunshine State Home Loans is the broker) does not run the residual income test, so income documents such as tax returns, W-2s or 1099s are not required for that test. Other documents may still be requested for the rest of the lender's review. The 720 Residual Income Waiver is available on refinance transactions only. Subject to credit and property 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.
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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.
About this page: This page explains a refinance-only residual income waiver on a private proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, for Florida homeowners 55 and older. Subject to credit and property approval.
When the waiver applies, the lender does not run the residual income test, so income documents are not required for that test. The conditions are listed below. There is no obligation.
Your information stays private. We do not sell your personal information.
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.
Many Florida homeowners age 55 and older who come to us are asset rich and income document poor. On paper, their monthly income looks modest, because a large share of their financial picture lives in investment accounts, rental properties, private businesses, or retirement vehicles that do not show up cleanly on a pay stub. The borrower knows they are financially stable. The file does not always show it.
That mismatch is where the traditional residual income review on a government FHA HECM reverse mortgage often becomes a problem. The HECM financial assessment asks for tax returns, W-2s, 1099s, pension statements, and bank statements. It then calculates a residual income figure against a benchmark. For self-employed Florida retirees, 1099 earners, consultants, and small business owners, the documentation required can be heavy and the math can be unforgiving.
Here is what commonly slows or stops a file during a traditional residual income review:
None of the items above automatically disqualify a Florida borrower from the proprietary reverse mortgage we arrange as broker. When the waiver applies, the lender does not run the residual income test, so income documents are not required for that test. The conditions are listed below. Eligibility is subject to property and borrower approval.
The proprietary reverse mortgage Sunshine State Home Loans arranges as broker is a private loan product. It is not the government FHA HECM program. Because it is private, the lender sets its own underwriting rules, including the Residual Income Waiver for qualifying borrowers. When the waiver applies, the residual income portion of the financial assessment is waived for borrowers who meet the credit and property charge history conditions.
As a licensed Florida mortgage broker, Sunshine State Home Loans, LLC specializes in the proprietary reverse mortgage and works with Florida homeowners statewide. Eligibility is subject to property and borrower approval.
Note for purchase borrowers: the 720 residual income waiver applies to refinance loans only. This waiver applies to refinance loans only, including a home owned free and clear. Purchase transactions do not qualify for this waiver. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval. Sunshine State Home Loans' own standard for its purchase program is a home priced at $555,000 or more. The property must also meet the lender's property and condominium requirements. Every loan is subject to property approval, borrower qualification and underwriting. Learn how the reverse mortgage for purchase program works in Florida. 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.
"For qualifying Florida borrowers, when the Residual Income Waiver applies on the proprietary reverse mortgage we arrange as broker, the residual income portion of the financial assessment is waived. That often means less paperwork."
Here is what sets the Residual Income Waiver apart for Florida homeowners age 55 and older whose financial picture is hard to document.
When the waiver applies, the lender does not run the residual income test, so income documents are not required for that test. Credit, insurance, and property charge history are reviewed instead.
Self-employed Florida retirees, 1099 earners, consultants, and small business owners often find the traditional residual income review difficult. On a refinance, the 720 credit residual income waiver may help borrowers with this profile, subject to approval. Purchase transactions do not qualify for this waiver.
The FHA program requires age 62. The proprietary reverse mortgage we arrange as broker 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 FHA HECM lending limits. The proprietary reverse mortgage we arrange as broker offers loan amounts up to $4 million for eligible properties. The $4 million figure refers to the loan amount, not the property value, and is subject to underwriting.
When the waiver applies, the lender does not run the residual income test, so the file may carry fewer conditions tied to income. Other documents may still be requested for the rest of the lender's review.
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 while you meet the loan terms and funds remain available. 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. Interest and fees are added to the loan balance, so the amount you owe grows over time. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues and special assessments, and for keeping the home in good repair and living in it as their main home.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
What is the 720 credit score residual income waiver on a Florida reverse mortgage refinance?
