✓ Not an FHA loan. No FHA loan limit.
✓ Line of Credit Never Expires
✓ Available at Age 55
✓ Loans Up to $4 Million
Our proprietary reverse mortgage can be used to buy the home you will live in, not only to borrow against the one you have. It is available from age 55, with loan amounts up to $4 million, and it is for homes priced at $500,000 or more.
Not every home qualifies: the property must meet the lender's property and condominium requirements, and every loan is subject to property approval, borrower qualification and underwriting.
Ask for a Free Purchase Comparison Or Call (727) 244-7076No obligation · Nothing to sign to get a comparison · We take our time with you
You bring a cash investment to closing, and the reverse mortgage pays the rest of the purchase price.
The money you bring has to be your own, from savings, the sale of your current home or other assets, or a gift, and it also covers the closing costs of the purchase.
It cannot come from a bridge loan, seller financing, a cash advance on a credit card, a loan against a retirement account, life insurance policy or brokerage account, or a down payment assistance program.
The seller and other interested parties may contribute up to 6% of the sales price toward your closing costs.
After closing there is no required monthly mortgage payment, and you still pay the property taxes, homeowners insurance and any association dues on the home and keep it in good repair. The rate is fixed or variable depending on the option you choose. The loan balance grows over time as interest and fees are added.
The loan becomes due when the home is sold, when you no longer live in it, or when the last borrower passes away.
The file also includes the signed purchase contract, the seller's property condition disclosure, the lead paint disclosure, and documents showing where your funds to close come from.
Every loan is evaluated individually and is subject to property approval, borrower qualification and underwriting conditions.
This is a loan amount, not a property value. Subject to approval.
The FHA insured program requires age 62. Ours is available from 55.
Single family homes, townhomes, planned unit developments and condominiums whose project meets the lender's condominium requirements, as a primary residence. Co-operative units, condo-hotel units and investment properties are not eligible. Not available for manufactured or mobile homes.
Sunshine State Home Loans, LLC is a licensed Florida Mortgage Broker, not a lender or mortgage banker.
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 never sell your data.
This program is for homes priced at $500,000 or more. Not every home qualifies: the property must meet the lender's property and condominium requirements, and every loan is subject to property approval, borrower qualification and underwriting.
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.
Florida homeowners, in their own words.
Can I use a reverse mortgage to buy a home?
Yes. Our proprietary reverse mortgage can be used to purchase a home as well as to refinance one. The home you buy becomes your primary residence, where you live at least 183 days of the year, and you move in within 60 days of closing.
How much do I bring to closing?
You bring your cash investment and the closing costs of the purchase, from your own money or a gift. The amount depends on the price of the home and on what the loan can provide, and your free comparison shows your figure.
Do I have to sell my current home first?
No. If you keep your current home, the lender counts its costs, together with the new home's costs, in its review of your income. If you sell it first, the lender asks for the final settlement statement, and, when the sale proceeds help pay for the purchase, copies of the checks or wires.
What kinds of homes can I buy, including condos?
Single family homes, two- to four-unit homes where you live in one unit, townhomes, planned unit developments, and condominiums in FNMA-approved projects, FNMA-warrantable projects under a Limited Review process, or FHA-approved projects. Co-operative units, condo-hotel units and investment properties are not eligible. Not available for manufactured or mobile homes.
Can I buy at 55?
Yes. In Florida our proprietary reverse mortgage is available from age 55, and the youngest borrower must be 55 at closing. The FHA insured program requires 62.
Can I buy a home that costs more than the FHA limit?
Yes. This is not an FHA loan, so the FHA loan limit does not apply. Loan amounts go up to $4 million, which is the loan amount and not the property value.
Can the seller pay some of my closing costs?
Yes. The seller and other interested parties, such as a builder or a real estate agent, may contribute up to 6% of the sales price toward your closing costs.
Can I use a bridge loan or borrowed money?
Not a bridge loan, seller financing, a cash advance on a credit card, a loan against a 401(k), life insurance policy or brokerage account, or a down payment assistance program. A personal unsecured loan, or a loan against other real estate you own, is allowed only when its monthly payment is counted in the lender's review of your income.
What happens when I pass away or move out?
The loan balance becomes due when the home is sold, when you no longer live in it, or when the last borrower passes away.
Ask for a free comparison of your options. No pressure and nothing to sign.
Sunshine State Home Loans · Licensed Florida mortgage broker
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.