✓ No FHA Approval Required
✓ Line of Credit Never Expires
✓ Available at Age 55
✓ Loans Up to $4 Million
Florida condo and homeowner association special assessments can run tens of thousands of dollars. Our proprietary reverse mortgage may allow you to access your home equity to cover this cost without selling your home. Available at age 55. No FHA approval required.
Call (727) 244-7076No obligation · No paperwork to get started · We take our time with you
Homeowner and condo association special assessments have become increasingly common in Florida. New building safety requirements, aging infrastructure, insurance cost increases, and deferred maintenance are forcing associations to levy large one-time charges against unit owners. Special assessments are different from regular HOA dues, they are sudden, often unexpected, and can be substantial.
For seniors on fixed incomes these assessments can create a genuine financial crisis. Amounts of $10,000, $25,000, $50,000 or more must be paid within a short window, typically anywhere from a few months to a year, or face liens and potential foreclosure. The speed and scale of these assessments leave many seniors with very few options.
Many Florida seniors facing this situation own their homes outright or have significant equity built up over years of ownership. The money to pay the assessment exists in their property but they cannot access it without selling their home, which most are not willing or able to do. They find themselves trapped, unable to afford the assessment but unwilling to uproot their lives by selling.
A reverse mortgage may be the solution that lets you stay in your home and pay the assessment. Rather than selling your home to cover the assessment, a reverse mortgage allows you to borrow against the equity you have already built, accessing funds to pay the assessment while remaining in your home. For many Florida homeowners, this is the solution they did not know existed.
We received a special assessment notice for $35,000 and had no idea how we were going to pay it without selling our home.
Sunshine State Home Loans offers proprietary reverse mortgages for Florida homeowners and condo owners 55 and older who need to access their home equity. We specialize in serving homeowners who have been turned away by other lenders, particularly those facing special assessment deadlines.
A reverse mortgage can provide a lump sum or line of credit that you can use to pay your HOA special assessment without selling your home and without making monthly mortgage payments. The funds are typically available within 30 to 60 days, which aligns with many special assessment deadlines. You maintain ownership of your home and control how the funds are used.
Our proprietary reverse mortgage does not require FHA condo community approval. Many condo communities facing special assessments have already lost their FHA approval status due to the very issues causing the assessment, or have never pursued it. This does not disqualify you from our program. We work with condos and homeowner associations regardless of their HUD approval status.
Available starting at age 55, seven years earlier than government programs. No upfront mortgage insurance premium, which saves you thousands in closing costs. Loan amounts up to $4 million for Florida properties with high value. Subject to property and borrower approval.
A reverse mortgage line of credit or lump sum distribution may allow you to pay your HOA special assessment in full without selling your home or depleting your savings. Our proprietary reverse mortgage gives you access to the equity you have built over years of homeownership. You get to stay in your home, in your community, and in your life. Many Florida seniors find that accessing even a portion of their home equity is enough to resolve the special assessment crisis without making major life changes. The decision is yours how much to draw and when to draw it. Subject to property and borrower approval.
Many condo communities facing special assessments have complex FHA approval situations. Some have lost their approval status due to special assessments, building code violations, or other regulatory issues. Others have never pursued FHA approval because the cost and timeline did not justify it. Our proprietary reverse mortgage does not require FHA condo community approval, and we do not require your community to be on any government list. We evaluate each property individually based on its current value, physical condition, and your qualification as a borrower. Your community's approval status does not determine your eligibility with us, giving you options when other lenders cannot help.
Our proprietary reverse mortgage is available to Florida homeowners starting at age 55. Seven years earlier than the government FHA program minimum age of 62. This means you do not have to wait years to access your home equity for a special assessment, even if you are early in your retirement years. Many Florida seniors are facing significant assessments in their late 50s or early 60s, and our program provides a solution when you need it most. If you have been told you are too young to qualify for a reverse mortgage, our program may be the answer you are looking for.