On a refinance, the lender's residual income test may be waived when the borrower has a qualifying credit score of 720 or above (when one borrower has a 720 score, a co-borrower's score may be as low as 690), has carried homeowner's insurance on the property for the past 12 months without a force-placed policy, and meets the lender's credit history requirements. It applies to refinance loans only. Subject to approval. Purchase transactions do not qualify for this waiver.
Do I have to provide tax returns or W-2s for this reverse mortgage refinance?
When the waiver applies on a refinance, the lender does not run the residual income test, so tax returns, W-2s and 1099s are not required for that test. Other documents may still be requested for the rest of the lender's review. Sunshine State Home Loans, LLC is the broker, not the lender; the lender's underwriter decides. Subject to approval.
Does the 720 credit residual income waiver apply to a reverse mortgage for purchase?
No. The waiver applies to refinance loans only. 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. Sunshine State Home Loans' own standard for its purchase program is a home priced at $555,000 or more; the property must also meet the lender's property and condominium requirements. Subject to property approval, borrower qualification and underwriting.
Can I get a reverse mortgage at age 55 in Florida?
The private proprietary reverse mortgage Sunshine State Home Loans, LLC arranges as a licensed Florida mortgage broker is available starting at age 55 for eligible Florida homeowners. It is not an FHA loan; the FHA HECM requires a minimum age of 62. The 720 credit residual income waiver applies at the same age on a refinance. 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.
Are monthly mortgage payments required on this reverse mortgage?
No monthly mortgage payment* is required while you meet the loan terms. You must keep paying property taxes, homeowners insurance, HOA dues and any special assessments, keep the home in good repair, and live in it as your main home. Interest and fees are added to the loan balance, so the amount owed 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. Failure to meet these obligations may result in the loan becoming due and payable. Subject to credit and property approval.
When the waiver applies, the lender does not run the residual income test, so income documents are not required for that test. For the complete program overview, including purchase, refinance, jumbo amounts, condo eligibility, and how the product compares to the FHA HECM, visit the main hub.
Read our full Proprietary Reverse Mortgage Florida overview ›
These related pages go deeper on topics that often come up for Florida homeowners considering a proprietary reverse mortgage.
The FHA HECM program requires age 62. The proprietary reverse mortgage we arrange as broker is available at age 55 for eligible Florida homeowners, and the 720 credit refinance waiver applies at the same age threshold. Purchase transactions do not qualify for this waiver.
Higher value Florida homes often exceed FHA HECM lending limits. The proprietary reverse mortgage we arrange as broker offers loan amounts up to $4 million on eligible properties, which pairs well with the 720 credit refinance waiver for qualifying borrowers. Purchase transactions do not qualify for this waiver.
Florida condominium owners whose community is not on the FHA approved list may still be eligible for the proprietary reverse mortgage we arrange as broker. No FHA or HUD condo community approval is required, subject to the product's own condo review. Borrowers who also qualify for the 720 credit residual income waiver on a refinance may combine the two. Subject to approval. Purchase transactions do not qualify for this waiver.
An overview of non FHA reverse mortgage paths for Florida homeowners whose age, property type, or income picture places them outside the government FHA HECM rules.
Relevant for 55 to 61 year old refinance borrowers. The 720 Residual Income Waiver is a refinance-only waiver, which makes it a program feature for Florida homeowners who cannot yet use the FHA HECM program. The companion page walks through the eight program facts that matter most in that age band. Purchase transactions do not qualify for this waiver.
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, LLC is a licensed Florida mortgage broker, not a lender, serving Florida homeowners age 55 and older, with particular focus on self-employed borrowers, 1099 earners and asset-rich clients who may be a fit for the 720 credit residual income waiver on a refinance, subject to approval. The firm is BBB accredited with an A+ rating.
Sunshine State Home Loans, LLC, Tarpon Springs, FL 34689, serves Florida homeowners 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 situation, your home, 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 and property approval. This material is not a commitment to lend. Sunshine State Home Loans is licensed to offer mortgage products in the state of Florida. Borrowers remain 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. Results vary based on individual circumstances. For complete program details, please contact us directly at (727) 244-7076.