✓ 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
The proprietary reverse mortgage we arrange as a licensed Florida mortgage broker offers a line of credit with no term limit on the reusable portion; the rate is variable and can change. Available at age 55 for eligible Florida homeowners. 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.
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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 proprietary reverse mortgage line of credit arranged by Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, not the lender that funds it, for Florida homeowners 55 and older. Subject to credit and property approval.
Fill out the short form below and we will prepare your free reverse mortgage line of credit review and reach out to you. No commitment. No obligation of any kind.
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 look at a reverse mortgage line of credit and ask one reasonable question. What happens if I do not use it right away? On some reverse mortgage products, the answer is not reassuring. The line of credit has a fixed draw period. Once that period ends, new draws stop. The unused balance may still sit there on paper, but access is closed. For a borrower planning around ten or fifteen or twenty years of retirement, that is a real concern.
There is also the second concern that we hear often. Even when a product offers a growing line of credit, the growth feature may apply only for a limited window. Borrowers want to understand clearly what the line does in year one, in year seven, and in year twenty. Marketing copy from other sources does not always lay this out plainly. A homeowner deserves the product details in writing.
Here are the common concerns Florida homeowners raise about reverse mortgage lines of credit:
The proprietary reverse mortgage we arrange as broker takes a different approach to the line of credit for eligible Florida homeowners. The reusable portion has no term limit. Each of those details is covered below in plain language. Eligibility is subject to property and borrower approval.
The proprietary reverse mortgage we arrange as a licensed Florida mortgage broker is a private loan product funded by the lender. It is not the government FHA HECM program. Because it is private, it has its own set of program rules. One meaningful difference for eligible Florida homeowners is how the line of credit is structured. At closing, an initial portion of the line of credit is drawn. The remainder is held as a reusable line of credit with no term limit. There is no fixed draw window that closes the reusable portion of the line of credit on a calendar date. 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.
Other costs are shown on your loan comparison.
As a licensed Florida mortgage broker, we specialize in the proprietary reverse mortgage. We walk eligible Florida homeowners through the numbers in plain language. The line of credit feature is one of the items we explain most often because it differs from other products. 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.
"The reusable portion of the line of credit has no term limit. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments. Ask us if you may be eligible."
Here is what sets the line of credit feature of the proprietary reverse mortgage apart for eligible Florida homeowners age 55 and older.
The reusable portion of the line of credit has no term limit. Unlike products with a fixed draw window that closes the line of credit on a calendar date, this line of credit stays available as long as the loan is in good standing. Access your funds as you choose, subject to loan terms and borrower obligations. 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 unused portion of your line of credit grows at 1.5% a year for the first 7 years, and the growth stops after that. This growth is additional borrowing capacity, not money paid to you. Even after the growth feature ends, the reusable line of credit itself remains available, subject to loan terms and borrower obligations. 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 is available at age 55. Eligibility is subject to property and borrower 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.
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 remaining line of credit is held as a reusable line of credit, which is the portion with no term limit. We walk you through the numbers so you understand both portions clearly. 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 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. 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 does not require monthly mortgage payments.* You keep paying property taxes, homeowners insurance and any association dues and special assessments, keep the home in repair and live in it as your main home. Failure to meet these obligations may result in the loan becoming due and payable. 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. The line of credit has a variable rate, and rates are subject to change. You may qualify, subject to approval. This is not a commitment to lend.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
Does a reverse mortgage line of credit expire?
The reusable portion of the line of credit on this private proprietary reverse mortgage has no term limit. It does not close on a fixed calendar date. It stays available while the loan is in good standing and you meet the loan terms. 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. Subject to credit and property approval.
How does the line of credit grow over time?
The unused portion of the line of credit grows each year for the first 7 years, and the growth stops after that. This growth is additional borrowing capacity, not money paid to you. 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 also grows over time. The reusable line of credit stays available after the growth feature ends, subject to loan terms, meaning you keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home.
Do I have to take money at closing on a reverse mortgage line of credit?
Yes. 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 line of credit has a variable rate that 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. Subject to credit and property approval.
What is the minimum age for a reverse mortgage line of credit in Florida?
This private proprietary reverse mortgage is available starting at age 55 for eligible Florida homeowners. It is not a government loan. The FHA-insured HECM, a separate program, requires a minimum age of 62. Sunshine State Home Loans, LLC is the mortgage broker, not the lender. Subject to credit and property approval.
Does a reverse mortgage line of credit require monthly mortgage payments?
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.
This page focuses on the reverse mortgage line of credit feature and how the reusable portion has no term limit. 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 refinancing 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. Purchase transactions do not qualify for this waiver; refinance includes a home owned free and clear and excludes buying a new home. 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. No FHA or HUD condo community approval is required, subject to the product's own condo review. Subject to credit and property approval.
Florida homeowners between age 55 and 61 cannot use the government FHA HECM program. The proprietary reverse mortgage is available starting at age 55 for eligible Florida homeowners.
Higher value Florida homes often exceed FHA HECM lending limits. The proprietary reverse mortgage offers loan amounts up to $4 million for eligible Florida properties, subject to underwriting approval.
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 particular focus on borrowers who want a reverse mortgage line of credit feature and who have been told no elsewhere.
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 home, your situation, and how the line of credit feature works.
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.