Reverse Mortgage in Plant City, 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 Plant City 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 Plant City. Programs vary by borrower, property and investor.

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Older homeowners in Plant City

28%Owner households 65+

40%Homes with no mortgage

$291,800Median home value

125Reverse mortgages in Hillsborough County (2024)

In Plant City, 28% of owner-occupied homes are headed by someone 65 or older, and 40% of owner-occupied homes have no mortgage. Lenders reported 125 reverse mortgages in Hillsborough County in 2024.

How a HECM reverse mortgage works

With a traditional mortgage, you pay the lender each month and your balance falls. With a reverse mortgage, the lender advances money to you, and the balance rises as interest, mortgage insurance and any fees are added. You keep title to the home.

No monthly principal and interest payment is required while at least one borrower lives in the home as a primary residence and meets the loan terms. You may make voluntary payments if you choose. The loan generally becomes due when the last borrower sells, moves out for an extended period or passes away. How much you can access depends on the age of the youngest borrower, the home value and other factors set by HUD and the lender.

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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 want to pay off an existing mortgage to remove a required monthly principal and interest payment
You would like a line of credit available for future expenses such as home modifications or care at home
You have discussed the impact on your estate with your heirs or family
You are a homeowner aged 62 or older buying a new primary residence through HECM for Purchase

Local offices and Florida rules to know

Property assessment: Hillsborough County Property Appraiser. Homeowners apply for the Florida homestead exemption through the Hillsborough County Property Appraiser.

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 Plant City

A reverse mortgage does not relieve you of homeownership costs. You must keep paying property taxes, homeowners insurance and any flood insurance or association dues, and you must maintain the home in reasonable repair. Falling behind on these obligations can put the loan into default and may lead to foreclosure. Lenders review your finances during the application to judge whether you can keep up, and some borrowers are required to set aside funds for taxes and insurance.

When the loan comes due, the home is usually sold to repay it, or heirs may pay it off and keep the property. HECMs are non-recourse loans, so the amount owed generally cannot exceed the home's value at the time it is sold.

Before you call

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
Your HUD-approved counseling certificate, or a plan to schedule the session
The current balance and statement for any existing mortgage or lien on the home
Dates of birth for every owner and for any spouse who will live in the home

Questions Plant City borrowers ask about reverse mortgage

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.

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.

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.

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.

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