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Reverse Mortgage Eligible Properties in Florida

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Applying for a reverse mortgage is a viable option for some older adults. Organizing this type of mortgage allows those around the age of retirement to access a portion of their home equity to use for health care expenses and other purposes.

Reverse mortgages are geared toward individuals 62 years of age or older. These arrangements enable seniors to stay in their homes without a monthly mortgage payment as long as they stay up to date with home insurance and tax payments.

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Lending Requirements for Reverse Mortgages

Before getting caught up in the opportunities the funding may offer, it’s crucial to know whether you qualify for it. Following are the basic requirements:

  • At least one homeowner must be 62 years old
  • The home must be owned and your primary residence
  • Minimal income and credit requirements
  • The home must have sufficient equity

Guidelines for Florida Reverse Mortgages and Different Home Types

Reverse mortgages apply to select home styles. Knowing whether or not your home qualifies for a reverse mortgage could help you make an important decision for your future. Review the information below to see if your current home is eligible for a reverse mortgage.

Single-Family Homes and Reverse Mortgages

Single-family homes typically qualify for reverse mortgages. As long as the home is your primary residence, you can take a reverse mortgage out on your property.

Multifamily Homes and Reverse Mortgages

Your multifamily home containing up to four housing units may qualify for a reverse mortgage. Borrowers must be using one of the four housing units as their primary residence.

Do Condos Qualify for Reverse Mortgages in Florida?

The Federal Housing Administration (FHA) has specific guidelines for condominiums and reverse mortgages. It is possible to secure a Florida reverse mortgage on a condominium if the property lies within an approved development.

An appraisal is also necessary to see whether or not a condominium is eligible for a reverse mortgage.

Recent changes in FHA policies have made it easier to take out a reverse mortgage on a condominium.

As of 2019, there is some flexibility for spot approvals around condos that make it possible for borrowers to get an FHA loan on the unit or units that do meet FHA guidelines.

Manufactured Homes and Reverse Mortgages

Manufactured homes are properties engineered and built within a factory. Each piece of a home is manufactured to fit perfectly with another to create a permanent structure.

You may organize a reverse mortgage on a manufactured home as long as the property follows a set of rules provided by the FHA:

  • The manufactured home must have been built after June 15, 1976.
  • Only manufactured homes covering at least 400 square feet are eligible.
  • The home has to be placed on a permanent framework.
  • Manufactured homes must meet all FHA safety and flood standards to qualify.
  • Your manufactured dwelling must have been installed on just one site in its history.
  • The manufactured home must be classified as real estate and taxed based on the area of its location.
  • The site the manufactured home is on must be owned by the person using the reverse mortgage.
  • The manufactured home must become the primary residence for a single family.
  • Any DMV registration on the manufactured home must be surrendered, and any tow hitches must be removed from the property for at least a year prior to the purchase.

Homes Unfit for Reverse Mortgages

To get an idea of the types of homes that are ineligible for reverse mortgages, see the information below.

Does a Mobile Home Qualify for a Reverse Mortgage in Florida?

The short answer to this question is no. The structure has to be permanently attached to land to qualify for a reverse mortgage in Florida.

Vacation Homes

A vacation home where you live for part of the year is not eligible for a reverse mortgage. Overall, reverse mortgages are designed to help older adults stay in their primary residences. Vacation homes and second homes do not meet the criteria.


Cooperatives or co-op structures are similar to apartments in that multiple residents live in various units inside. Instead of owning the properties, the residents hold shares.

Cooperatives are normally owned by larger corporations, and they are unsuitable for reverse mortgages — mainly due to the fact that no one person owns the property.

Frequently Asked Questions

Can I get a reverse mortgage on a single-wide manufactured home?

No — manufactured homes must be at least a double-wide to qualify for a reverse mortgage purchase.

Can you purchase a manufactured home using the reverse mortgage?

Yes, you can buy a manufactured home with a reverse mortgage under specific circumstances. As long as the home you’re looking at fits the HUD-listed guidelines above, you can move forward with using your reverse mortgage to purchase it.

Does my manufactured home require HUD tags?

Yes, to continue qualifying for a reverse mortgage, your manufactured home must have HUD tags along with fitting all the specifications listed above.

What’s the difference between a manufactured and a mobile home?

By definition, mobile homes do not have a permanent location and can move around freely according to the owner’s desires. They are typically registered with the DMV as a vehicle. However, manufactured homes have a fixed foundation on a site and therefore cannot move once they’ve been placed. They are considered a stable home, and if they were once classified as a moveable home, they must turn in their DMV registration and commit to staying in a permanent location.

Contact Senior Lending Corporation for a Reverse Mortgage

Senior Lending Corporation offers HECM and Proprietary reverse mortgages to those who qualify. When you call us, you’ll speak to a licensed advisor who partners with you throughout the decision-making process. Contact us today to learn more about how a reverse mortgage can create new financial opportunities for your retirement.

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