Access your home equity without monthly mortgage payments. For Florida homeowners age 62+ with significant home equity.
62
Min Age
None
Payments
40-75%
Equity Access
Written by Renzo Johnson, Licensed MLO · NMLS #PENDING · Last updated: February 2026
Key Features
- No monthly mortgage payments required
- Stay in your home for life
- Access equity as lump sum, monthly payments, or line of credit
- FHA-insured Home Equity Conversion Mortgage (HECM)
- Must maintain property taxes, insurance, and home maintenance
- Non-recourse: you never owe more than the home is worth
- HUD counseling required before application
Who Is This For?
- Homeowners 62+ who want to supplement retirement income
- Seniors who want to eliminate their existing mortgage payment
- Retirees who need cash flow but want to stay in their home
- Homeowners helping adult children with down payment (from LOC)
Florida-Specific Considerations
- Florida has one of the largest 62+ populations in the US
- Florida homestead protection applies to reverse mortgages
- Flood insurance must be maintained (common FL requirement)
- Property tax must stay current (homestead exemption helps)
- Florida has no state income tax on reverse mortgage proceeds
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