✓ No FHA Approval Required
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
Yes, there is another way to look at it. The government insured program stops at one federal limit no matter what your condo is worth. Ours is a private loan with its own limits: amounts up to $4 million, available from age 55, and your community does not have to be FHA approved.
Jumbo reverse mortgages for high value condominiums and homes in Miami Beach, Naples, Palm Beach, Sarasota, St Petersburg and across Florida.
See What Your Condo May Qualify For Or Call (727) 244-7076No obligation · Nothing to sign to get a comparison · We take our time with you
Before you give anyone your details, these four answers tell you most of what is worth knowing.
Four yes answers mean the next step is a comparison of your numbers, not an application. If one answer is no, it is still worth a conversation; several of these have more room in them than people expect.
This is a short eligibility screen. It is not a credit decision and it is not a loan offer. What you send produces a comparison of your options, and a licensed loan officer goes through it with you before any application is taken.
Nothing to sign. No commitment. No obligation.
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.
The government insured reverse mortgage, the FHA Home Equity Conversion Mortgage, works against one federal maximum that is reset each year. It applies to a condo worth six hundred thousand dollars and to a condo worth two million dollars in the same way. If your Florida condo is worth well above that federal maximum, the calculation simply stops there, and the equity above it is not counted. That is usually the whole reason the figure you were quoted looked small.
There is a second reason people in condominiums get turned away, and it has nothing to do with value. The FHA insured program requires the community itself to be approved, not just the owner. Plenty of well run Florida condominium communities have never applied for that approval, or let it lapse, and the owner finds out only when a loan officer says no.
Being told no by one program is not the same as being out of options. There are two separate paths here, and which one suits you depends on your numbers, not on your community's paperwork.
A private loan with its own limits, written for properties the federal maximum does not fit.
For some owners the FHA insured program is still the better answer, and the only way to know is to see both sets of numbers together. That program does require the condominium community itself to be FHA approved, which is the community's matter rather than yours, and we tell you plainly where yours stands rather than leaving you to find out later.
Either way, you are not left to work out what your association has to send. A management company or board answers the owner, so the request goes out from you. We prepare it for you and name the three documents our file requires (the condominium questionnaire, the dues verification and the association insurance policies). We tell you which of the two paths gives you more before you commit to anything.
Every loan is evaluated individually and is subject to property approval, borrower qualification and underwriting conditions.
The federal maximum does not apply here. This is a loan amount, not a property value, and it is what allows a high value condominium to be counted for what it is actually worth. Subject to approval.
The FHA insured program requires age 62. Ours is available from 55, which for many couples is the difference between waiting seven years and deciding this year.
Your condominium community does not have to be on any federal approval list for this loan. Your unit is evaluated on its own, subject to underwriting approval.
The FHA insured program charges an upfront mortgage insurance premium at closing. Our proprietary loan does not, which changes what the closing costs look like on a high value property.
Many traditional home equity lines of credit have a set draw period, often 10 years, after which no further draws are allowed. The reusable portion of our line of credit has no set end date while you meet the loan terms. 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.
We tell you which documents to request from your association (the condominium questionnaire, the dues verification and the association insurance policies) and prepare the request for you to send. Your association answers to you as the owner, so the request goes out in your name, and you are not left guessing what to ask for.
Owners of high value Florida condominiums and homes, in their own words.
My condo is worth well over a million dollars. Why was the figure I was quoted so low?
Almost always because the quote came from the government insured program, which works against a single federal maximum that is reset each year and applies the same way to every property. Equity above that maximum is not counted. A proprietary loan is a private loan with its own limits and is not subject to that federal cap, which is why the same condo can produce a different figure.
My community is not FHA approved. Is that the end of it?
No. Our proprietary reverse mortgage does not require FHA or HUD approval of your condominium community at all, because it is not part of that system. Your unit is evaluated on its own, subject to underwriting approval. If the government insured program turns out to be the better fit for your numbers, that is the path where community approval matters, and we tell you where your community stands.
Do I have to get the documents from my association myself?
Not on your own. A management company or board answers the owner, so the request goes out in your name. We prepare it for you and name the three documents our file requires (the condominium questionnaire, the dues verification and the association insurance policies). Owners tell us the hard part is not knowing what to ask for, and that part we take off you.
How does this compare to a home equity line of credit?
No monthly mortgage payment is required while you meet the loan terms. You remain responsible for property taxes, homeowners insurance, HOA dues and special assessments, and the rate is variable. Interest and fees are added to the loan balance, so the amount you owe grows over time. A home equity line requires monthly payments and usually has a draw period that closes. Which one suits you depends on your situation, and it is a fair question to ask us directly.
*No required monthly mortgage payment while you meet the loan terms. Borrower remains responsible for property taxes, homeowners insurance, HOA dues, special assessments, and property maintenance. The rate is variable. Interest and fees are added to the loan balance, so the amount you owe grows over time. The loan becomes due when the last borrower sells the home, moves out, or passes away, or when the loan obligations are not met.
What actually happens after I send the form?
We prepare a comparison of your options from the figures you give us and go through it with you. It is not a credit decision and it is not a loan offer. Nothing is signed and nothing is ordered at that stage. You are free to read it and decide to do nothing.
Is there a credit score requirement?
Credit is reviewed as part of underwriting, so a credit report is part of the process. 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. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval.
Ask for a free comparison of your options. No pressure and nothing to sign. Just a conversation about your condo, your equity, and which of the two paths gives you more.
Sunshine State Home Loans · Licensed Florida mortgage broker · Serving high value condominium 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.