Florida, in particular, has become one of the largest reverse mortgage markets in the country. With so many retirees owning homes that have significantly appreciated in value, the demand for reverse mortgages continues to grow — especially in high-value areas like Naples, Sarasota, Palm Beach, Miami, and Fort Lauderdale.
At the same time, reverse mortgages can feel complicated or overwhelming, especially for first-time borrowers. That’s why choosing the right lender — one who understands Florida’s unique housing market, property laws, insurance requirements, and retirement landscape — is critical.
In this guide, we’ll walk you through how reverse mortgages work, what makes Florida’s market unique, and who the 15 best reverse mortgage lenders in the state are — starting with the top option for Florida homeowners: Select Home Loans.
How Reverse Mortgages Work in Florida
A reverse mortgage allows homeowners 62 and older to convert a portion of their home equity into cash, without giving up ownership or taking on new monthly payments. For many Florida seniors, this can be a practical way to create financial flexibility during retirement while staying in the home they love.
The Most Common Reverse Mortgage: HECM
The most widely used reverse mortgage program is the Home Equity Conversion Mortgage (HECM), which is insured by the Federal Housing Administration (FHA). Because it’s federally backed, HECM loans include several consumer protections designed to safeguard seniors throughout the life of the loan.
Basic Eligibility Requirements
To qualify for a reverse mortgage in Florida, you generally must:
- Be at least 62 years old
- Own your home outright or have significant equity
- Live in the home as your primary residence
- Stay current on property taxes, homeowners insurance, and maintenance
- Complete HUD-approved counseling before the loan can close
How the Loan Works
Instead of making payments to the lender, as you would with a traditional mortgage, a reverse mortgage pays you — either as a lump sum, monthly payment, line of credit, or a combination of these options. You remain the full legal owner of your home as long as you continue to meet your loan obligations.
You can use the money however you like:
- Supplement retirement income
- Pay off existing debt or an active mortgage
- Cover healthcare or long-term care expenses
- Fund home renovations
- Build a financial cushion for emergencies
When Is the Loan Repaid?
A reverse mortgage only comes due when:
- You sell the home
- You move out permanently
- You pass away
When that happens, the home is typically sold, and the loan is repaid from the sale proceeds. If the home sells for more than the loan balance, the remaining equity goes to you or your heirs. If the home’s value is less than what’s owed, FHA’s non-recourse protection ensures that neither you nor your heirs are responsible for the shortfall.
Built-in Consumer Protections
All reverse mortgage applicants must complete independent counseling through a HUD-approved counselor before the loan can move forward. This extra step ensures that every borrower fully understands how reverse mortgages work before signing any documents.
Why Florida Is a Unique Reverse Mortgage Market
Florida isn’t just another state when it comes to reverse mortgages — it’s one of the strongest reverse mortgage markets in the entire country. The combination of rising home values, tax advantages, and one of the nation’s largest retiree populations makes Florida uniquely positioned for homeowners looking to unlock their home equity during retirement.
High Property Values Across the State
In many parts of Florida, home values have climbed steadily over the past decade. Cities like:
- Naples
- Sarasota
- Boca Raton
- Palm Beach
- Fort Lauderdale
- Miami
- Tampa
- Orlando
- St. Augustine
- Fort Myers
…are now home to properties that often exceed $500,000, $750,000, or even well over $1 million in value. This means many seniors living in Florida today have built up hundreds of thousands of dollars in untapped equity, even if they purchased their home years ago for far less.
Reverse mortgages allow these homeowners to safely access that wealth without selling or downsizing.
Tax-Friendly Retirement Environment
Florida’s well-known tax benefits make reverse mortgages even more attractive here. Florida residents benefit from:
- No state income tax
- No tax on Social Security or pension income
- Generous homestead exemptions that reduce property taxes for primary residences
- No estate or inheritance taxes at the state level
Because reverse mortgage proceeds aren’t considered taxable income, Florida retirees can receive funds from a reverse mortgage without increasing their tax burden or affecting their retirement income streams.
