✓ No FHA Approval Required
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
Most Florida condo owners who apply for a reverse mortgage get turned away because of strict HUD approval requirements for their condo association, not because of anything they did. We have a different solution. And your condo may qualify.
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 walk you through your numbers. No paperwork. No commitment. No obligation of any kind.
This is a short eligibility screen, not an application, not a credit decision and not a loan offer. Your answers tell us whether the program fits your home, and a licensed loan originator goes through the numbers with you before you apply for anything.
Your information stays private. We do not sell your personal information.
Not available for manufactured or mobile homes.
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 own a Florida condo and applied for a reverse mortgage, there is a good chance you heard something like this:
"I'm sorry, but your condo community is not on the FHA approved list. We are not able to help you."
This happens to thousands of Florida condo owners every year. If another lender told you no, it was not because of your credit, your income, or anything you did wrong. It was because most reverse mortgage lenders use a government program that requires your entire condo community to be on the HUD approved list, and most Florida condos are not on that list.
That rule does not apply here. Our reverse mortgage is a private proprietary loan, not a government loan. Your condo community's approval status does not affect your eligibility with us.
Here is what most lenders don't explain when they say no:
That is simply not true. There is another option, and for many Florida condo owners, it turns out to be a better one than the government loan they were originally looking for.
Sunshine State Home Loans offers a reverse mortgage called our proprietary reverse mortgage. It is not a government loan, it is privately funded, which means our reverse mortgage follows all applicable federal and state lending regulations and is fully licensed in Florida.
And our guideline is simple: Most Florida condos are eligible, regardless of whether your condo community holds FHA or HUD certification. Eligibility is subject to property review and underwriting approval. We have helped Florida condo owners in buildings that every other lender turned away, including communities that have no realistic path to FHA approval.
Here is how our proprietary reverse mortgage compares to a government loan:
If another lender told you no, we would like to have a different conversation.
These are not minor differences. For Florida condo owners, these three advantages change the entire picture.
Your condo community does not have to be on the FHA or HUD approved list. If your condo is in Florida and you are 55 or older, your property may qualify based on age and location, contact us to confirm eligibility. We have helped many Florida condo owners who were turned away by other lenders for this same reason. The building's certification status has no bearing on your eligibility with us.
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.
Government reverse mortgages require you to be 62. Our proprietary reverse mortgage starts at age 55, seven years earlier. That is seven additional years of access to the equity you have built in your home. Whether you are bridging to retirement, covering healthcare costs, or simply want more financial flexibility, you do not have to wait until 62 to explore your options.
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.
Because our reverse mortgage is a private proprietary loan, not a government FHA loan, there is no upfront mortgage insurance premium required. FHA reverse mortgages charge an upfront mortgage insurance premium of 2% of the home's value, up to the FHA limit, at closing. On a $500,000 condo that is $10,000 before you pay anything else. Our proprietary reverse mortgage does not have this fee, which means significantly lower closing costs for you.
Many of our clients spent months believing no one could help them. Here is what they have to say.
Why did the other lender tell me my condo didn't qualify?
Most reverse mortgages are government loans called HECMs, and those loans require your entire condo community to be approved by HUD or FHA. Most Florida condo communities, including many well-maintained, high-value buildings, are simply not on that list. The lender who turned you away was not misleading you. They genuinely could not help you with that type of loan. The difference is that we offer a private, proprietary product that has no such requirement. If your condo is in Florida and you are 55 or older, you may qualify with us, subject to property review and program eligibility.
What happens to my line of credit if I don't use it right away?
Unlike some other proprietary reverse mortgage lines of credit that include draw period limitations or can be reduced over time, our proprietary reverse mortgage line of credit remains open and available for as long as you have available funds and continue to meet the basic loan obligations of your reverse mortgage, including maintaining your home and staying current on property taxes, homeowners insurance, HOA dues, and any special assessments. You can draw on it once, draw on it many times over the years, or leave it entirely unused. The decision is always yours.
I am 57. Am I really eligible for a reverse mortgage?
Yes. Our proprietary reverse mortgage is available starting at age 55, which is seven years earlier than government HECM loans allow. If you are between 55 and 62 and own a Florida condo, you may qualify based on age. Many people in this age range find that it is the right time to understand what their home equity can do for them, whether that means supplementing retirement income, covering a major expense, or simply having a financial cushion in place. There is no cost to find out what your options look like.
My condo is a high-value property. Is there a loan limit?
Our proprietary reverse mortgage is available for Florida condos with loan amounts up to $4 million, well above what government HECM loans allow. Many of our clients own luxury or waterfront condos that government loan limits simply cannot serve. If your property is high in value and you have been told the loan amount would not be large enough to be worthwhile, that conversation may look very different with us. Give us a call and we will walk through the numbers with you at no cost or commitment.
There is no paperwork 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 condo owners across the entire state
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.
Interest rate is variable and subject to change.