Tired of rising HELOC payments? A reverse mortgage may provide the funds to pay off your HELOC and eliminate those monthly payments. Available to Florida homeowners age 55 and older.
See If You May Qualify Or Call (727) 244-7076No obligation · No paperwork to get started · We take our time with you
Fill out the short form below and we will go through your numbers with you. No paperwork. No commitment. No obligation of any kind.
This is a short eligibility screen, not an application, not a credit decision and not a loan offer. Your answers tell us whether the program fits your home, and a licensed loan originator goes through the numbers with you before you apply for anything.
Your information stays private. We do not sell your personal information.
Please note: Borrowers are always responsible for the payment of property taxes, homeowners insurance, HOA dues, and any special assessments. Failure to meet these obligations may result in the loan becoming due and payable. This is not a commitment to lend. All loans are subject to credit and property approval.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
HELOC payments can become overwhelming in retirement. Many Florida homeowners find themselves in a difficult position when their HELOC draw period ends or interest rates increase. The flexibility that made a HELOC attractive during working years becomes a burden when you are living on a fixed income.
A reverse mortgage may provide the funds to pay off your HELOC balance completely. Rather than being obligated to make monthly payments, a reverse mortgage allows you to access your home equity and use those funds strategically to eliminate debt and improve your retirement cash flow.
*No monthly mortgage payments are required. Borrowers must remain current on property taxes, homeowners insurance, HOA dues, and any special assessments.
Use reverse mortgage funds to eliminate your entire HELOC debt in one transaction at closing. Once paid off, the monthly HELOC payment is gone for good. You replace variable-rate stress with financial stability.
*No required monthly mortgage payment. Borrower remains responsible for property taxes, homeowner's insurance, HOA dues, special assessments, and property maintenance. Loan balance becomes due upon sale, vacating the property, or borrower's passing.
Unlike a HELOC, no monthly mortgage payments are required on your reverse mortgage. You keep your money each month. This frees up cash for healthcare, living expenses, and the things you enjoy most in retirement.
Your line of credit remains available for future expenses throughout your retirement. The reusable portion of your line of credit has no set end date. It stays open while you meet the loan terms. At closing, at least 25% of the amount available to you is taken as a one-time draw that cannot be redrawn. Any amount you do not draw at closing stays available as a reusable line of credit. No monthly mortgage payment is required while you meet the loan terms. The loan becomes due when the last borrower leaves the home or sells it, or when the loan obligations are not met, including property taxes, homeowners insurance, HOA dues and special assessments. The rate is variable. Access your funds whenever you want them.
Our proprietary reverse mortgage is available starting at age 55. The FHA program requires age 62. If you are between 55 and 61, you may be able to pay off your HELOC years sooner than you thought.
On a refinance, the lender's residual income test may be waived when the borrower has a qualifying credit score of 720 or above, has carried homeowner's insurance on the property for the past 12 months without a force-placed policy, and meets the lender's credit history requirements. When one borrower has a 720 score, a co-borrower's score may be as low as 690. Property tax and HOA payment history are reviewed under the lender's requirements for this loan. This waiver applies to refinance loans only. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval.
Keep your cash, investments, and retirement accounts intact by using your home equity instead. Many retirees drain savings to make HELOC payments. A reverse mortgage may help you stop that cycle.
Both products offer access to home equity, but they work very differently. HELOCs are designed for borrowers with active income. Reverse mortgages are specifically designed for retirees who want to access equity without monthly payments.
Draw period expires. Access ends, repayment period begins and becomes mandatory.
Variable rate. Payments increase with rate hikes, affecting your budget unpredictably.
Monthly payments required. Cannot skip or defer payments without penalty.
Income qualification required. Must show sufficient income and employment history.
Reusable line of credit with no set end date, while you meet the loan terms. Access your equity when you choose.
No required monthly mortgage payments.* Payment deferred until you leave the home.
720 credit score waiver. On refinance transactions, borrowers with a 720 or higher credit score who meet our credit history and insurance history requirements may qualify for a waiver of the residual income test. Purchase transactions do not qualify.
Designed for retirees. Available at age 55 in Florida. Purpose-built for retirement.