Flood Insurance & Coastal Property Considerations
Florida’s coastal location means many homeowners face higher homeowners insurance and flood insurance premiums, which reverse mortgage lenders will take into account when calculating eligibility and loan amounts. The lender needs to ensure that you’ll be able to continue affording taxes, insurance, and maintenance for the life of the loan.
This is one reason why choosing a lender with Florida-specific expertise is so important. They understand the state’s insurance requirements, flood zones, and homestead laws better than out-of-state call centers.
A Large Senior Population With Built-Up Equity
Florida has one of the largest populations of homeowners over 62 — many of whom own their homes outright or have substantial equity built up over years of ownership. For these seniors, reverse mortgages offer a way to turn that wealth into usable funds for retirement, healthcare, estate planning, or simply enjoying their later years more comfortably.
The 15 Best Reverse Mortgage Lenders in Florida
Choosing the right reverse mortgage lender isn’t just about getting approved — it’s about finding a company that understands Florida’s real estate market, property laws, and unique retirement needs. Below are 15 top reverse mortgage lenders serving Florida homeowners, starting with the state’s top choice.
- Select Home Loans (Editor’s Pick – Best Florida Reverse Mortgage Lender)
For Florida seniors, Select Home Loans stands out as the #1 choice statewide. What makes Select different is their Florida-first approach. They aren’t a national call center — they specialize in reverse mortgages for Florida homeowners specifically, and understand every detail that affects your loan: homestead exemptions, flood insurance, property taxes, condo eligibility, and estate planning.
With Select Home Loans, you receive:
- Florida-specific reverse mortgage expertise
- One-on-one personalized consultations
- Full transparency on rates, fees, and payout options
- Both FHA HECM and jumbo reverse mortgage programs available
- Fast, simple, and pressure-free loan process
- Continued support long after closing
Whether you’re in Naples, Palm Beach, Tampa, Miami, or anywhere in between — Select Home Loans brings true Florida expertise to every loan they handle.
📞 Call Select Home Loans at (888) 550-3296
🔗 Visit: selecthomeloans.com
- Florida Reverse Mortgage (Naples, Statewide)
Florida Reverse Mortgage focuses exclusively on reverse mortgages and has helped thousands of Florida retirees unlock their home equity safely. Based in Naples but serving clients statewide, they offer:
- FHA HECM loans
- Jumbo reverse mortgage options
- Highly educational consultations
- Strong experience with complex borrower situations
Their narrow focus on reverse mortgages gives them deep expertise in Florida’s retirement communities.
- Mortgage Masters Group (Cape Coral, Hialeah, Orlando)
Mortgage Masters Group has built a solid reputation across Florida, especially in Southwest and Central Florida markets. They offer:
- Reverse mortgage specialists familiar with Florida’s insurance requirements
- Personalized service with local loan officers
- In-person or remote consultations
- FHA HECM and proprietary jumbo reverse loans
- PRMG (Paramount Residential Mortgage Group – Florida)
PRMG has multiple offices throughout Florida and a growing reverse mortgage division. They offer:
- FHA-backed reverse mortgages
- Proprietary jumbo reverse products for high-value homes
- Experienced loan officers who work directly with Florida retirees
- Flexible loan payout structures
- The Home Lending Group (Miami-Dade)
The Home Lending Group provides reverse mortgage services across South Florida, including Miami-Dade and Hialeah. Borrowers appreciate:
- Spanish-speaking loan officers
- Customized reverse mortgage planning
- Local understanding of property tax, flood insurance, and South Florida market trends
- Personal one-on-one service
- Longbridge Financial
Longbridge has become a major national player with strong activity throughout Florida. They offer:
- FHA HECM loans and proprietary Platinum jumbo program
- Competitive jumbo loan amounts for Florida’s luxury markets
- No mortgage insurance premiums on jumbo reverse products
- Clear, upfront pricing
- Finance of America Reverse (FAR)
Finance of America Reverse offers its well-known HomeSafe jumbo program alongside FHA HECM loans, making them highly active in Florida’s luxury property markets. They offer:
