Reverse Mortgage in North Miami, FL

A Home Equity Conversion Mortgage, or HECM, is the reverse mortgage insured by the Federal Housing Administration, and the youngest borrower must be at least 62. Before you can apply, you must meet with a HUD-approved housing counselor. This page explains payout choices, repayment, what happens for heirs and spouses, and the responsibilities North Miami and Florida homeowners keep for as long as the loan is open.

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

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Older homeowners in North Miami

31%Owner households 65+

37%Homes with no mortgage

$365,000Median home value

258Reverse mortgages in Miami-Dade County (2024)

In North Miami, 31% of owner-occupied homes are headed by someone 65 or older, and 37% of owner-occupied homes have no mortgage. 2024 HMDA data for Miami-Dade County show 258 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

The youngest borrower on title is 62 or older and plans to stay in the home long term
You have discussed the impact on your estate with your heirs or family
You can comfortably keep paying property taxes, homeowners insurance and maintenance
You are a homeowner aged 62 or older buying a new primary residence through HECM for Purchase
You would like a line of credit available for future expenses such as home modifications or care at home

Local offices and Florida rules to know

Property assessment: Miami-Dade County Property Appraiser. The Property Appraiser handles the homestead exemption for permanent owners of a primary residence and offers an online application for homestead exemption and additional tax benefits.

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 North Miami

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

Income documents such as Social Security, pension and retirement account statements
Recent property tax bills and your homeowners and flood insurance declarations
Notes on how you would prefer to receive funds: line of credit, monthly advances, lump sum or a mix
A list of monthly obligations so the lender can review your ability to keep up with home costs
The current balance and statement for any existing mortgage or lien on the home

Questions North Miami borrowers ask about reverse mortgage

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.

Do I still have to pay anything on a reverse mortgage?

You are not required to make monthly principal and interest payments while you meet the loan terms, but you are responsible for property taxes, homeowners insurance, any flood insurance, association dues and home maintenance. These obligations continue for the life of the loan. If you fall behind, the loan can go into default and the home could be at risk of foreclosure, so budget for them carefully.

Can I use a reverse mortgage to buy a home?

Yes. A HECM for Purchase lets borrowers aged 62 or older buy a new primary residence and finance part of the price with a reverse mortgage, paying the rest from savings or the sale of a prior home. This can help when downsizing or moving closer to family without taking on a required monthly principal and interest payment. The same counseling, occupancy and ongoing cost obligations apply.

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.

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