✓ No FHA Approval Required
✓ Line of Credit Never Expires
✓ Available at Age 55
✓ Loans Up to $4 Million
You know how your current loan works, so this page skips that part. It covers what our proprietary reverse mortgage is, and the rules a reverse mortgage refinance has to satisfy before it is permitted. Your existing reverse mortgage must have closed and disbursed at least twelve months earlier.
See If You May Qualify Or Call (727) 244-7076No obligation · No paperwork to get started · We take our time with you
Fill out the short form below and we will prepare your loan comparison and reach out within one business day to walk you through your figures. No paperwork, and no obligation of any kind.
If you have your most recent reverse mortgage statement handy, it answers most of what a comparison depends on. Your information stays private. We never sell your data.
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.
If you are on this page you already have a reverse mortgage. You know the balance grows instead of shrinking, you know what a line of credit does, and you may well know your own index and margin better than most people in this business. So this page does not explain what a reverse mortgage is.
A refinance is a different question from a first loan, and two rules decide most of it. The first is timing. Your existing reverse mortgage must have closed and disbursed at least twelve months before a new loan could fund. The second is the benefit test: the programs we offer require a refinance to pass one before it can move forward, and it exists to keep a homeowner from being moved out of a working loan into a new one that mainly generates costs. We run that test before recommending anything. It can come back no, and when it does, no is the answer.
Here is the first thing worth checking, and it costs nothing. If your current reverse mortgage carries a line of credit, that line may have grown since your loan closed. On many reverse mortgages the available line grows over time, and money you can already draw is money you do not have to refinance to reach.
Your servicer can tell you the available line on your loan today, and your most recent statement usually shows it. If it already covers what you had in mind, the sensible course is to draw on it and keep the loan you have. We would rather tell you that than write a loan you had no reason to write. A refinance is worth examining when the loan you have cannot do what you are asking of it.
These are facts about how the loan is built. None of them says whether refinancing is right for you, which is a question your own figures answer. If you are 55 or older and you own a Florida home, you may qualify, subject to property and borrower approval.
Our proprietary reverse mortgage is offered privately. It is not insured by FHA or HUD and it is not part of the federal Home Equity Conversion Mortgage program. That is a difference in how the loan is built, not a claim about which loan suits you.
Because it is not an FHA insured loan, our proprietary reverse mortgage carries no FHA mortgage insurance premium, upfront or annual. If you hold an FHA insured reverse mortgage today, that premium is one line item that would differ. What the full comparison shows depends on your own figures.
Available to eligible Florida homeowners starting at age 55. The FHA program requires age 62. Our proprietary loan sets its own eligibility criteria, with a minimum age of 55, subject to property and borrower approval.
The line of credit has no expiration date. It remains open as long as you have available funds and continue to meet your loan obligations, including property taxes, homeowners insurance, HOA dues, and special assessments.
Available up to a $4 million loan amount, which suits higher value Florida properties. This is well above what the government HECM program allows. Subject to approval.
Our proprietary reverse mortgage is offered with adjustable rate options. Interest rate is variable and subject to change.
Here is what Florida homeowners say about working with Sunshine State Home Loans.
I already have a reverse mortgage. Can it be refinanced?
It may be possible. Two rules decide most cases. Your existing reverse mortgage must have closed and disbursed at least twelve months before a new loan could fund, and the refinance has to pass a required benefit test before the programs we offer will permit it. We run that test before recommending anything, and it can come back no.
How is your reverse mortgage different from the FHA insured one I have now?
Ours is a proprietary loan offered privately. It is not insured by FHA or HUD and is not part of the federal Home Equity Conversion Mortgage program, so it carries no FHA mortgage insurance premium and requires no FHA condo community approval. It is available to eligible Florida homeowners starting at age 55, up to a $4 million loan amount. Those are differences in how the loan is built, not a conclusion about your situation.
What is the benefit test?
It is a rule the programs we offer apply to any refinance of an existing reverse mortgage. It exists to keep a homeowner from being moved out of a working loan into a new one that mainly generates costs. If a file does not pass, the refinance is not permitted, and that is the correct outcome rather than a problem to work around.
Would I still have no required monthly mortgage payment?
A reverse mortgage does not require monthly mortgage payments as long as you continue to meet the basic loan obligations. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and any special assessments. Failure to meet those obligations may cause the loan to become due and payable.
What would you want from me to look at this?
One document, your most recent reverse mortgage statement. It shows your balance, your available line of credit if you have one, and your original closing date, which together answer most of what a comparison depends on. No paperwork before that, and no obligation of any kind.
Is there a program for borrowers with strong credit?
A residual income waiver may be available on refinance transactions where the credit score is 720 or higher, with no force placed homeowners insurance in the last twelve months and no late property taxes or HOA dues in the last twenty four months. Purchase transactions do not qualify. Subject to property and borrower approval.
There is no paperwork required to speak with us and no credit check to start. If the answer is that you should keep the loan you have, that is what we will tell you.
Sunshine State Home Loans, a mortgage broker. Licensed in Florida. Serving homeowners 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.
Refinancing an existing reverse mortgage is subject to program eligibility rules that include a minimum seasoning period and a benefit to borrower test. Not every existing reverse mortgage can be refinanced.
Interest rate is variable and subject to change.