Reverse Mortgage in St. Augustine South, 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 St. Augustine South and Florida homeowners keep for as long as the loan is open.

Have a question about your situation?

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

Call (888) 912-6746 Apply Online Now

Older homeowners in St. Augustine South

40%Owner households 65+

47%Homes with no mortgage

$347,400Median home value

47Reverse mortgages in St. Johns County (2024)

In St. Augustine South, 40% of owner-occupied homes are headed by someone 65 or older, and 47% of owner-occupied homes have no mortgage. Lenders reported 47 reverse mortgages in St. Johns 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.

Start hereApply Online Now

Start your application in a few minutes. A licensed loan officer reviews it and follows up with your options.

Takes a few minutes
Reviewed by a licensed loan officer
No obligation to proceed

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

HUD requires every HECM borrower, and in many cases a non-borrowing spouse, to complete a session with an independent HUD-approved housing counselor before applying. The counselor explains costs, alternatives such as downsizing or a home equity loan, and how the loan could affect your estate and public benefits. You receive a certificate when you finish.

Once you move forward, you choose how to receive funds. Options can include a lump sum, fixed monthly advances for as long as you live in the home, monthly advances for a set period, a line of credit or a mix. Availability depends on the loan structure, and some choices limit how much you can draw in the first year.

Who this tends to fit

The youngest borrower on title is 62 or older and plans to stay in the home long term
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 married and want to understand protections for a spouse who is not on the loan
You want to pay off an existing mortgage to remove a required monthly principal and interest payment

Local offices and Florida rules to know

Property assessment: St. Johns County Property Appraiser's Office.

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 St. Augustine South

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

Recent property tax bills and your homeowners and flood insurance declarations
Income documents such as Social Security, pension and retirement account statements
Dates of birth for every owner and for any spouse who will live in the home
A list of monthly obligations so the lender can review your ability to keep up with home costs
Questions about heirs, estate plans and any public benefits you receive

Questions St. Augustine South borrowers ask about reverse mortgage

What protections exist for a spouse who is not on the loan?

HUD rules provide protections for an eligible non-borrowing spouse, often a spouse who is younger than 62 when the loan closes. If certain conditions are met and the spouse is named in the loan documents, they may be able to stay in the home after the borrower dies, as long as they keep up with taxes, insurance and upkeep. They cannot draw additional funds. Ask the counselor and lender to explain these rules for your situation.

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.

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.

Talk to a licensed loan officer

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