In Florida, a reverse mortgage lets you borrow from your home's value without paying a monthly mortgage. The typical borrower starts with a $177,600 limit. Recent reverse mortgage Florida figures show HUD insured 1,845 loans, and the homes had a $400,000 median value. Another 101 loans helped older buyers purchase a home. You'll talk to 1 of 16 state counseling agencies before you apply, so you can learn how a reverse mortgage works.
Can you use the $38,686 senior exemption or a tax deferral to help with the loan rules?
Yes, protecting your loan is easier with local tax relief. Federal reverse mortgage rules in every state say you must live in the property as your main home and maintain it well. You also have to keep up with property taxes and your homeowners insurance payments. These programs matter because if you fall behind on property tax, a HECM can go into default.
Homestead exemptions for seniors, under Section 196.075
After 1 owner turns 65 by January 1, the Senior Exemption gives you an extra property tax reduction on top of the Homestead Exemption. It's up to county and city governments, apart from the School Board, to decide if they offer it. For 2025, your household adjusted gross income (your total yearly income minus certain tax deductions) can't go above $38,686. The Florida Department of Revenue sets that income limit. Through the Long-Term Resident Senior Exemption, local governments can drop their own ad valorem taxes. The School Board can't do that. The tax is tied to what the home is worth. Seniors with low income qualify once they've been in the home 25 years and its first-year value is below $250,000. Get your documents in by March 1 to apply. A late application is accepted from March 2 through the end of the August notice, on or before September 20.
Postponing your homestead taxes starting at 65
If you're 65 or older, Florida's homestead property tax deferral lets you defer the tax amount above 3% of household adjusted gross income. When your household income is less than $20,000, you can defer the whole tax bill plus any non-ad valorem assessments. That income limit gets adjusted every year under Section 196.075(3). The taxes you defer turn into a first lien on the property. That means it's a legal claim that gets paid before other loans. Weigh this option against a reverse mortgage: the debt plus interest becomes payable when ownership transfers or your insurance coverage stops. The Tax Collector accepts applications from November 1 through March 31.
The Division of Consumer Finance handles lender licensing and complaints
In Florida, every one of the 313 active reverse mortgage lenders follows state rules. Non-depository financial service businesses and individuals are licensed and regulated by the Division of Consumer Finance within Florida's Office of Financial Regulation. Chapter 494 of the Florida Statutes covers the licensing of mortgage lenders. Since the division does exams and investigates complaints, you can get in touch to verify a license or report a problem.
State loan rules and Florida Statute 420.102
In state law, a home equity conversion mortgage is defined by Section 420.102(7) of Florida's housing statute. It's a reverse mortgage loan for an elderly homeowner, backed by a lien on real property. You'll find this definition inside Chapter 420, in the section that addresses the Florida Housing Development Corporation. You won't see a state-mandated counseling or cooling-off rule in the statute, so you just meet the standard reverse mortgage requirements.
