REVERSE MORTGAGES
Reverse Mortgage Loans in Florida and Texas
62 or older with home equity? Access your equity with no monthly mortgage payments. Scott Carlin, NMLS# 2613509. Call 321-364-4461.
Reverse Mortgage Loans in Florida and Texas
If you are 62 or older and have significant equity in your home, a reverse mortgage lets you convert that equity into cash without selling your home or making monthly mortgage payments. Whether you want to supplement your retirement income, pay off an existing mortgage, cover medical expenses, or simply have more financial flexibility, a reverse mortgage can be a powerful tool.
Scott Carlin at TrueVet Mortgage is a licensed mortgage broker with access to over 120 lenders, which means he can find the best reverse mortgage program and rate for your specific situation. He serves homeowners throughout Florida and Texas.
Call 321-364-4461 or schedule a free consultation to find out how much equity you can access.
What Is a Reverse Mortgage?
A reverse mortgage is a loan that allows homeowners aged 62 and older to borrow against the equity in their home. Instead of making monthly payments to a lender like a traditional mortgage, the lender pays you. The loan balance grows over time and is repaid when you sell the home, move out, or pass away.
The most common type of reverse mortgage is the Home Equity Conversion Mortgage, also known as a HECM. This program is insured by the Federal Housing Administration and regulated by the U.S. Department of Housing and Urban Development. Because it is government-insured, the HECM offers strong consumer protections that other loan products do not.
A reverse mortgage is a non-recourse loan. That means you or your heirs will never owe more than the home is worth at the time of sale, even if the loan balance exceeds the home’s value.
How Does a Reverse Mortgage Work?
When you take out a reverse mortgage, you choose how to receive your funds. The options include:
Lump sum — Receive all of your available funds at once. This option is available with a fixed interest rate.
Line of credit — Access funds as you need them, similar to a home equity line of credit. The unused portion of your line of credit grows over time, giving you access to more money the longer you wait.
Monthly payments — Receive steady monthly payments for a set period of time (term) or for as long as you live in the home (tenure).
Combination — Mix monthly payments with a line of credit for maximum flexibility.
You remain the owner of your home. You continue to live in it, and the title stays in your name. The loan does not become due as long as you live in the home as your primary residence and continue to pay property taxes, homeowners insurance, and any applicable HOA fees.
Who Qualifies for a Reverse Mortgage?
To qualify for a HECM reverse mortgage, you must meet the following requirements:
You must be 62 years of age or older.
The home must be your primary residence.
You must own the home outright or have a low enough mortgage balance that the reverse mortgage can pay it off at closing.
The property must meet FHA standards. Eligible property types include single-family homes, two-to-four unit properties where you occupy one unit, FHA-approved condominiums, and certain manufactured homes.
You must complete a counseling session with a HUD-approved reverse mortgage counselor before closing. This is a consumer protection requirement that ensures you understand the terms and obligations of the loan.
You must demonstrate the ability to keep up with property taxes, homeowners insurance, and home maintenance.
2026 HECM Loan Limits
For 2026, the HECM lending limit is $1,249,125. This is the maximum home value that FHA will use to calculate your available loan proceeds. If your home is worth more than this amount, you may benefit from a proprietary or jumbo reverse mortgage, which is not subject to FHA lending limits.
The amount you can borrow depends on several factors including your age, the appraised value of your home, and current interest rates. In general, the older you are and the more equity you have, the more you can access. A typical borrower can access between 40 and 70 percent of their home’s value.
Scott Carlin can run a free estimate for you based on your specific situation. Call 321-364-4461 to find out how much you may qualify for.
Reverse Mortgage Costs
Like any mortgage, a reverse mortgage has closing costs. These typically include:
Origination fee — Lenders can charge up to $6,000 depending on the home’s value. On homes valued at $400,000 or less, the fee is capped at $2,500.
FHA mortgage insurance premium — There is an upfront premium of 2 percent of the home’s appraised value (or the HECM lending limit, whichever is less), plus an annual premium of 0.5 percent of the outstanding loan balance.
Third-party closing costs — These include appraisal fees, title insurance, recording fees, and other standard closing costs.
HUD counseling fee — Typically $125 or less.
The good news is that most reverse mortgage closing costs can be financed into the loan, which means you do not need to pay them out of pocket. As a broker with access to over 120 lenders, Scott Carlin shops your reverse mortgage across multiple programs to find the lowest costs and best terms available.
Reverse Mortgage for Purchase (HECM for Purchase)
Did you know you can use a reverse mortgage to buy a new home? The HECM for Purchase program allows homeowners 62 and older to purchase a new primary residence using reverse mortgage financing. This is especially popular with retirees who want to downsize, relocate closer to family, or move to a more accessible home.
