Reverse Mortgages in Florida

Florida is one of the top reverse mortgage markets in the country, driven by its large retiree population and strong property appreciation. Florida families benefit from some of the strongest homestead protections in the nation, which adds an extra layer of security for reverse mortgage borrowers.

Florida’s Strong Homestead Protections

• Homestead Exemption: Florida provides a homestead exemption of up to $50,000 for primary residences, reducing the taxable value of the home.
• Save Our Homes Cap: This program limits annual property tax assessment increases to 3% or the Consumer Price Index, whichever is lower. This is especially valuable for long-term homeowners.
• Homestead Asset Protection: Florida’s constitution provides strong protection of homestead property from creditors, with exceptions for mortgages — including reverse mortgages.
• Senior Exemption: Additional exemptions are available for seniors 65+ with household income below certain thresholds.

What Florida Families Should Know

• Florida’s Save Our Homes cap can significantly reduce property tax increases over time
• Many Florida seniors are seasonal residents — a reverse mortgage requires the home to be the primary residence
• Florida has a large population of adult children managing parents’ finances from out of state
• Hurricane insurance costs should be factored into the overall financial picture