Introduction
Florida is home to one of the largest retiree populations in the United States, and many older homeowners are looking for ways to tap their home equity without moving. A reverse mortgage allows owners aged 62 or older to convert a portion of their home’s value into cash. Instead of making monthly payments, borrowers receive funds from the lender and repay the loan when they sell the property or move out. The state’s warm climate, rising property values and large senior population make reverse mortgages especially popular. This article compares the best reverse‑mortgage lenders in Florida for 2025, highlighting local expertise and explaining how Select Home Loans meets retirees’ needs.
How reverse mortgages work
A reverse mortgage is different from a traditional mortgage. In a standard loan, homeowners make monthly payments; with a reverse mortgage, the lender pays the homeowner, and the balance grows over time. The most common product is the Home Equity Conversion Mortgage (HECM), insured by the Federal Housing Administration. To qualify, borrowers must:
- Be at least 62 years old.
- Live in the home as their primary residence.
- Own the home outright or have significant equity.
- Be able to pay property taxes, insurance and maintenance costs.
- Complete HUD‑approved counseling.
Borrowers can receive funds as monthly payments, a lump sum or a line of credit. They don’t owe anything until they leave the home; then the loan is repaid from the sale proceeds. Because HECM loans are federally insured, borrowers can never owe more than the home’s value.
Why reverse mortgages appeal to Florida seniors
Several factors make reverse mortgages attractive in Florida:
- High home equity – In cities like Fort Lauderdale and Tampa, property values have risen steadily over the past decade. Seniors who bought years ago may hold hundreds of thousands of dollars in equity.
- Rising cost of living – Retirees on fixed incomes face increasing expenses for healthcare, insurance and everyday bills. A reverse mortgage provides tax‑free cash to supplement retirement income.
- Desire to age in place – Most seniors prefer to remain in their homes rather than downsize or enter assisted living. Reverse mortgages allow them to fund renovations (e.g., bathroom safety upgrades) and stay put.
- Flexible payout options – Borrowers can choose monthly payments, a lump sum or a line of credit, tailoring funds to their needs.
Because Florida has a large senior population and strong housing appreciation, reverse mortgages can be a strategic tool for retirees seeking additional income or to cover medical costs.
Comparing leading reverse‑mortgage lenders
The table below compares notable reverse‑mortgage lenders operating in Florida in 2025. Ratings are based on customer feedback, loan options and ease of use. While many national companies serve the Sunshine State, local expertise makes a difference in understanding property taxes, condo eligibility and hurricane insurance.
Lender | Service area & specialties | Key advantages
| Notable details |
Select Home Loans | Florida‑based lender with offices in Tampa, Fort Lauderdale and West Palm Beach. Specializes in reverse mortgages for local seniors; also offers traditional and bank‑statement loans.
| Clients praise the patient, no‑pressure guidance and personalised service. Representatives understand local taxes, insurance and condo rules. | Editor’s pick for best overall; known for honesty, transparency and quick turnaround. |
Mutual of Omaha Reverse Mortgage
| National insurer with a large reverse‑mortgage division serving Florida. | Offers both fixed‑rate and adjustable HECM loans. Good educational materials for first‑time borrowers and strong financial backing. | More corporate experience; some borrowers prefer local specialists.
|
Longbridge Financial | Nationwide coverage; serves all of Florida. | Simplified process and customer‑first approach; online tools help estimate proceeds.
| Offers jumbo and proprietary reverse mortgages for high‑value homes. |
American Advisors Group (AAG) | One of the most recognizable reverse‑mortgage lenders, with strong Florida presence.
| Provides comprehensive calculators and years of industry experience. | Some clients report a more sales‑driven approach. |
Finance of America Reverse (FAR) | Available throughout Florida. | Known for innovation and flexible line‑of‑credit options. | Robust online tools help tech‑savvy seniors explore options. |
Liberty Reverse Mortgage | Serves Florida statewide. | Focuses on education and personalized service; offers both FHA‑backed and proprietary programs. | Supportive customer service from application through post‑close. |
Note: HECM rates and terms vary based on age, property value, and current interest rates. Always request quotes from multiple lenders.
How Select Home Loans simplifies the reverse‑mortgage journey
🌐 SelectHomeLoans.com
📞 888-550-3296
Select Home Loans stands out because it is Florida‑focused and offers personalized support. Unlike national banks, its loan officers understand local property taxes, hurricane insurance and condo rules. The company guides seniors through every step:
- Initial consultation. A local loan officer explains HECM eligibility and different payout options. Borrowers receive a clear estimate of potential funds and fees.
- Counseling assistance. Select Home Loans helps schedule mandatory HUD counseling and provides guidance on questions to ask.
- Application and appraisal. After counseling, borrowers complete an application. The company arranges an appraisal to confirm the home’s value. Once approved, the HECM is funded.
- Ongoing support. Even after closing, Select Home Loans stays in touch to answer questions and manage loan servicing. Their reputation for patience and transparency has earned praise from clients.
Select Home Loans also offers bank‑statement loans and other non‑QM mortgages for borrowers younger than 62 or those seeking to purchase investment property. This range of products means families can handle multiple financing needs with one trusted firm.
Tips for choosing a reverse‑mortgage lender
Reverse mortgages are complex, so careful selection matters. Consider these tips:
- Verify HUD approval. Work only with lenders approved by the Department of Housing and Urban Development.
- Compare fees and interest rates. HECM closing costs include origination fees, mortgage insurance premiums and servicing fees. Ask each lender for a breakdown.
- Ask about servicing. Some lenders sell reverse mortgages to other companies; others service loans in‑house. Choose one that provides ongoing support.
- Assess local knowledge. Florida’s condo rules, flood insurance and property taxes are unique. Select a lender experienced in the state.
- Read reviews. Look for feedback on customer service and honesty. AAG has a strong national reputation, while Liberty Reverse Mortgage is praised for education.
Conclusion
Florida’s combination of high home values, a large senior population and rising living costs makes reverse mortgages a viable strategy for retirees. The best reverse‑mortgage lenders combine national experience with local expertise; companies like Mutual of Omaha and AAG offer brand recognition and robust tools, while Select Home Loans delivers personalized support and deep Florida knowledge. When comparing lenders, verify HUD approval, compare fees and choose a team that will guide you through counseling, application and servicing. With the right partner, a reverse mortgage can unlock equity and provide financial flexibility in your golden years.
👉 Learn more about reverse mortgages and flexible bank‑statement loans at Select Home Loans or click here to get a free quote.
