Loan Program
Reverse Mortgages in Florida
A reverse mortgage, most commonly the FHA-insured HECM, lets homeowners 62 and older convert part of their home equity into cash without a required monthly mortgage payment. You keep title and must live in the home, pay property taxes and insurance, and maintain it. HUD-approved counseling is required. Availability and terms depend on eligibility, underwriting, and Bold Mortgage program guidelines.
Last updated October 10, 2026
Reverse requirements
| Age | Youngest borrower generally 62+ |
|---|---|
| Occupancy | Primary residence |
| Equity | Substantial equity required |
| Counseling | HUD-approved counseling session required |
| Ongoing obligations | Pay taxes, insurance, HOA dues; maintain the home |
Florida-specific considerations
Florida's large retiree population makes reverse mortgages a frequent topic. Because insurance costs are significant in Florida, the financial assessment looks closely at your ability to keep paying taxes and insurance, and may set aside funds for them.
Condos must be FHA-approved for a HECM. A HECM for Purchase can also help retirees relocating to Florida buy a home with a reverse mortgage.
Who a Reverse loan is for
- Homeowners 62 and older with significant equity
- Retirees wanting to eliminate a monthly mortgage payment
- Retirees relocating to Florida (HECM for Purchase)
Step-by-step process
- 01
Counseling
Complete HUD-approved counseling.
- 02
Application
Financial assessment and appraisal.
- 03
Payout choice
Lump sum, line of credit, monthly payments, or combination.
- 04
Closing
Sign; rescission period applies on refinances.
Related programs
Related guides
Reverse loan FAQs
Do I still own my home?
Yes. You keep title. The loan becomes due when the last borrower leaves the home permanently, sells, or doesn't meet loan obligations.
Do I have to make monthly payments?
No monthly mortgage payment is required, but you must pay property taxes, insurance, and HOA dues, and maintain the home.
What happens to my heirs?
Heirs can repay the loan and keep the home or sell it. HECMs are non-recourse, so heirs generally won't owe more than the home's value.
Can I get a reverse mortgage on a condo?
Yes, if the condo project is FHA-approved.
What is a HECM for Purchase?
It lets buyers 62+ purchase a new home using a reverse mortgage plus a down payment, with no monthly mortgage payment afterward.
Is counseling required?
Yes. A session with a HUD-approved counselor is required before applying.
Ready to see what you qualify for?
Apply online in minutes, or estimate your payment first.
Equal Housing Lender. This is not a commitment to lend. All loans are subject to credit approval, underwriting guidelines, and property eligibility. Program availability, terms, and guidelines may change without notice. Information is for educational purposes only.