Here is how it works: you make a large down payment using proceeds from the sale of your current home or other savings, and the reverse mortgage covers the rest. You move into your new home with no monthly mortgage payment.
This can be an excellent option for retirees relocating to Florida or Texas who want to preserve cash and eliminate a monthly payment from day one.
Proprietary and Jumbo Reverse Mortgages
If your home is worth more than the 2026 HECM limit of $1,249,125, a proprietary or jumbo reverse mortgage may allow you to access significantly more equity. These programs are not FHA-insured, which means they are not subject to the same lending limits.
Jumbo reverse mortgages are available on homes valued up to $10 million or more, depending on the lender. They do not require FHA mortgage insurance, which can result in lower upfront costs for higher-value properties.
As a broker, Scott Carlin has access to multiple proprietary reverse mortgage programs and can compare options across lenders to find the best fit for your situation.
Reverse Mortgage vs Home Equity Loan
Many homeowners compare reverse mortgages to home equity loans or home equity lines of credit. Here are the key differences:
A reverse mortgage requires no monthly payments. A home equity loan or HELOC requires monthly payments.
A reverse mortgage is available only to homeowners 62 and older. Home equity products have no age requirement.
A reverse mortgage is a non-recourse loan, meaning you can never owe more than the home is worth. Home equity loans are full-recourse.
A reverse mortgage line of credit grows over time. A HELOC can be frozen or reduced by the lender if home values decline.
For retirees who want to access equity without adding a monthly payment to their budget, a reverse mortgage is often the better choice.
Florida and Texas Reverse Mortgage Information
TrueVet Mortgage serves homeowners throughout Florida and Texas. Both states have active reverse mortgage markets with strong home values that make HECM and proprietary programs viable for many homeowners.
In Florida, there is no state income tax, which makes reverse mortgage proceeds even more valuable since the funds you receive are not considered taxable income.
In Texas, reverse mortgages are subject to the state’s home equity lending rules under the Texas Constitution. Texas law requires that closing costs on a reverse mortgage do not exceed certain thresholds, and there are specific protections for surviving spouses. Scott Carlin understands these Texas-specific requirements and ensures every reverse mortgage transaction is fully compliant.
Whether you live on the Space Coast, in Palm Bay, Melbourne, Orlando, Jacksonville, Tampa, or anywhere in Florida, or in San Antonio, Houston, Dallas-Fort Worth, Austin, El Paso, Killeen, Abilene, Corpus Christi, or anywhere in Texas, TrueVet Mortgage can help.
Common Questions About Reverse Mortgages
Do I still own my home with a reverse mortgage?
Yes. You retain full ownership and the title remains in your name. The lender places a lien on the property, just like any other mortgage.
What happens when I pass away?
Your heirs can sell the home and keep any equity remaining after the loan is repaid. If the loan balance exceeds the home’s value, FHA insurance covers the difference and your heirs owe nothing.
Can I sell my home if I have a reverse mortgage?
Yes. You can sell at any time. The reverse mortgage is paid off from the sale proceeds and you keep the remaining equity.
Will a reverse mortgage affect my Social Security or Medicare?
No. Reverse mortgage proceeds are not considered income and do not affect Social Security or Medicare benefits. However, they may affect Medicaid eligibility if funds are not spent in the month they are received.
How long does a reverse mortgage take to close?
A reverse mortgage typically closes in 30 to 45 days. The timeline includes the required HUD counseling session, appraisal, and underwriting.
Can I make payments on a reverse mortgage?
Yes. While payments are not required, you can make voluntary payments at any time with no prepayment penalty. Some borrowers choose to make interest-only payments to slow the growth of the loan balance.
Why Work With TrueVet Mortgage for Your Reverse Mortgage?
Scott Carlin is a licensed mortgage broker with access to over 120 lenders. That means he is not limited to one reverse mortgage product or one set of rates. He shops your loan across multiple HECM and proprietary programs to find the lowest costs and best terms for your situation.
Scott is also a 20-year Air Force veteran who understands the financial needs of retirees and military families. Many of his reverse mortgage clients are veterans and surviving spouses who want to access their home equity to improve their quality of life in retirement.
If you are 62 or older and want to find out how much equity you can access, call Scott Carlin at 321-364-4461 or schedule a free consultation.
If you are 62 or older and own your home, a reverse mortgage could give you the financial flexibility you deserve. Scott Carlin at TrueVet Mortgage will run a free estimate and walk you through your options with no pressure and no obligation. Call 321-364-4461 or schedule a free consultation today.
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