✓ No FHA Approval Required
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
When a lender says your condo is not approved, they mean it is not on the FHA approved list. Our proprietary reverse mortgage does not use that list. Your condo community's approval status does not affect your eligibility with us.
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 prepare your reverse mortgage loan comparison and walk you through your numbers. 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.
Not available for manufactured or mobile homes.
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.
If you own a Florida condo and applied for a reverse mortgage, there is a good chance you heard something like this:
"I'm sorry, but your condo is not approved. We are not able to help you."
When a reverse mortgage lender tells you your condo is not approved, they are referring to one specific thing: the FHA approved condominium project list maintained by HUD.
To qualify for the standard government reverse mortgage called the HECM, your entire condo association must appear on this list. Getting on this list requires a formal application process that can take months and cost thousands of dollars. Many associations choose not to apply. Many that apply get denied. And many that were once approved have since lost their approval status.
None of this has anything to do with the quality of your home, the value of your property, or your personal creditworthiness. You were not rejected because of anything you did. You were rejected because of a government list your condo association is not on.
Our reverse mortgage is not a government loan. We do not use that list.
Sunshine State Home Loans offers a proprietary private reverse mortgage that is not subject to FHA or HUD requirements. We evaluate each property individually based on our own criteria.
We have helped Florida condo owners in communities that received formal rejection letters from FHA. We have helped owners in communities that have never applied for FHA approval and never will. We have helped owners who were turned away by multiple other lenders.
If your condo community is not on the FHA approved list, that is not a disqualifying factor with us.
These are not minor differences. For Florida condo owners in unapproved communities, these five advantages change the entire picture.
Our proprietary reverse mortgage evaluates your property on its own merits, not based on whether your condo association appears on a government list. Communities that are unapproved, conditionally approved, or have never applied may all be eligible. Each property is reviewed individually and is subject to underwriting approval.
The FHA program requires borrowers to be at least 62 years old. Our proprietary reverse mortgage is available seven years earlier starting at age 55. If your condo was rejected and you are between 55 and 61, you face two barriers with government lenders. We remove both.
Our line of credit has no expiration date. It remains open as long as you have available funds and you continue to meet your loan obligations, including property taxes, homeowners insurance, HOA dues, and special assessments. 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.
FHA reverse mortgages charge an upfront mortgage insurance premium of 2% of the home's value, up to the FHA limit, at closing. On a $400,000 condo that is $8,000 before any other fees. Our proprietary reverse mortgage does not require upfront mortgage insurance because it is not a government loan.
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.
Many of our clients spent months believing their unapproved condo meant no one could help them. Here is what they have to say.
My lender said my condo is permanently ineligible. Is that true?
That statement applies only to government FHA reverse mortgages. A condo that is permanently ineligible for FHA approval may still qualify for our proprietary reverse mortgage. We evaluate each property individually based on our own criteria, not based on any government list. Contact us and we will review your specific property at no cost.
My condo association received a rejection letter from FHA. Can you still help?
Possibly yes. An FHA rejection applies only to lenders using the government HECM program. Our loan does not require FHA approval. We evaluate your property directly. We have helped many Florida condo owners whose associations received formal rejection letters from FHA.
How is your loan different from a regular reverse mortgage?
Our reverse mortgage is a private proprietary loan not insured by FHA or HUD. This means we set our own eligibility criteria following all applicable federal and state lending regulations and are not bound by the government approved project list. It also means no upfront mortgage insurance premium and availability starting at age 55.
Will my HOA have to do anything?
Generally no. Unlike FHA which requires the entire association to apply for certification our process focuses on the individual property and borrower. In some cases we may request standard condo documents but your association does not have to apply for any government program.
How do I find out if I qualify?
Fill out the short form on this page and we will prepare your reverse mortgage loan comparison and walk you through your numbers. No paperwork. No obligation of any kind to get started. You can also call us directly at (727) 244-7076 to speak with Diego Quintero.
There is no paperwork to speak with us. No pressure of any kind. Just a conversation about your condo, your situation, and your options, at your pace.
Sunshine State Home Loans · Licensed in Florida · Serving condo owners 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 approval. This material is not a commitment to lend. Sunshine State Home Loans is licensed to offer mortgage products in the state of Florida. 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.