✓ No FHA Approval Required
✓ Line of Credit Never Expires
✓ Available at Age 55
✓ Loans Up to $4 Million
If you know what a HECM is you already understand why you might want something different. Our proprietary reverse mortgage is not a HECM. No FHA condo approval. No age 62 requirement. No upfront mortgage insurance premium. Available at age 55 throughout Florida.
Call (727) 244-7076 to Learn About Your OptionsNo obligation . No paperwork to get started . We take our time with you
The Home Equity Conversion Mortgage is the government reverse mortgage program insured by FHA and HUD. It is the most widely available reverse mortgage in the country and most lenders offer only this product. The HECM has specific requirements that eliminate many Florida homeowners:
If any of these apply to your situation a non-HECM proprietary reverse mortgage may be worth exploring.
Our proprietary reverse mortgage is a private loan that operates completely outside the FHA and HUD system. It is not a HECM and is not subject to HECM requirements.
We serve Florida homeowners in single family homes and condominiums throughout the state. We specialize exclusively in proprietary reverse mortgages and do not offer HECM loans.
Our proprietary reverse mortgage is a private loan not insured by FHA or HUD. It is not subject to HECM requirements including age 62 minimum, FHA condo community approval, or upfront mortgage insurance premium.
Unlike HECM which requires age 62, our proprietary reverse mortgage is available at age 55. That is seven years earlier. You do not have to wait until 62 to explore your home equity options.
HECM requires your entire condo community to be on the FHA approved project list. Our proprietary loan evaluates each property individually. Most Florida condo communities may qualify with us.
HECM charges 2 percent upfront mortgage insurance premium. On a $500,000 property that is $10,000 at closing. Our proprietary reverse mortgage does not carry this fee because it is not a government loan.
HECM has federal lending limits that cap what you can borrow. Our proprietary reverse mortgage offers loan amounts up to $4 million, subject to approval. High-value Florida properties may qualify for significantly more.
See what Florida homeowners have to say about working with us.
What is the difference between a HECM and a proprietary reverse mortgage?
HECM is a government program insured by FHA and HUD with federal requirements including minimum age 62, FHA condo community approval, and upfront mortgage insurance premium. A proprietary reverse mortgage is a private loan not subject to those requirements. May have different age requirements, higher loan amounts up to $4 million, and different property eligibility.
Is a non-HECM reverse mortgage safe?
Non-HECM proprietary reverse mortgages are regulated at the state level and comply with all applicable laws. Sunshine State Home Loans is a licensed Florida Mortgage Broker with NMLS ID 1901827 and Florida License MBR3278. All loans follow applicable regulations.
Why do most lenders only offer HECM?
HECM loans follow standardized government guidelines that enable efficient processing. Proprietary loans require each lender to develop their own guidelines and underwriting. Fewer lenders specialize in proprietary products.
Can I get a non-HECM reverse mortgage on my Florida condo?
Many condo owners may qualify for a proprietary reverse mortgage even if the community is not FHA approved. Properties are reviewed individually, subject to underwriting approval.
How do I find out if I qualify?
Fill out the form on this page and we will prepare your personalized comparison. We will reach out within one business day. No paperwork required, no obligation.
See how much equity you may be able to access with a proprietary reverse mortgage. We provide a free comparison at no cost and with no obligation of any kind.
Sunshine State Home Loans . Licensed in Florida . Serving homeowners across the entire state
Fill out the short form below and we will prepare your reverse mortgage loan comparison and reach out within one business day to walk you through your numbers. No paperwork. No commitment. No obligation of any kind.
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.
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.