✓ 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
This informational page describes a private proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, as one home equity option for Florida homeowners aged 55 and older. Not investment, tax or legal advice.
Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, arranges a private proprietary reverse mortgage that gives eligible Florida homeowners access to a line of credit secured by home equity. The line of credit has a variable rate, and rates can change. This is one option to consider alongside a conversation with your financial advisor, not a substitute for retirement planning. Available at age 55. Loan amounts up to $4 million. 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.
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 a free reverse mortgage review and reach out to you. No commitment. No obligation of any kind. This review is informational. We do not provide investment, tax, or legal advice.
Your information stays private. We do not sell your personal information.
Please note: 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. This is not a commitment to lend. All loans are subject to credit and property approval.
Many Florida homeowners in their late fifties and sixties are having the same kind of conversation at the kitchen table. Prices on essentials have moved up. Property taxes, homeowners insurance, HOA dues, medical costs, groceries. The budget that worked three years ago does not stretch the same way today. At the same time, these same homeowners look at their retirement accounts and feel hesitant to draw them down earlier than planned.
The reasons for that hesitation vary by household. Some are common concerns we hear on the phone. Every household situation is different, and every decision about retirement accounts should be made with a qualified financial advisor or tax professional.
Common concerns Florida homeowners raise when they call us:
The proprietary reverse mortgage we arrange as broker is one possible home equity option for eligible Florida homeowners age 55 and older. We explain the product so that you can take that information to your financial advisor, tax professional, or attorney as part of a wider conversation. Eligibility is subject to property and borrower approval. This is not investment, tax, or legal advice.
The proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, is a private loan product secured by home equity. It is not the government FHA HECM program. For eligible Florida homeowners, the product offers a line of credit on their primary residence. At closing, an initial portion is drawn. The remainder is held as a reusable line of credit with no set end date, available while you meet the loan terms and funds remain. The line of credit has a variable rate, and rates can change. The unused portion grows at 1.5 percent a year for the first 7 years of the loan. Home equity is a separate asset from a 401(k) or IRA. This page describes one product; it does not recommend one source of funds over another. 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.
As a licensed Florida mortgage broker, we explain the product. We walk eligible Florida homeowners through the numbers in plain language so they can take that information to their financial advisor or tax professional. If the product fits your situation, we show you how. If it does not, we tell you. Eligibility is subject to property and borrower approval. We do not provide investment, tax, or legal advice.
"Reverse mortgage proceeds are loan proceeds secured by home equity. This is not tax advice. Consult a qualified tax advisor about the tax treatment of reverse mortgage proceeds. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments. Ask us if you may be eligible."
This page describes a reverse mortgage loan product offered through Sunshine State Home Loans, LLC, a licensed Florida mortgage broker. The decision to use home equity, retirement accounts, or any other source of funds depends on your complete financial picture. Before making decisions about a 401(k), IRA, or other retirement account, please consult a qualified financial advisor, tax professional, or attorney.
Sunshine State Home Loans does not provide investment, tax, or legal advice. A reverse mortgage is one possible source of funds among many. We do not recommend it as a substitute for retirement planning, and we do not advise on retirement account withdrawal strategies. Eligibility for any loan product is subject to property and borrower approval.
Eligible Florida homeowners age 55 and older may consider a proprietary reverse mortgage line of credit as one possible cash source in addition to, not in place of, retirement account planning discussions with a qualified advisor.
Your home equity and your retirement accounts are different assets with different rules. A proprietary reverse mortgage is one way eligible Florida homeowners may access home equity. This is informational. Any decision about which asset to access should be made with your financial advisor, not a mortgage broker.
The unused portion of your 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. Even after the growth feature ends, the reusable line of credit itself remains available, subject to loan terms and borrower obligations. The line of credit has a variable rate, and rates can change. Growth is additional borrowing capacity, not money paid to 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.
The FHA HECM program requires age 62. The proprietary reverse mortgage we arrange as broker is available at age 55. Eligibility is subject to property and borrower approval.
Reverse mortgage proceeds are loan proceeds secured by home equity. A 401(k) or IRA withdrawal is different.
