Reverse Mortgage in Jacksonville, FL

A reverse mortgage lets homeowners aged 62 or older borrow against their home equity without making monthly principal and interest payments, but it is still a loan that grows over time and must be repaid. If you live in Jacksonville and are weighing a Home Equity Conversion Mortgage, this page covers how it works, the HUD-approved counseling you must complete first and the ongoing obligations that come with it in Florida.

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Call to speak with a licensed loan officer about reverse mortgage in Jacksonville. Programs vary by borrower, property and investor.

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Older homeowners in Jacksonville

31%Owner households 65+

35%Homes with no mortgage

$293,700Median home value

81Reverse mortgages in Duval County (2024)

In Jacksonville, 31% of owner-occupied homes are headed by someone 65 or older, and 35% of owner-occupied homes have no mortgage. 2024 HMDA data for Duval County show 81 reverse mortgages.

How a HECM reverse mortgage works

A reverse mortgage converts part of your equity into funds you can use, while the debt is repaid later from the home itself. Because interest and mortgage insurance accrue on the balance, the amount owed grows over time and the equity left for you or your heirs shrinks.

The HECM program is insured by the Federal Housing Administration, and the youngest borrower must be 62 or older. The home must be your primary residence and meet FHA property standards. Any existing mortgage is typically paid off from the loan proceeds at closing. Whether a reverse mortgage fits depends on your health, plans, other income and goals for the house, so it deserves careful thought.

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Prefer to talk first? Call (888) 912-6746. Applying is not a loan approval or commitment to lend; programs vary by borrower, property and investor. ClearPoint Mortgage Advisors, NMLS #173855. Properties in FL, NY, NJ, PA, CT and VA only.

Counseling first, then payout choices

Before any lender can take a HECM application, you must meet with a counselor approved by HUD. The session is designed to make sure you understand the loan, its costs and the alternatives. It is your chance to ask hard questions without a sales pitch. Bringing family members can help everyone understand the plan.

Payout options give you flexibility. A line of credit lets you draw only what you need, and unused credit may grow over time under program rules. Monthly advances can supplement retirement income. A single lump sum is also possible but may limit future access. Talk through how each choice interacts with taxes and benefits, and for tax questions talk to a tax professional.

Who this tends to fit

You would like a line of credit available for future expenses such as home modifications or care at home
You are married and want to understand protections for a spouse who is not on the loan
The youngest borrower on title is 62 or older and plans to stay in the home long term
You want to pay off an existing mortgage to remove a required monthly principal and interest payment
You have significant equity and want to supplement retirement income

Local offices and Florida rules to know

Property assessment: Duval County Property Appraiser. Homeowners file for the Florida homestead exemption with the Property Appraiser, online or by manual application.

Florida property tax relief: Owners who make a Florida property their permanent residence (or a dependent's) may qualify for the homestead exemption, applied for through the property appraiser in the county where the property is located.

Your ongoing duties and what happens to the home in Jacksonville

Staying current on property taxes, insurance and maintenance is a condition of the loan for its entire life. Missed tax or insurance payments are a leading cause of reverse mortgage defaults, so plan for these costs before you apply.

When the last borrower leaves the home, heirs have options. They can sell the property and keep any equity above the loan balance, refinance or pay off the loan to keep the house, or hand the property over to the lender. Federal rules give them a limited window to decide and act. Because HECMs are non-recourse, heirs are generally not personally liable for any shortfall if the home sells for less than the balance owed.

Before you call

Notes on how you would prefer to receive funds: line of credit, monthly advances, lump sum or a mix
Your HUD-approved counseling certificate, or a plan to schedule the session
Questions about heirs, estate plans and any public benefits you receive
A list of monthly obligations so the lender can review your ability to keep up with home costs
Recent property tax bills and your homeowners and flood insurance declarations

Questions Jacksonville borrowers ask about reverse mortgage

Why is HUD-approved counseling required?

A reverse mortgage is a complex decision with long-term effects on your finances and estate. HUD requires a session with an independent, HUD-approved counselor before you apply so you understand how the loan works, what it costs, how the balance grows and what alternatives exist. The counselor does not work for the lender. You will receive a certificate showing you completed counseling, which the lender needs before moving forward.

What happens to my home when I pass away?

The loan generally becomes due when the last borrower dies or permanently leaves the home. Your heirs can sell the house and keep any proceeds beyond the loan balance, pay off or refinance the loan to keep the property, or turn it over to the lender. Because a HECM is non-recourse, heirs are generally not personally responsible if the home is worth less than the balance owed.

Who can get a HECM reverse mortgage?

The youngest borrower must be 62 or older, the home must be your primary residence and you need substantial equity. The property must meet FHA standards, and eligible types include single-family homes, some two-to-four unit homes you live in, and certain condominiums and manufactured homes. You must also complete HUD-approved counseling and show you can keep paying property taxes, insurance and upkeep. Approval is subject to the lender's review.

Is reverse mortgage money mine to keep without repaying it?

No. A reverse mortgage is a loan. Interest, mortgage insurance and fees are added to the balance over time, so the amount you owe grows and the equity left in your home shrinks. The loan must be repaid when it comes due, usually through the sale of the home. It can be a useful tool for some homeowners, but it uses up equity that might otherwise go to you later or to your heirs.

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Get answers about reverse mortgage for a home in or around Jacksonville. Subject to credit approval; programs vary.