Mortgage options for Florida seniors — reverse mortgages, HELOCs, refinancing, and strategies for retirement.
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
- Reverse mortgage (HECM): access equity without monthly payments (62+)
- HELOC: revolving access to equity for expenses
- Rate-and-term refinance: lower payments on existing mortgage
- Cash-out refinance: access equity as lump sum
- Downsizing: sell current home, buy smaller with cash or small mortgage
- Florida homestead portability: transfer up to $500K Save Our Homes benefit
- Florida senior homestead exemption: additional exemptions for 65+
- No FL state income tax: Social Security and retirement income are tax-free