A reverse mortgage does not require monthly principal and interest payments as long as you continue to meet the basic loan obligations including paying property taxes, homeowners insurance, and HOA dues. This can free up monthly cash flow for other expenses or activities you care about. You control when and how much you draw from your line of credit. Some clients take a lump sum for their special assessment and never use the line again. Others use it gradually over time as needed. Your available credit remains ready for future emergencies or opportunities without pressure to use it immediately.
We understand that special assessments often have payment deadlines measured in months or even weeks, creating real urgency for homeowners. When you contact us, we prioritize your situation and understand the time sensitivity involved. We will review your property, discuss your timeline and special assessment deadline, and move as quickly as possible through appraisal, underwriting, and closing. There is no paperwork required to get started, just a conversation about your property and situation. We will provide you with honest estimates of how long the process will take so you can plan accordingly and know whether a reverse mortgage will work with your timeline.
Real reviews from Florida homeowners we have helped.
Can I use a reverse mortgage to pay an HOA special assessment?
Possibly yes. If you are 55 or older and have sufficient equity in your Florida home or condo, you may be able to use a reverse mortgage to access that equity and pay your special assessment. A reverse mortgage provides you with a lump sum distribution or line of credit secured by your home equity. You would then use those funds to pay your special assessment to your homeowner association or condo board. Many Florida seniors have used this strategy successfully to avoid selling their homes. The amount you may qualify for depends on several factors including your age, home value, current mortgage balance, and the amount of equity you have built. Contact us with details about your property and special assessment, and we will provide you with a confidential review of your options.
My condo is not FHA approved. Can I still get a reverse mortgage?
You may qualify for our proprietary reverse mortgage even if your condo community is not on the FHA approved list. This is one of the biggest advantages of our program. Our loan does not require FHA condo approval, and we do not require your building to be on the HUD approved condo list. We evaluate each property individually based on its current condition, value, and location, not on your community's FHA status. Many condo communities facing special assessments have been denied FHA approval or lost their approval status because of the very issues that triggered the assessment. Our program gives you options that government-backed reverse mortgages cannot provide.
How quickly can I get funds from a reverse mortgage?
Reverse mortgage closings typically take 30 to 60 days depending on the property appraisal, underwriting, and title work. The exact timeline depends on several factors including how quickly your property appraises, the complexity of your property, and how quickly you provide requested documentation. If you have a special assessment deadline, contact us immediately so we can review your timeline and options. We may be able to discuss interim payment arrangements with your homeowner association while we work through the reverse mortgage process. Time is critical with special assessments, so we prioritize your application and move through each step as quickly as possible once we receive your initial information.
I am 58 years old and facing a large special assessment. Do I qualify?
You may qualify. Our proprietary reverse mortgage is available starting at age 55, which means that at 58 you are well within the eligible age range. In fact, many of our borrowers are in their mid-to-late 50s facing special assessments they did not anticipate. Your age of 58 would actually be an advantage with our program, as the amount you may qualify for is partly based on your age. The next step is to contact us with information about your property value, current mortgage balance if any, and the amount of your special assessment. We will review your situation confidentially and provide you with specific numbers about how much you may be able to access and how the reverse mortgage would work with your property.
How do I get started?
Getting started is simple. You can fill out the short form on this page and we will reach out within one business day to discuss your situation. No paperwork required to get started, and no obligation of any kind. During that initial conversation, we will learn about your home, your special assessment deadline, and what you are trying to accomplish. We will ask questions about your property value and any existing mortgages. From there, we can tell you whether a reverse mortgage makes sense for you and provide you with realistic timelines and loan estimates. Many borrowers appreciate that we take time to explain all the details rather than rushing through the process.
There is no paperwork required to speak with us. No credit check. No pressure of any kind. Just a conversation about your situation and your options, at your pace.
Sunshine State Home Loans · Licensed Florida Mortgage Broker · Serving Florida homeowners statewide
Fill out the short form below and a licensed Florida mortgage broker will reach out within one business day to discuss your options. No paperwork. No commitment. No obligation of any kind.
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.
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.