✓ No FHA Approval Required
✓ Line of Credit Never Expires
✓ Available at Age 55
✓ Loans Up to $4 Million
A short review of your home equity options may show whether any of them can help manage the insurance cost without adding a required monthly mortgage payment.* There is no cost for the review and no obligation to move forward.
If the numbers do not support a change, we will tell you plainly that this is not right for you. That answer happens often, and it is a complete answer.
Request a review Or call (727) 244-7076Available at age 55 · No FHA approval required · Interest rate is variable and subject to change
Fill out the short form below and a licensed Florida mortgage broker will reach out within one business day to talk through your situation. No paperwork. No commitment. No obligation of any kind.
Your information stays private. We never sell your data.
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.
Many Florida homeowners age 55 and older are carrying higher property insurance, flood, and wind premiums, along with larger deductibles, than they paid a few years ago. Retirees on Social Security and a fixed pension are absorbing that on an income that does not move.
The usual responses have real costs. Raising a deductible shifts risk onto the household. Dropping coverage is not an option for most people. Cutting back elsewhere in the budget only works for so long. And some homeowners are not choosing at all: a policy was not renewed, and a lender placed coverage for them, often at a higher premium than a policy they would have picked themselves.
Many Florida homeowners in this position own their homes free and clear, or close to it. The money exists inside the property. What is missing is a way to reach some of it without selling the home and without taking on a new monthly payment that a fixed income cannot absorb.
If you have owned your Florida home for years, a large share of its value may be equity. There are several ways to reach some of that equity and they behave differently from one another. Our proprietary reverse mortgage is one of them, available to eligible Florida homeowners starting at age 55, where the government FHA program requires age 62.
A review puts those options side by side using your actual numbers: your home value, what you still owe, your insurance and tax bills, and your monthly income. The purpose is to show you what each path would mean for your household, in plain figures, so you can decide.
Eligible borrowers may take proceeds as a lump sum, as a line of credit, or as a combination. A line of credit often fits insurance costs better, because a premium is not a one time event. It returns every year, and a deductible arrives on no schedule at all.
On every option, you remain responsible for property taxes, homeowners insurance, association dues, special assessments, and property maintenance. No product removes those obligations.
Reverse mortgages are exempt from the federal Ability to Repay rule, but that exemption is not the same as no qualification. Our program applies its own financial assessment to every file.
Insurance is a recurring cost, not a one time bill. Our proprietary line of credit has no draw period that shuts off, so eligible borrowers who keep their loan obligations current can leave it in place for the years ahead rather than drawing everything at once.
There is no required monthly mortgage payment on this loan.* You remain responsible for property taxes, homeowners insurance, association dues, any special assessments, and property maintenance, exactly as you are today.
The government FHA program requires age 62. Our proprietary program may be available to eligible Florida homeowners starting at age 55. An application may begin up to 60 days before an eligible birthday, though the loan cannot close until the age is reached.
No FHA or HUD condo community approval is required, subject to the product own condo review. Florida condo owners are often carrying insurance costs and special assessments at the same time.
Your name stays on the title. The loan becomes due when the home is sold, when the last remaining borrower no longer lives there as a principal residence, or on the death of the last remaining borrower. These loans are non-recourse, so you or your estate will never owe more than the home is worth at sale.
Some homeowners are better served by shopping coverage, by an exemption they have not claimed, or by doing nothing at all. We run your numbers and tell you either way, at no cost and with no obligation.
Eligibility is decided by underwriting review, not by a website, so what follows is a starting point rather than an answer. Florida homeowners age 55 and older who occupy the property as their primary residence and hold meaningful equity may be eligible. Single family homes, villas, townhomes, and condominiums may qualify. Manufactured and mobile homes are not eligible for our program.
Borrowers with a credit score of 720 or higher who are refinancing, and who have had no force placed insurance in the last twelve months and no late property taxes or association dues in the last twenty four months, may qualify for the Residual Income Waiver. Purchase transactions do not qualify for that waiver. A home owned free and clear is treated as a refinance.
*Borrower remains responsible for property taxes, homeowner insurance, association dues, any special assessments, and property maintenance. The loan balance becomes due and payable upon sale of the property, when the home is no longer the principal residence of the last remaining borrower, or on the death of the last remaining borrower.
Sunshine State Home Loans, LLC is a mortgage broker licensed by the Florida Office of Financial Regulation under Chapter 494, Florida Statutes. Company NMLS #1901827, Florida Mortgage Broker License #MBR3278. We are not an insurance agency and we do not sell, place, or advise on insurance coverage. We are not affiliated with or endorsed by Citizens Property Insurance Corporation, any insurance carrier, or any government agency. Interest rates on adjustable rate reverse mortgages are variable and subject to change. All loans are subject to credit and property approval. This is not a commitment to lend. Results vary based on individual circumstances.
Real reviews from Florida homeowners we have helped.
Do I have to be a certain age?
For our proprietary reverse mortgage, Florida homeowners may be eligible starting at age 55. An application may begin up to 60 days before an eligible birthday, though the loan cannot close until the age is reached. The government FHA program requires age 62.
Would I still own my home?
Yes. Your name stays on the title. You remain fully responsible for property taxes, homeowners insurance, association dues, special assessments, and upkeep. The loan can become due if those obligations are not met or if the home is no longer your principal residence.
Can a reverse mortgage help with force placed insurance premiums?
Eligible Florida homeowners age 55 and older may be able to use loan proceeds toward a force placed premium or toward the cost of securing new voluntary coverage. Eligibility depends on age, property, and underwriting review. This is not a commitment to lend.
Will a reverse mortgage lower my insurance premium?
No. A reverse mortgage does not change your insurance premium and we are not an insurance agency. What it may do is give eligible homeowners access to home equity that can be applied toward the cost. Your carrier, your coverage, and your premium remain between you and your insurer.
Can the funds be used for a hurricane deductible?
A line of credit option may be used for future needs such as a hurricane deductible, provided the borrower remains current on all loan obligations. Availability depends on the terms of your specific loan and on underwriting review.
What happens to my family when the loan ends?
A reverse mortgage becomes due when the home is sold, when the last remaining borrower no longer lives there, or on the death of the last remaining borrower. These loans are non-recourse, which means you or your estate will never owe more than the home is worth at sale. Heirs may keep the home by paying off the loan balance.
Is this a government program?
No. Sunshine State Home Loans is a private, Florida licensed mortgage broker. We are not a government agency and we are not endorsed by one. Some reverse mortgages are insured by FHA. The program described here is a private proprietary product and is not an FHA loan.
What does the review cost, and what happens after?
The review is free and carries no obligation. After it, you may take the figures home, share them with your family or your advisor, and decide in your own time. If you would rather not continue, that is a complete answer and nothing further happens.
There is no paperwork required to speak with us. No credit check to start. 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
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.