Reverse Mortgages in Florida

Considering a Reverse Mortgage in Florida? Start with a personal conversation about your home, your retirement goals, and your options. Don Vuncannon at Elite Mortgage Source is based in Cape Coral and helps Florida homeowners understand the path forward.

What is a Reverse Mortgage?

A Home Equity Conversion Mortgage, or HECM, is a loan secured by your home for eligible borrowers age 62 and older. You retain ownership. Unlike a traditional mortgage, monthly principal and interest payments are not required while you meet the loan terms.

Interest and fees build up in the loan balance, reducing the equity that may remain. You must pay taxes and insurance, maintain the property, and satisfy occupancy requirements. Violating these terms can result in foreclosure.

Is a HECM an option for you?

Eligibility depends on age, available equity, the property, and a financial assessment. The home must be your principal residence. An existing mortgage must be paid off at closing, and counseling with a HUD-approved agency is required.

Proprietary Reverse Mortgages: options starting at age 55

Reverse Mortgages are not limited to the FHA-insured HECM program for borrowers age 62 and older. Some wholesale lenders offer proprietary Reverse Mortgages for eligible Florida homeowners age 55 and older. These are private lender programs, not FHA-insured HECMs.

Some proprietary options may offer lower closing costs than a HECM, depending on the lender, loan amount, and terms. Compare written estimates, interest rates, total borrowing costs, and borrower protections—not just upfront fees. Age requirements, property eligibility, and availability vary by program. Taxes, insurance, maintenance, and other loan obligations still apply.

Talk with Don about whether a HECM or a proprietary Reverse Mortgage could fit your goals.

A Florida conversation, centered on your goals

Whether you live in Cape Coral, Fort Myers, or elsewhere in Florida, begin by identifying what you want to accomplish. Would you like to review your current housing payment, plan for future expenses, or understand the options available through your home equity?

Bring your questions about your spouse, your heirs, insurance costs, and future housing plans. A good decision considers the whole picture—not simply the amount you might borrow.

Questions to bring to your consultation

• What are the upfront and ongoing costs?
• How much equity could remain over time?
• How could the loan affect my spouse and heirs?
• What happens if I sell or move into long-term care?
• How does this compare with refinancing or downsizing?

When does the loan need to be repaid?

A HECM generally becomes due when the last borrower dies, sells, or permanently moves out, subject to protections for eligible non-borrowing spouses. Your household should understand these rules before proceeding.

Personal experience. Clear information.

“Reverse Mortgages are my specialty—and I have one myself. I bring that personal experience to our conversation about your options.” — Don Vuncannon

Talk with Don about the questions that matter to you. The first step is understanding your options; a consultation is not a loan application or a commitment to lend.

Don Vuncannon · Branch Manager & Loan Officer · NMLS ID 71918
Elite Mortgage Source · Branch NMLS ID 2693663
A branch of NEXA Lending, LLC · NMLS ID 1660690
Cape Coral, Florida
(239) 307-6300
don@elitemortgagesource.com

Learn more from the CFPB’s independent Reverse Mortgage resources. Don also helps with FHA, VA, USDA, conventional mortgages, non-qualified mortgages (Non-QM) with alternative income documentation, and Home Equity Lines of Credit (HELOCs). Program availability and approval depend on qualifications and lender guidelines. Explore our refinancing services and other mortgage options.