Reverse Mortgage (HECM) Guide for Florida Homeowners 62+
Florida has approximately 2 million homeowner households led by someone 62 or older — the highest concentration of senior homeowners of any state in the country. With a median home value of $340,000 and strong equity gains in recent years across Tampa, Miami, and Orlando, many Florida retirees have substantial housing wealth. A HECM can help Florida seniors access that equity to cover healthcare, living expenses, or simply remove the burden of a monthly mortgage payment.
Source: U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25077); U.S. Census Bureau ACS 2022 1-Year Estimates (Table B25007)
$1,249,125
Florida's median home values fall well below the 2026 FHA HECM limit of $1,249,125, meaning most Florida homeowners can access the full available equity on their home through a HECM. High-end coastal properties in Miami Beach or Palm Beach may approach or exceed the cap.
Source: HUD Mortgagee Letter 2025-21
Florida Reverse Mortgage Protections
Florida does not impose additional reverse mortgage counseling requirements beyond federal HUD mandates. Florida's Homestead Exemption (Article X, Section 4 of the Florida Constitution) provides significant property tax protections for primary residences, which can reduce annual costs — an important consideration for HECM borrowers who must keep taxes current.
Source: Florida Constitution Art. X § 4; Florida Statute § 494.0026
HUD-Approved Counseling in Florida
Federal law requires an independent counseling session before any HECM application. Counseling can be done by phone and typically takes 60–90 minutes. Find a HUD-approved counselor in Florida →
Florida HECM FAQ
Are HECMs available in Florida?
Yes. Florida is one of the most active HECM markets in the United States, given its large senior homeowner population. FHA-approved lenders licensed in Florida can originate HECMs throughout the state.
Does Florida require additional reverse mortgage counseling?
No state-specific counseling requirement exists beyond the federal HUD mandate. All HECM applicants must complete a one-on-one session with a HUD-approved independent counselor before applying. Florida has many HUD-approved counseling agencies available by phone or in person.
How does Florida's Homestead Exemption interact with a HECM?
Florida's Homestead Exemption reduces the assessed value of a primary residence by $50,000 for property tax purposes (with an additional $25,000 for most properties), lowering annual property tax bills. Because HECM borrowers must keep property taxes current, the Homestead Exemption can make that obligation more manageable. The exemption does not affect HECM eligibility.
What if I have a HELOC on my Florida home?
Existing HELOCs must be paid off and closed at HECM closing. The payoff typically comes from HECM proceeds. If the HELOC balance is large, a lender will calculate whether remaining HECM proceeds after payoff justify the loan.
Where can I find a HUD-approved HECM counselor in Florida?
Florida has one of the largest networks of HUD-approved HECM counselors in the country. Use the HUD HECM Counselor Search (link above) filtered to Florida. Spanish-language counseling is widely available, particularly in South Florida.