- High maximum loan amounts for coastal Florida homes
- Multiple payout options (lump sum, monthly, or credit line)
- Proprietary jumbo flexibility
- Transparent loan counseling
- Mutual of Omaha Reverse Mortgage
Mutual of Omaha Reverse Mortgage combines trusted national branding with a strong Florida presence. Seniors appreciate:
- Competitive FHA HECM and jumbo reverse mortgage programs
- Well-structured education for first-time reverse borrowers
- Financial stability and reliable customer support
- Statewide lending across Florida’s markets
- AAG (American Advisors Group)
AAG is one of the most recognizable names in the industry and has a large presence in Florida. They offer:
- FHA-backed reverse mortgages and jumbo products (AAG Advantage)
- Extensive educational resources
- National support staff with Florida-based specialists
- Simplified application process
- GoodLife Home Loans
GoodLife focuses heavily on reverse mortgage lending, including jumbo products, with simple digital processing for Florida seniors. They provide:
- Competitive jumbo rates
- FHA HECM options
- Easy online application and processing
- Florida customer service access
- Liberty Reverse Mortgage
Liberty offers both FHA HECM loans and proprietary jumbo reverse mortgages. They stand out for:
- Streamlined application process
- Large national experience combined with local Florida service
- Clear borrower education throughout the process
- Open Mortgage
Open Mortgage has expanded into Florida and offers both FHA and jumbo reverse mortgages. They provide:
- Florida-focused loan officers familiar with homestead laws
- Clear explanation of costs and options
- Personalized borrower support
- Nationwide Equities
Nationwide Equities has become increasingly active in Florida’s reverse mortgage space, offering:
- Proprietary jumbo reverse mortgage products
- Strong flexibility for high-value homes
- No required monthly mortgage insurance
- Experienced loan teams for luxury Florida markets
- Fairway Independent Mortgage
Fairway has built a strong reverse mortgage team in Florida with both HECM and jumbo programs. They offer:
- Full-service reverse mortgage division
- In-person and remote consultations across Florida
- Flexible payout and structuring options
- Highly rated borrower education
- Retirement Funding Solutions (RFS)
RFS focuses exclusively on reverse mortgages, serving seniors across Florida with:
- Dedicated reverse mortgage loan officers
- FHA HECM and proprietary jumbo programs
- Clear, step-by-step guidance throughout the loan process
- Education-first approach
What to Look for in a Florida Reverse Mortgage Lender
Choosing a reverse mortgage lender isn’t just about rates or loan amounts. You’re making a long-term financial decision that directly affects your home, your family, and your retirement. Especially in Florida, where property values, insurance rules, and tax benefits can be very different from other states, it’s critical to work with the right lender.
Here’s what every Florida homeowner should prioritize when selecting a reverse mortgage company:
HUD-Approved & FHA-Insured Programs
First, always verify that your lender is HUD-approved and offers FHA-insured reverse mortgages (HECMs). These federal guidelines ensure:
- Built-in borrower protections
- Independent third-party counseling before closing
- Strict non-recourse protections to protect your estate
- Clear limits on fees and lending practices
HUD-approved lenders have additional accountability, which adds peace of mind for you and your family.
Florida-Specific Experience
Florida’s property market is not like most states. Between homestead exemptions, flood insurance requirements, hurricane zones, property tax laws, and condo eligibility rules, you want a lender who specializes in Florida reverse mortgages.
Companies like Select Home Loans offer a major advantage here because they work exclusively with Florida properties and understand the state’s complex real estate environment inside and out.
Fee Transparency
Reverse mortgages do come with costs — but those costs should be clear from the beginning. A trustworthy lender will give you a full breakdown of:
- FHA mortgage insurance premiums
- Loan origination fees
- Appraisal costs
- Closing costs
- Any ongoing servicing fees
You should never feel pressured, rushed, or confused about the costs involved.