At Sunshine State Home Loans, we guide you through each step. We prepare the paperwork, tell you which documents to send, and explain what happens next before it happens.
We start by reviewing your current situation, including your HELOC balance, interest rate, and monthly payment. We discuss your retirement goals and explain how a reverse mortgage could benefit you. This is a no-obligation conversation where we answer all your questions. There is no paperwork at this stage.
Once you decide to move forward, we guide you through the application. If you are refinancing and meet the requirements of our 720 credit score program, you may qualify for a waiver of the residual income requirement. Purchase transactions do not qualify. Our team handles the paperwork, making the process as simple as possible.
A professional appraiser assesses your home's current value to determine how much equity is available. We also conduct a title search to confirm there are no issues with your property. These steps typically take one to two weeks.
At closing, funds from your reverse mortgage are used to pay off your HELOC balance in full. Your HELOC lender is paid directly from the proceeds. You sign the final loan documents, and the reverse mortgage becomes the lien on your home. Many borrowers choose to keep a portion of the funds as a line of credit for future expenses.
After closing, you no longer have monthly HELOC payments. Your reverse mortgage has no monthly payment requirement, allowing you to redirect that money toward other retirement expenses. You maintain access to any remaining line of credit, and you continue living in your home with full ownership.
Can I use a reverse mortgage to pay off my HELOC?
Yes. If you meet the age and equity requirements, a reverse mortgage may provide funds to pay off your HELOC balance in full. Many Florida retirees use this strategy to eliminate monthly HELOC payments and replace them with a loan that has no required monthly mortgage payment. You remain responsible for property taxes, homeowners insurance, HOA dues and special assessments, and the rate is variable. Interest and fees are added to the loan balance, so the amount you owe grows over time.
What happens to my HELOC when I get a reverse mortgage?
The reverse mortgage funds are used to pay off the HELOC completely at closing. The HELOC is closed and removed as a lien on your home. The reverse mortgage replaces it as the primary mortgage. You no longer have monthly HELOC payments.
Is a reverse mortgage better than a HELOC for retirees?
It depends on your situation. A reverse mortgage eliminates monthly payments and is designed for retirees age 55 and older. A HELOC requires monthly payments and has a draw period that eventually ends. For retirees looking to reduce monthly expenses, a reverse mortgage may be a better fit.
What is the 720 credit score waiver for refinances?
On a refinance, the lender's residual income test may be waived when the borrower has a qualifying credit score of 720 or above, has carried homeowner's insurance on the property for the past 12 months without a force-placed policy, and meets the lender's credit history requirements. When one borrower has a 720 score, a co-borrower's score may be as low as 690. Property tax and HOA payment history are reviewed under the lender's requirements for this loan. This waiver applies to refinance loans only. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval.
What is the minimum age for a reverse mortgage?
The FHA program requires age 62. Our proprietary reverse mortgage is available starting at age 55. If you are between 55 and 61, you may qualify for our program now and use it to pay off your HELOC sooner.
What are my obligations with a reverse mortgage?
While no monthly mortgage payments are required, borrowers must remain current on property taxes, homeowners insurance, HOA dues, and any special assessments. The rate is variable. Interest and fees are added to the loan balance, so the amount you owe grows over time. The home must remain your primary residence. Failure to meet these obligations may result in the loan becoming due and payable.
No paperwork to speak with us. No pressure of any kind. Just an honest conversation about your home, your situation, and your options.
Sunshine State Home Loans · Licensed in Florida · Serving homeowners across the entire state
This website is for informational purposes only and does not constitute financial, legal, or tax advice. Reverse mortgage products are subject to eligibility requirements, terms, and conditions. All loans are subject to credit and property approval. This is not a commitment to lend. Sunshine State Home Loans is a licensed Florida mortgage broker, not a lender or mortgage banker. A reverse mortgage may provide funds to pay off a HELOC. The reverse mortgage becomes a lien on your home. Borrowers must maintain property taxes, homeowners insurance, HOA dues, and special assessments. Results vary based on individual circumstances. For complete program details, please contact us directly at (727) 244-7076.
Interest rate is variable and subject to change.
