✓ No FHA Approval Required
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
The FHA reverse mortgage program requires borrowers to be at least 62 years old. Our proprietary reverse mortgage is available starting at age 55, giving Florida homeowners seven additional years of access to their home equity without waiting.
See If You May Qualify Or Call (727) 244-7076No obligation · No paperwork to get started · We take our time with you
Fill out the short form below and we will prepare your reverse mortgage loan comparison and reach out to walk you through your numbers. No paperwork. No commitment. No obligation of any kind.
Your information stays private. We do not sell your personal information.
Please note: Borrowers are always 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.
If you are between 55 and 61 and have looked into a reverse mortgage, there is a good chance you heard something like this:
"I'm sorry, but you don't qualify yet. You have to be at least 62 for a reverse mortgage."
Most reverse mortgage lenders offer only the FHA Home Equity Conversion Mortgage, known as the HECM. The HECM program has a strict minimum age requirement of 62, with no exceptions.
If you are between 55 and 61, every lender offering only the HECM program has no choice but to turn you away. It is not about your credit, your income, or the value of your home. It is simply because of the age requirement built into the government program they use.
Our reverse mortgage is different. It is a proprietary private loan, not a government program. We set our own eligibility criteria, and we have chosen to make our loan available starting at age 55.
You may not have to wait. There is another option, and for many Florida homeowners between 55 and 61, it is available right now.
Sunshine State Home Loans offers a proprietary reverse mortgage that is not subject to FHA or HUD guidelines. Because it is privately funded, we are able to serve Florida homeowners who do not qualify for the government program.
If you are 55 or older and own your Florida home, you may qualify.
Here is how our proprietary reverse mortgage compares to a government loan:
If another lender told you to come back when you turn 62, we would like to have a different conversation.
These are not minor differences. For Florida homeowners between 55 and 61, these four advantages change the entire picture.
The FHA reverse mortgage program requires borrowers to be at least 62. Our proprietary reverse mortgage is available seven years earlier, starting at age 55. For many Florida homeowners this means accessing equity during their most active retirement years rather than waiting. You have built that equity. You should not have to wait seven years to use it if a program is available to you now.
Our line of credit has no expiration date. It remains open as long as you have available funds and you continue to meet your loan obligations, including property taxes, homeowners insurance, HOA dues, and special assessments. 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. The decision of when and how much to draw is always yours.
If you own a Florida condo, your condo community does not have to be on the FHA approved list to qualify for our reverse mortgage. This is a significant advantage for thousands of Florida condo owners who have been turned away by lenders offering only FHA programs. Eligibility is subject to property review and underwriting approval.
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. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval.
Many of our clients were told they had to wait until 62. Here is what they have to say.
Why do most lenders say I have to wait until age 62?
Most reverse mortgage lenders offer only the FHA Home Equity Conversion Mortgage, which has a strict minimum age of 62 built into the government program. That rule has no exceptions. The lender who turned you away was not misleading you. They genuinely had no product available for borrowers under 62. Our loan is a private proprietary product and is not subject to that requirement. We are able to serve borrowers starting at age 55.
Does my property type matter?
Our proprietary reverse mortgage is available for Florida single family homes and condominiums. If you own a condo, your condo community does not have to hold FHA approval to qualify. This is a meaningful difference from government HECM loans, which require the entire condo community to be on the HUD approved list. Eligibility is subject to property review and underwriting approval.
What happens to my line of credit as I get older?
As long as you continue to live in your home as your primary residence and meet the basic loan obligations, including maintaining your home and staying current on property taxes, homeowners insurance, HOA dues, and any special assessments, your line of credit remains open and available. There is no set end to the draw period on the reusable portion of your line of credit, while you meet the loan terms. You can draw on it once, many times over the years, or leave it entirely unused. The decision is always yours.
How do I find out if I may qualify?
Fill out the short form on this page and we will prepare your reverse mortgage loan comparison and reach out to walk you through your numbers. No paperwork and no obligation of any kind to get started. You can also call us directly at (727) 244-7076 to speak with Diego Quintero.
There is no paperwork required to speak with us. No pressure of any kind. Just an honest conversation about your home, your situation, and your options, at your pace.
Sunshine State Home Loans · Licensed in Florida · Serving homeowners statewide
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 approval. This material is not a commitment to lend. Sunshine State Home Loans is licensed to offer mortgage products in the state of Florida. Results vary based on individual circumstances. For complete program details, please contact us directly at (727) 244-7076.