✓ 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 covers a private proprietary reverse mortgage option, arranged by Sunshine State Home Loans, LLC, a Florida licensed mortgage broker, not a lender, for Florida condominium owners 55 and older whose community is not FHA approved.
If your Florida condo community is not on the FHA approved list, the proprietary reverse mortgage we arrange as broker may still be an option. Available at age 55. No FHA or HUD condo community approval is required, subject to the product's own condo review. 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 non FHA condo reverse mortgage Florida comparison and reach out to you. No commitment. No obligation of any kind.
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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 condominium owners have been told by other brokers or by large call centers that their community is not eligible for a reverse mortgage. The reason is often the same. The other option on the table is the government FHA HECM program, and that program requires FHA or HUD condo community approval. Without that approval, the FHA program is simply not available. For the borrower, that can feel like a door closing.
Here is what is often missed. The FHA HECM is only one kind of reverse mortgage. Private proprietary reverse mortgage products exist, and they have their own eligibility rules. 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. If you have been told no on the FHA program, a non FHA condo reverse mortgage in Florida may still be worth a second look.
Here is what commonly causes Florida condo owners to be turned away from the FHA program:
The product also has project rules. Structural litigation, commercial space above 25 percent, fewer than half the units owner-occupied, or one owner holding more than 10 percent of the units, with a lower limit in small buildings, make a project ineligible. We ask about these points early in the conversation.
Each situation is different and each property is evaluated individually. Eligibility is subject to property and borrower approval.
The proprietary reverse mortgage we arrange as a broker is a private loan product. It is not the FHA HECM program and it is not a government program. Because it is private, the lender that funds this loan (Sunshine State Home Loans is the broker) sets its own underwriting rules. A condominium may qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review.
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 specialize in the proprietary reverse mortgage. We work with Florida condominium owners across the state and we are familiar with the common reasons communities fall outside the FHA approved list. If your situation fits the product, we walk you through the numbers. If it does not, we tell you. Eligibility is subject to property and borrower approval.
Florida condo buyers age 55 and older can also use the proprietary reverse mortgage for purchase to buy a condominium primary residence. The purchase option is for homes valued at $555,000 or more, and the proprietary refinance option for homes valued at $250,000 or more, Sunshine State Home Loans' own standards. 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. Learn how the reverse mortgage for purchase program works in Florida.
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.
Here is what sets the proprietary reverse mortgage apart when your Florida condominium community is not on the FHA approved list.
Route 1: an FHA HECM, if the condo community holds FHA approval (age 62 and older). Route 2: the proprietary reverse mortgage we arrange as broker, with no FHA or HUD condo community approval required, subject to the product's own condo review (age 55 and older). Condo-hotel and co-operative units are not eligible.
The FHA program requires age 62. The proprietary reverse mortgage is available at age 55. At 55 to 61, you are too young for the FHA HECM, which starts at 62.
Rather than wait for your association to pursue FHA approval, a condominium may qualify. No FHA or HUD condo community approval is required, subject to the product's own condo review. The lender reviews the project during underwriting.
Higher value Florida condominiums often exceed FHA lending limits. The proprietary reverse mortgage offers loan amounts up to $4 million for eligible properties. The $4 million figure refers to the loan amount, not the property value, and final amounts depend on underwriting.
On a refinance, the lender's residual income test may be waived when the borrower has a qualifying credit score of 720 or above, 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. When one borrower has a 720 score, a co-borrower's score may be as low as 690. Property tax and HOA payment history are reviewed under the lender's requirements for this loan. 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. 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.
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. You may draw funds when you choose, for as long as funds remain available and you meet the loan terms: paying property taxes, homeowners insurance, HOA dues and special assessments, keeping the home in good repair and living in it as your main home. 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 owed grows over time. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
What is a non FHA condo reverse mortgage in Florida?
It is a private proprietary reverse mortgage for Florida condominium owners age 55 and older, including owners whose community is not FHA approved. It differs from the FHA HECM program and is not a government program. Sunshine State Home Loans, LLC arranges it as a licensed Florida mortgage broker, not a lender. Subject to property and borrower approval.
My Florida condo is not on the FHA approved list. Can I still get a reverse mortgage?
It may be possible. The private proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a Florida licensed mortgage broker, is available for condominiums. 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. Each property is evaluated individually, and eligibility is subject to property and borrower approval.
What can make a Florida condo project ineligible for this reverse mortgage?
Condo-hotel and co-operative units are not eligible. The lender reviews the project during underwriting; Sunshine State Home Loans helps gather the condo questionnaire.
What is the minimum age for a non FHA condo reverse mortgage in Florida?
The private proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a Florida licensed mortgage broker, is available starting at age 55 for eligible Florida condominium owners. The FHA HECM program requires a minimum age of 62. Owners aged 55 to 61 are below the FHA minimum. Eligibility is subject to property and borrower approval.
Does the non FHA condo reverse mortgage require monthly mortgage payments?
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 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 Florida condo owners whose community is not FHA approved. 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 condominium owners considering a reverse mortgage.
Broader overview of how reverse mortgages work for condominium owners across Florida, including how proprietary products differ from the government FHA HECM program.
If your condominium community is not on the FHA approved list, the proprietary product may serve Florida condo owners whose communities are unapproved for FHA financing.
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.
An overview of non FHA reverse mortgage paths for Florida homeowners whose age, condo status, or property type places them outside the government FHA HECM rules.
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 condominium owners whose community is not on the FHA approved list and who have been told no elsewhere.
Sunshine State Home Loans, LLC holds a BBB A+ rating. Office: 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 condominium, 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 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.