Do I still own my home if I take out a reverse mortgage in Florida?

To qualify for a reverse mortgage in Florida, homeowners must be 62 or older, live in the home as their primary residence, meet FHA financial criteria, and maintain taxes, insurance, and upkeep. The property must also meet FHA standards. Debbie Cooley Mortgage reviews eligibility with each client.

Reverse mortgage eligibility is governed by federal rules, but Florida homeowners often have unique circumstances—retirement income, HOA restrictions, flood zones, or second-home ownership—that influence qualification. Understanding the requirements helps borrowers know whether a reverse mortgage fits their financial plans or whether another product (such as a conventional, VA, or FHA loan) might be a better choice.

Age Requirement (62+)
All borrowers on the loan must be at least 62 years old. Spouses under 62 may qualify as “non-borrowing spouses” with protections that allow them to remain in the home if the older spouse passes away.

Primary Residence Requirement
The home must be your primary residence. You must live in it for the majority of each year. This is especially important for Florida homeowners who split time between states. Vacation homes and investment properties do not qualify.

Property Types That Qualify
Eligible homes include:

  • Single-family homes
  • FHA-approved condos
  • Two- to four-unit properties (borrower must occupy one unit)
  • Certain manufactured homes meeting HUD standards

In areas like Trinity, New Port Richey, and Pasco County, most single-family homes qualify, but some condos do not meet FHA approval. Debbie Cooley Mortgage checks property eligibility during the initial review.

Financial Assessment Requirements
Borrowers must demonstrate the ability to maintain property taxes, homeowners insurance, and basic household obligations. FHA evaluates:

  • Credit history
  • Payment patterns
  • Income sources (Social Security, pensions, retirement funds, etc.)
  • Residual income

The financial assessment is not about high credit scores but about ensuring long-term sustainability.

FHA Property Standards
Homes must be safe and well-maintained. FHA may require repairs for issues such as:

  • Roof damage
  • Electrical problems
  • Safety hazards
  • Structural issues

Debbie Cooley Mortgage helps homeowners understand which repairs must be completed before closing.

Counseling Requirement
HUD requires all reverse mortgage applicants to attend a counseling session with an approved agency. This protects homeowners by ensuring they understand obligations, alternatives, fees, and repayment rules.

Obligations During the Loan
Borrowers must:

  • Pay property taxes
  • Maintain homeowners insurance
  • Keep HOA dues current
  • Maintain the home reasonably
  • Certify occupancy annually

Failure to meet these requirements can trigger loan default, which is why personalized evaluation is essential.

Florida’s diverse housing market—from coastal neighborhoods to inland retirement communities—means homeowners benefit from a loan officer who understands both federal requirements and local property factors. Debbie Cooley Mortgage ensures every client receives detailed guidance before applying.

For official eligibility rules, HUD provides a comprehensive guide.

🔗 Reference Link:

https://www.hud.gov/program_offices/housing/sfh/hecm/hecmelgibility