✓ 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 explains how Florida homeowners aged 55 to 61 may consider a proprietary reverse mortgage arranged through Sunshine State Home Loans, LLC, a BBB A+ rated, licensed Florida mortgage broker. Informational only; subject to property and borrower approval.
You do not have to wait until 62. For eligible Florida homeowners age 55 and older, a proprietary reverse mortgage is a private loan product that opens a home equity path the government FHA HECM program does not. 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. Informational only. Eligibility is subject to property and borrower approval.
See If You May Qualify Or Call (727) 244-7076No obligation · We take our time with you
Fill out the short form below and we will prepare a free reverse mortgage review for your Florida home 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.
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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.
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.
If you have researched a reverse mortgage online, you have probably read that the minimum age is 62. That rule comes from the FHA HECM program, the government insured reverse mortgage many people think of first. The FHA program requires age 62 at closing. Period.
That is not the whole picture for Florida homeowners. The proprietary reverse mortgage we arrange as broker is a private loan product, not a government FHA or HUD loan. It has its own eligibility rules. In Florida, the eligible age for this product is 55, which is one of the reasons Florida homeowners in their late fifties consider the proprietary path instead of waiting seven years for the FHA program. An initial application may be taken as early as 60 days before the homeowner turns 55. The loan itself cannot close until every borrower has reached the eligible age.
Homeowners between 55 and 61 often come to us in specific situations. Common ones include:
If any of that sounds familiar, the page below describes the product in plain language. What it does. What it does not do. What the rules are. You take the information from here to your financial advisor, tax professional, or attorney as part of the broader decision. Eligibility is subject to property and borrower approval. This is not investment, tax, or legal advice.
The proprietary reverse mortgage arranged through Sunshine State Home Loans, LLC is a private reverse mortgage line of credit product. It is secured by home equity on a primary residence. For eligible Florida homeowners age 55 and older, the product opens a path to home equity that the government FHA HECM program closes off until age 62. 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. The unused portion grows at 1.5 percent a year for the first 7 years of the loan, subject to program guidelines. 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 the 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. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments. Eligibility is subject to property and borrower approval. We do not provide investment, tax, or legal advice.
Seven program facts matter most for Florida homeowners considering a reverse mortgage before age 62. Each is grounded in the program guide of the lender that funds this loan (Sunshine State Home Loans is the broker). None is a guarantee. All are subject to property and borrower approval.
Eligibility for the proprietary reverse mortgage is defined by state. In Florida, the eligible age for this product is 55. Florida is in the group where 55 applies. That state level detail is what lets a 55, 56, 57, 58, 59, 60, or 61 year old Florida homeowner consider this private product instead of waiting for the FHA HECM program at 62.
An initial application may be taken up to 60 days before the borrower turns the eligible age. The loan itself cannot close until every borrower has reached that age. For a Florida homeowner turning 55 later this year, that means the file, counseling, appraisal, and underwriting review can begin early. The loan cannot close before every borrower reaches the eligible age. The 60 day rule is program language, not a sales promise.
Reverse mortgages are exempt from the federal Ability-to-Repay rule under 12 CFR 1026.43(a)(3)(i). This is a specific regulatory exemption, not a blanket statement that there is no qualification process. The product has its own financial assessment. That assessment reviews credit history, property charge history such as taxes and homeowners insurance, and residual income. Failure to meet the financial assessment can result in the loan being denied. The assessment is different from the income qualification used for a conventional mortgage or HELOC. It is not the absence of one.
The proprietary reverse mortgage allows loan amounts up to $4 million for eligible Florida properties. The $4 million figure refers to the loan amount, not the property value. This higher ceiling is meaningful for Florida's coastal and high value communities, where the FHA HECM government lending limit can fall well below the home's actual market value. Actual loan amounts depend on age, home value, interest rates, property type, and other factors, and are subject to underwriting approval.
Florida has many condo communities that are not on the FHA approved list. For the FHA HECM program, the condo community must be FHA approved. 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. Subject to property and borrower approval.
