Reverse Mortgages
Tap your home equity in retirement — without monthly mortgage payments.
Apply for a Reverse Mortgages →A reverse mortgage (officially called a Home Equity Conversion Mortgage, or HECM) is a loan available to homeowners aged 62 or older that lets you convert part of your home equity into cash. Unlike a traditional mortgage, you do not make monthly payments — the loan is repaid when you sell the home, move out permanently, or pass away. For many Florida retirees, it is a powerful tool for supplementing retirement income.
Key Benefits
No monthly mortgage payments
You do not pay anything back monthly. The loan accrues interest and is settled when you eventually sell or move.
Stay in your home
You retain ownership of your home and continue to live in it as your primary residence for as long as you want.
Flexible payout options
Take the money as a lump sum, monthly payments, a line of credit, or a combination — whatever fits your needs.
Government-insured (HECM)
HECM loans are insured by the FHA, which means you (or your heirs) will never owe more than the home is worth.
Tax-free proceeds
Money from a reverse mortgage is considered loan proceeds, not income — so it is not taxable.
Heirs have options
When you pass, your heirs can keep the home (by paying off the loan), sell it (and keep any remaining equity), or walk away (with no further obligation).
Is This Right for You?
Reverse mortgages work best for homeowners 62+ who plan to stay in their home long-term, want to supplement retirement income, eliminate an existing mortgage payment, or build a financial safety net (the line-of-credit option grows over time). Not ideal if you plan to move in the next few years.
Every situation is unique. The fastest way to know if this is the right loan for you is to talk to a licensed Divito Lending advisor — we will look at your full picture and recommend the loan type that actually fits.
Common Questions
Do I still own my home with a reverse mortgage?
Yes. You retain full title and ownership. The bank does NOT own your home. They just have a lien (like any other mortgage) that gets paid off when the home is eventually sold.
What happens if I outlive the loan?
You do not — that is the beauty of HECM. As long as you live in the home as your primary residence and keep up with taxes, insurance, and HOA, you can never be forced out, no matter how long you live.
Can my heirs inherit the home?
Yes. When you pass, heirs have three choices: (1) pay off the loan and keep the home, (2) sell the home, pay off the loan, and keep any remaining equity, or (3) walk away with no further obligation if the loan exceeds the home value.
How much can I borrow with a reverse mortgage?
It depends on your age, home value, and current interest rates — typically 40%–60% of your home's value. The older you are and the more equity you have, the more you can borrow. The 2024 HECM limit is $1,209,750 in home value.
Ready to See What You Qualify For?
Get pre-approved in minutes with no credit pull, or schedule a no-pressure conversation with a licensed Florida mortgage advisor.