Florida's Reverse Mortgage Center (Tampa)

A reverse mortgage is a mortgage for homeowners and homebuyers age 62 and older. It allows borrowers to convert some of the equity in their home into income-tax-free funds, either all at once, monthly over time, as a line of credit, or a combination. Unlike a regular “forward” mortgage or traditional home equity loan/line of credit, there are no monthly principal and interest payments as long as at least one of the borrowers lives in the home as their primary residence. The homeowner must keep up with property taxes, homeowners insurance, HOA fees, and property maintenance.

Absolutely 100%. A Reverse Mortgage is just like any other mortgage in Florida, you own your home and the bank holds a lien against the property.

62, although technically 61 and 6 months can be qualified. If one spouse is over 62, a spouse who is under 62 can be considered for the loan as a "non-borrowing spouse". It's never too early to start learning about Reverse Mortgages though!

A Reverse Mortgage does not have a payment. One can always make payments, but they are never required. The homeowner must continue to pay their property taxes, homeowners insurance, any HOA fees, and maintain the property.