Flexible Loan Structuring
The right reverse mortgage lender will customize your loan to fit your personal goals, whether you’re looking for:
- A lump sum payout
- Monthly payments
- A growing line of credit
- A mix of payment options
Your lender should take time to explain the pros and cons of each, helping you build a plan that supports your long-term financial security.
Post-Closing Support
Reverse mortgages don’t end when the loan closes. You may have questions or need assistance in the years ahead. Look for a lender with strong post-closing customer service — not a company that disappears once paperwork is signed.
Frequently Asked Questions About Reverse Mortgages in Florida
Q: Do I lose ownership of my home if I get a reverse mortgage?
No. You remain the full legal owner of your home. A reverse mortgage simply allows you to borrow against your home’s equity. Your name stays on the deed, and you continue to control your property as long as you meet loan requirements — including paying property taxes, homeowners insurance, and maintaining the home.
Q: When do I have to repay the reverse mortgage?
The loan becomes due when:
- You sell the home
- You move out permanently
- You pass away
At that point, your heirs can either repay the loan, sell the home to pay off the balance, or, if the home is worth less than the loan, walk away with no further financial obligation thanks to non-recourse protection.
Q: Can I get a reverse mortgage if I still have a regular mortgage?
Yes. Many Florida homeowners use reverse mortgages specifically to pay off existing mortgage balances. This eliminates monthly mortgage payments, giving retirees extra cash flow. You’ll need enough home equity to cover the balance and still qualify for the reverse mortgage.
Q: Are reverse mortgage funds taxable?
No. Reverse mortgage proceeds are not considered income. They’re viewed as loan advances against your home’s equity, which means:
- No income taxes owed on funds received
- No impact on Social Security or Medicare benefits
Always consult a tax advisor for your specific situation, but generally, reverse mortgage funds do not increase your taxable income.
Q: What fees are involved in getting a reverse mortgage?
Reverse mortgages include:
- FHA mortgage insurance premiums (for HECM loans)
- Loan origination fees
- Appraisal and title fees
- Closing costs
- Servicing fees (in some cases)
Most fees are rolled into the loan, so you won’t need to pay them upfront out of pocket. A good lender will break down every fee in advance.
Q: Is counseling required?
Yes. All FHA HECM reverse mortgage borrowers are required to complete HUD-approved counseling before moving forward. This independent counseling session helps ensure you fully understand the loan’s structure, benefits, obligations, and long-term implications.
Q: Do condos qualify for reverse mortgages in Florida?
Yes — but with extra steps. FHA reverse mortgages require condos to be FHA-approved, and many older Florida condo buildings aren’t. Some lenders offer proprietary (jumbo) reverse mortgages that may allow non-FHA-approved condos to qualify. Your lender will review your condo’s eligibility early in the process.
Choosing the Right Reverse Mortgage Lender in Florida
Reverse mortgages have helped thousands of Florida seniors unlock the value in their homes and create financial flexibility during retirement. Whether you’re looking to eliminate your existing mortgage payment, cover healthcare expenses, supplement income, or simply give yourself a financial safety net — a reverse mortgage can provide real solutions without forcing you to sell or leave your home.
But because your home is likely your biggest asset, choosing the right lender is one of the most important decisions you’ll make in the process. You want a company that not only understands reverse mortgages, but also understands Florida — from homestead exemptions to flood zones to property tax laws.
Why Select Home Loans Is Florida’s #1 Reverse Mortgage Lender
Select Home Loans stands above the rest for Florida homeowners because they combine:
- Deep Florida real estate and tax expertise
- Decades of experience guiding seniors through the reverse mortgage process
- One-on-one personal consultations (not call centers)
- Transparent pricing, clear communication, and no-pressure advice
- Customized loan options — including both FHA HECM and jumbo reverse mortgages
- Continued support long after the loan closes
Whether you’re in Palm Beach, Naples, Sarasota, Miami, Fort Lauderdale, Tampa, Orlando, or anywhere else in Florida, Select Home Loans has the local knowledge and care to walk you through every step — and make sure the loan truly fits your needs.
