✓ No FHA or HUD condo community approval is required, subject to the product's own condo review.
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
For Florida condo owners aged 55 and over whose building is not FHA approved: a proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, BBB A+ accredited, subject to credit and property approval.
If you own a Florida condo and were told you do not qualify for a reverse mortgage because your building is not FHA approved, that answer only applies to government loans. Sunshine State Home Loans, a licensed Florida mortgage broker, arranges a proprietary reverse mortgage for Florida condo owners, and your building may qualify, subject to approval.
See If You May Qualify Or Call (727) 244-7076No obligation · We take our time with you
You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
Fill out the short form below and we will prepare your reverse mortgage loan comparison and walk you through your numbers. 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 have looked into getting a condo reverse mortgage in Florida, you have probably already run into the same wall:
"Your condo community is not on the FHA approved list. Unfortunately, we are not able to offer you a reverse mortgage."
This is a common reason Florida condo owners are turned away, and it has nothing to do with their credit or income. The problem is that many reverse mortgage lenders only offer government-insured loans called HECMs, and HECMs require your entire condo community to hold FHA or HUD approval. Many Florida condo communities are not on that list.
That restriction does not apply to the proprietary condo reverse mortgage Sunshine State Home Loans arranges. It is a private loan program, not a government program. No FHA or HUD condo community approval is required, subject to the product's own condo review.
Here is what many lenders do not tell you when they say no:
If another lender said no, it does not mean you are out of options. It means looking for a mortgage broker who offers a different type of reverse mortgage, one that was built for this situation.
Sunshine State Home Loans, LLC, a licensed Florida mortgage broker (NMLS ID #1901827, FL License #MBR3278), arranges a proprietary reverse mortgage for Florida condo owners whose building does not meet the government HECM program's condo approval requirement. It is a private loan, not a government loan, made by the lender that funds this loan (Sunshine State Home Loans is the broker), and it is not bound by the FHA condo approval requirement of the HECM program.
Many Florida condos may be eligible for this proprietary reverse mortgage whether or not the condo community holds FHA or HUD certification. Eligibility is subject to property review and the lender's credit and property approval.
Here is how the proprietary condo reverse mortgage compares to a government HECM:
If you have been searching for a condo reverse mortgage in Florida and keep running into the same FHA roadblock, we would like to have a different conversation with you.
These are not minor differences. For Florida condo owners, each of these advantages solves a specific problem that the government HECM program cannot address.
No FHA or HUD condo community approval is required, subject to the product's own condo review. 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, you may qualify, subject to approval; property review and the lender's other requirements still apply. Contact us to talk through eligibility. Your building's FHA certification status is not a requirement of this program.
The line of credit has no set end date while you meet the loan terms. 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. When and how much to draw is your decision. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. Interest and fees are added to the loan balance, so the amount owed grows over time.
Government reverse mortgages require you to be at least 62. The proprietary condo reverse mortgage starts at age 55. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to 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, including a home owned free and clear. Purchase transactions do not qualify for this waiver. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval. A separate residual income waiver is available on a purchase when every borrower has a credit score of 750 or above, with the same insurance and credit-history conditions (12 months of homeowners insurance that was not force-placed, and the lender's credit history requirements). The underwriter decides; subject to approval.
Because the proprietary condo reverse mortgage we arrange as broker is a private proprietary loan, not a government FHA loan, there is no upfront mortgage insurance premium. 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. The proprietary reverse mortgage does not carry this fee. Other closing costs apply. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
Reviews of Sunshine State Home Loans, LLC.
Can I get a reverse mortgage on my Florida condo if it is not FHA approved?
It may be possible. The proprietary reverse mortgage arranged by Sunshine State Home Loans, LLC, a licensed Florida mortgage broker, does not require the condo community to be on the FHA or HUD approved list; that list is a rule of the FHA-insured HECM. Florida condo owners aged 55 and over may qualify, subject to credit and property approval.
What is the difference between a HECM and a proprietary reverse mortgage for condos?
A HECM is the FHA-insured reverse mortgage: it requires FHA or HUD condo community approval and a minimum age of 62. The proprietary reverse mortgage arranged by Sunshine State Home Loans is a private loan with no FHA condo approval requirement, a minimum age of 55 and no upfront mortgage insurance premium. Subject to credit and property approval. You keep paying property taxes, homeowners insurance and any association dues, keep the home in repair and live in it as your main home. Interest and fees are added to the loan balance, so the amount you owe grows over time. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. You may qualify, subject to approval.
I am 57. Am I old enough for a condo reverse mortgage in Florida?
Age 57 is above the minimum of 55. The proprietary reverse mortgage arranged by Sunshine State Home Loans is available to Florida condo owners from age 55. The FHA-insured HECM, a separate program, requires age 62. At 57 you may qualify, subject to credit and property approval; the other loan requirements still apply.
Does the reverse mortgage line of credit expire?
There is no set end date while the loan terms are met. At closing, at least 25% of the available amount is taken as a one-time draw that cannot be redrawn; the rest stays available as a reusable line of credit. The homeowner must keep paying property taxes, homeowners insurance, HOA dues and any special assessments, and keep the home in good repair. The rate is fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate can change. Interest and fees are added to the balance, so the amount owed grows over time.
How do I find out if my Florida condo qualifies?
Fill out the short form on this page or call (727) 244-7076. The form is an eligibility screen, not an application, credit decision or loan offer. Diego Quintero, Mortgage Loan Originator, NMLS #1534075, at Sunshine State Home Loans, a Florida mortgage broker, goes through the numbers with you before you apply. Any loan is subject to credit and property approval.
No pressure of any kind. Just a conversation about your condo, 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 may be fixed or variable depending on the option you choose; on the line of credit the rate is variable, and a variable rate is subject to change.