The proprietary reverse mortgage we arrange as broker offers loan amounts up to $4 million for eligible Florida properties. The $4 million figure refers to the loan amount, not the property value. Actual loan amounts depend on age, home value, interest rates, property type, and other factors, and are subject to underwriting approval by the lender that funds this loan (Sunshine State Home Loans is the broker). 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.
The proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC as broker does not require monthly mortgage payments* while you meet the loan terms. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments, must keep the home in good repair, and must live in it as their main home. Interest and fees are added to the loan balance, so the amount owed grows over time. The line of credit has a variable rate, and rates can change. Failure to meet these obligations may result in the loan becoming due and payable. All loans are subject to credit and property approval by the lender.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
How is a reverse mortgage different from a 401(k) or IRA withdrawal?
A reverse mortgage is a loan secured by home equity. A 401(k) or IRA withdrawal draws funds from a retirement account. The two differ in rules, costs and long term effects; this page recommends neither. Sunshine State Home Loans, LLC is a licensed Florida mortgage broker and does not give investment or tax advice. Consult a qualified advisor.
Are reverse mortgage proceeds taxable?
This is not tax advice. Consult a qualified tax advisor about the tax treatment of reverse mortgage proceeds. Sunshine State Home Loans, LLC is a mortgage broker, not a tax advisor.
Does a reverse mortgage affect Social Security or Medicare?
Whether reverse mortgage proceeds affect any benefit you receive depends on your situation; ask a qualified advisor. Consult a qualified benefits counselor or attorney about your situation. This is not benefits advice.
Do I have to take all the money at once?
No. At closing, at least 25% of the amount available is taken as a one-time draw that cannot be redrawn. The rest stays open as a reusable line of credit, drawn as expenses arise, while you meet the loan terms. The line of credit has a variable rate, and rates can change. Subject to property and borrower approval.
Are monthly mortgage payments required with this product?
No monthly mortgage payment* is required while you meet the loan terms. You must keep paying property taxes, homeowners insurance and any HOA dues and 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 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. Failure to meet these obligations may result in the loan becoming due and payable. Subject to credit and property approval.
When does the loan become due?
When the last borrower permanently leaves the home, sells it, or passes away, or if property taxes, insurance, association dues, repair or occupancy obligations are not met. The loan is then repaid, usually from the sale of the home.
This page focuses on the proprietary reverse mortgage as one potential home equity cash source for eligible Florida homeowners. It is informational and is not investment, tax, or legal advice. For the complete program overview, including purchase, refinance, jumbo amounts, the 720 waiver (refinance only), 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.
Eligible Florida homeowners may qualify for the 720 Residual Income Waiver 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), homeowners insurance has been kept and not force-placed for the previous 12 months, the lender's credit history requirements are met, and the property tax history is clean, on refinance transactions only, including a home owned free and clear. 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).
Florida condo owners whose community is not on the FHA approved list may still qualify 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. You may qualify, subject to approval.
Florida homeowners between age 55 and 61 cannot use the government FHA HECM program. The proprietary reverse mortgage we arrange as broker is available starting at age 55 for eligible Florida homeowners.
The reusable portion of the proprietary reverse mortgage line of credit has no set end date and stays available while you meet the loan terms and funds remain. The line of credit has a variable rate, and rates can change. The unused portion grows at 1.5 percent a year for the first 7 years of the loan. Eligibility is subject to property and borrower approval. 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. 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.
Read more on a line of credit that stays open while you meet the loan terms
If you are in your late fifties and weighing a retirement account withdrawal against a home equity option, the age band itself matters. The FHA HECM program requires age 62. The proprietary reverse mortgage we arrange as broker is available to eligible Florida homeowners starting at age 55, which is what makes a home equity comparison possible in the 55 to 61 window.
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. We explain reverse mortgage products. We do not provide investment, tax, or legal advice, and we encourage every homeowner to consult a qualified financial advisor, tax professional, or attorney before making retirement account decisions.
We serve Florida homeowners statewide by phone, secure email, and video consultation. Business location: Tarpon Springs, FL 34689.
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 equity and the product. You take the information to your financial advisor or tax professional for the broader decision.
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.