Florida Reverse Mortgage Lenders

Florida is home to a good amount of retirees and seniors who enjoy warm climate almost year around. Residents of cities such as Miami, Orlando, Jacksonvile, all are eligible to take out a reverse mortgage. The money from the reverse mortgage can be used for any purpose. A reverse mortgage should be the last option for seniors who are in need of extra cash. Financial experts recommend considering downsizing into a smaller home or obtaining cash through a different means first before considering a reverse mortgage. Serving senior living communities such as The Villages, Boynton Beach, Lady Lake and Hialaeh.

Requirements

• All borrowers on the loan must be age 62 or older
• Complete a reverse mortgage counseling session.
• Must have enough equity in the property
• Property must be a single-family home, townhome, HUD approve condo or certain manufactured homes. Co-ops are not eligible for a reverse mortgage.

Most Loans By City in Florida

Below are the most popular cities in Florida with the number of HECM reverse home loans originated since 2017. As you can see, it is no surprise that Miami tops the list. Not too far behind are Port Saint Lucie, The Villages, Jacksonville and Orlando. The average initial principal limit varies from city to city. This amount depends on the age of the borrower, property value and equity in the property. For instance, in Port Saint Lucie, the average initial principal limit was $133,632 and in Sarasota, the average was $184,224 but over in Naples, the average initial principal amount was $218,246.

Rank	City	# Loans
1	Miami	355
2	Port Saint Lucie	141
3	The Villages	138
4	Jacksonville	130
5	Orlando	127
6	Tampa	127
7	Sarasota	116
8	Boynton Beach	99
9	Cape Coral	95
10	Naples	92
11	Hialeah	76
12	Ocala	74
13	Melbourne	66
14	Port Charlotte	63
15	Delray Beach	59
16	Vero Beach	58
17	Boca Raton	57
18	Saint Augustine	55
19	Bradenton	55
20	Palm Coast	52