Eligible borrowers with a qualifying credit score of 720 or higher who have maintained non-forced-placed homeowners insurance on the subject property for the previous 12 months and who meet all Credit History Requirements may qualify for the Residual Income Test Waiver. When the waiver applies, the residual income portion of the financial assessment is waived. Important: the 720 Residual Income Waiver applies to refinance transactions only. Purchase transactions do not qualify for the 720 waiver and include a standard financial assessment. 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.
If reverse mortgage proceeds do not fully cover closing costs, eligible borrowers may use a personal unsecured loan or a loan secured against other real estate they own to bridge the shortfall. The monthly payment on that new loan becomes part of the financial assessment's Residual Income analysis. Subordinate financing on the subject property itself is not permitted. This is a narrow program allowance, not a general statement that borrowers can borrow the funds required to close. It is one tool the program provides for specific fact patterns and it is subject to underwriting.
How much a borrower can draw depends on age, home value, the rate option chosen and any liens to pay off; the figures come from an application, not from this page.
Every line above is a program rule from the lender's program guide. None of it is a promise of approval. Every file is reviewed on its own facts. If any of this reads like your situation, the starting point is a phone call. We walk through the numbers. You take what you learn to your financial advisor or tax professional for the broader decision.
"The age 55 eligibility, the financial assessment structure, and the 720 Residual Income Waiver for refinances are three program features that often matter for Florida homeowners in the 55 to 61 band. Ask us if you may be eligible. Purchase transactions do not qualify for this waiver."
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
Can you get a reverse mortgage before age 62 in Florida?
The FHA-insured HECM program requires age 62 at closing. A private proprietary reverse mortgage arranged through Sunshine State Home Loans, LLC, a licensed Florida mortgage broker and not a lender, is available to eligible Florida homeowners starting at age 55. It is not a government loan. Eligibility is subject to property and borrower approval.
Can I apply for this reverse mortgage before I turn 55?
An initial application may be taken up to 60 days before the homeowner turns the eligible age. The loan cannot close until every borrower has reached that age. In Florida, the eligible age for this proprietary reverse mortgage is 55. Subject to property and borrower approval.
How is this different from an FHA HECM?
The FHA HECM is government insured, with a minimum age of 62 and a federal loan limit. The proprietary reverse mortgage is a private loan product, not a government FHA or HUD loan, with eligibility starting at age 55 in Florida and condominium eligibility that is not limited to FHA approved projects. Each product has its own financial assessment.
Is there a qualification process for a reverse mortgage before age 62?
Reverse mortgages are exempt from the federal Ability-to-Repay rule under 12 CFR 1026.43(a)(3)(i), but this product has its own financial assessment covering credit history, property charge history and residual income. The lender reviews it in underwriting; Sunshine State Home Loans, LLC is the broker, not the lender. Failure to meet the assessment can result in the loan being denied.
Does my Florida condo have to be FHA approved for this reverse mortgage?
Not for the proprietary product. 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. For the FHA HECM, the condo community must be FHA approved. Every loan is subject to property approval, borrower qualification and underwriting.
This page focuses on the age 55 to 61 path for Florida homeowners. For the complete program overview, including purchase, refinance, jumbo amounts, the 720 waiver (refinance only), condo handling, 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 in the 55 to 61 age band considering a proprietary reverse mortgage.
Especially valuable for 55 to 61 year old refinance borrowers. 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).
A common question in the 55 to 61 age band. Home equity and retirement accounts are different assets with different rules. This page explains one possible home equity option, informational only, not investment or tax advice.
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.
The reusable portion of the proprietary reverse mortgage line of credit has no term limit. 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
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 decisions about retirement accounts or home equity.
Sunshine State Home Loans, LLC, Tarpon Springs, FL 34689, is a licensed Florida mortgage broker, not a lender, with a BBB A+ rating. We serve clients across Florida 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, the program rules, and what the numbers look like. 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, including borrower age, property type, occupancy, credit history, property charge history, and residual income. 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. Borrower counseling with a HUD-approved counseling agency is required before closing. 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.