Can You Outlive a Reverse Mortgage in Florida?

A reverse mortgage lets Florida homeowners 62 and older turn their home’s value into cash while still living in it.  

You might wonder what happens if you live longer than your reverse mortgage, but don’t worry. As long as you follow the loan rules, you can stay in your home for life.  

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

Keep reading to learn what happens in different situations and how you can protect yourself.

Can You Outlive a Reverse Mortgage in Florida?

No, you cannot outlive a reverse mortgage as long as you keep living in your home and follow the loan rules.

In Florida, reverse mortgages are regulated by the government and are made to last for the rest of your life.  

But problems can come up if you move out, stop paying property taxes or insurance, or don’t take care of the home.

If that happens, the loan may need to be paid back, and you could risk losing your home if it’s not handled.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

What Happens If Your Reverse Mortgage Runs Out of Money?

Reverse mortgages in Florida give you three ways to receive money:

• Lump sum – A one-time big payment
• Monthly payments – A steady income over time
• Line of credit – Take out money when you need it

If you pick monthly payments or a line of credit, you might worry about running out of money.

But even if your loan balance reaches your home’s value, you can still stay in your home. The loan only needs to be paid back when you move out, sell the home, or pass away.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

What Happens to a Reverse Mortgage in Florida If Your Spouse Is Not on the Loan?

One big worry for married couples in Florida is what happens if only one spouse is on the reverse mortgage. If the spouse with the loan passes away, the other spouse could lose the home unless they qualify to stay.

Florida rules let some non-borrowing spouses stay in the home without paying back the loan right away if they:

• Were married when the loan was taken out
• Keep living in the home as their main residence
• Pay property taxes, insurance, and take care of the home

If a spouse doesn’t meet these rules, they might have to move out or refinance to keep the home.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

Can You Lose Your Home with a Reverse Mortgage in Florida?

Yes, you can lose your home with a reverse mortgage, but only if you break the loan rules.

Florida homeowners risk foreclosure if they:

• Don’t pay property taxes or homeowner’s insurance – These must be paid on time, or the lender can demand full payment.
• Move out for more than 12 months – The home must stay your main residence.
• Don’t take care of the home – If it falls into bad shape, the lender may take action.

You can avoid foreclosure by setting aside money for taxes and insurance or applying for Florida’s Homestead Exemption, which can help lower property taxes.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

What Triggers a Reverse Mortgage Payoff in Florida?

Even though a reverse mortgage is meant to last for life, certain things can make the loan due:

• You move out for good, like going to assisted living.
• You sell the home and move somewhere else.
• You pass away, and your family has to decide if they want to sell or refinance.
• You stop paying property taxes, insurance, or taking care of the home, which could lead to foreclosure.

To avoid these problems, make sure you keep up with taxes, insurance, and home maintenance.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

What Are the Heir’s Options When a Florida Reverse Mortgage Becomes Due?

When a Florida homeowner with a reverse mortgage passes away, their family has a few choices:

• Sell the home to pay off the loan and keep any extra money.
• Refinance with a new mortgage if they want to keep the home.
• Pay the loan balance with their own money.
• Let the lender sell the home. If the loan is more than the home’s value, federal rules make sure the family doesn’t owe more than the home is worth.

Families usually have six months to settle the loan, but they may get more time if they talk to the lender.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

How Florida Homeowners Can Protect Themselves

Florida homeowners should take the following steps to secure their reverse mortgage for the long term

• Set aside funds for property taxes and insurance to avoid default.
• Consider a line of credit instead of a lump sum to prevent funds from running out.
• Talk to heirs about repayment options so they understand what happens when the loan comes due.
• Understand Florida’s Homestead Exemption laws, which can lower property taxes and make it easier to stay current.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For

See if a Reverse Mortgage is Right for You

If you're a Florida homeowner 62 or older, a reverse mortgage can give you access to extra cash while allowing you to stay in your home.

Understanding how the loan works and what happens over time can help you make the best decision for your future.

Every homeowner’s situation is different, so it’s important to know your options.

Whether you want to supplement your income, cover expenses, or improve your retirement plan, a reverse mortgage could be the right solution.

Get started today and see how much you may qualify for.

Check Your Florida Reverse Mortgage Eligibility Today and See How Much You Qualify For