Free Tool · Florida homeowners 62+
EN ES ¿Prefiere español?Could a reverse mortgage work for you? Find out in two minutes.
This prequalifier asks the twelve questions a lender asks first about a Home Equity Conversion Mortgage (HECM): the youngest owner’s age, how the home is used, the property type, what is still owed, whether taxes and insurance are current, and whether HUD counseling is done. It tells you which answers rule a HECM out under current guidelines, which ones need a closer look, and which just need a document. It does not pull credit and it does not guess a number: how much would be available depends on your age, your home and the expected rate, and Reinier runs that for you by phone. It is a screen, not an approval.
· Florida Loan Originator License LO122218 · Bold Mortgage (NMLS #386834)
How the screen decides
The verdict is driven by the single worst answer, not a point total. A few answers rule out a HECM on their own under current guidelines, however good everything else looks. Most other answers are review items: they can change how much is available or add a condition, but they do not end the conversation. Anything you do not know is left out of the verdict and turned into a document to find. Nothing in the result is a rate, an amount or a timeline.
| Factor | What a HECM generally requires | If it is not met | What settles it |
|---|---|---|---|
| Age | Every borrower on title is 62 or older. The youngest age sets the amount available. | Under 62: no HECM. A younger spouse can often stay on as an eligible non-borrowing spouse. | Photo ID for everyone on title |
| Occupancy | The home is your primary residence, where you live most of the year. | Second home or rental: no HECM. Other equity programs may fit. | Driver’s license address, homestead exemption |
| Property type | Single-family, approved condo, townhouse, owner-occupied 2–4 units, or a manufactured home meeting HUD requirements. | Co-op: no HECM. Unapproved condo: the building needs FHA approval first. | Deed; for a condo, the building’s FHA approval status |
| Title | Title in the borrower’s name, or in a living trust that meets HUD requirements. | Open estate or probate: title must be settled first; a probate loan may bridge the gap. | Deed, trust document, estate paperwork |
| Existing mortgage | Any mortgage or lien is paid in full at closing from the reverse mortgage proceeds. | Balance larger than the amount available: the borrower covers the gap at closing, or the program does not work. | Most recent mortgage statement |
| Taxes and insurance | Property taxes and homeowners insurance current, and the ability to keep them current (the financial assessment). | Behind: brought current at closing, and a set-aside (LESA) may be required, which lowers the amount available. | Tax bill, insurance declarations, income statements |
| Federal debt | No delinquent federal debt (IRS, defaulted federal student loans, prior FHA claims). | Must be paid or placed in an approved repayment plan before closing. | IRS or federal loan notices |
| Bankruptcy | No open case, or court permission to proceed. | Open case: the lender reviews the plan with the trustee. | Case number, discharge or dismissal paperwork |
| HUD counseling | A session with a HUD-approved agency, completed before the application is processed. | Not done: required next step, not a disqualifier. | Counseling certificate |
Two things this tool deliberately does not do
- It does not estimate how much you could receive. That figure depends on the youngest borrower’s age, the appraised value up to the FHA limit, and the expected interest rate at the time, and it changes. Reinier quotes it for your situation by phone, with your family on the call if you like.
- It does not replace HUD counseling. Counseling is independent, required for every HECM, and worth doing even if you never apply.
For the full explanation of how a HECM works, what you keep paying, and what happens to heirs, read the reverse mortgage in Florida guide.
Twelve questions
Answer what you know. “Not sure” is a valid answer; it becomes a to-do item instead of counting against you. Nothing is sent anywhere until you choose to send it.
Send Reinier your answers and get a straight call back
Reinier will run the actual numbers for your age and your home, tell you plainly whether a HECM solves the problem you have, and point you to HUD counseling if you have not done it yet. Adult children and advisors are welcome on the call. Free, no credit pull, and you do not have to be his client.
Straight answers about the prequalifier
Is this reverse mortgage prequalifier an approval or a pre-approval?
No. It is an eligibility screen built from the questions a lender asks first, and it is not a commitment to lend. A HECM is approved only after HUD counseling, a full application, a financial assessment and an FHA appraisal of your actual home. The tool tells you whether it is worth having that conversation, and what to bring to it.
Why doesn’t the tool tell me how much I could get from a reverse mortgage?
Because the honest answer depends on three things that change: the youngest borrower’s age, the appraised value of the home up to the FHA lending limit, and the expected interest rate at the time. Any number a website shows you without those is a guess. Reinier runs the real figure for your situation by phone, in a few minutes, and explains what moves it.
Do I need to finish HUD counseling before I use this tool or call?
No. You can use the screener and talk to Reinier first. HUD-approved counseling is required before a HECM application can be processed, and it is an independent session with an agency HUD approves, not with the lender. Reinier can point you to the current list, and the session is worth doing even if you decide not to apply.
My spouse is under 62. Can we still get a reverse mortgage on our Florida home?
Often, yes. Under current guidelines a spouse under 62 generally cannot be a borrower, but can be named as an eligible non-borrowing spouse, which may allow them to stay in the home after the borrower passes away as long as they meet the ongoing conditions. The amount available is lower, because it is calculated from the younger age. This is one of the items the screener marks for a closer look rather than a stop.
I still owe on my mortgage. Does that disqualify me from a HECM?
No. Paying off the existing mortgage is the most common reason people take a HECM. The current loan must be paid in full at closing from the reverse mortgage proceeds. Whether the proceeds are enough depends on the balance, your age and the expected rate; when they fall short, some borrowers bring the difference from their own funds, and when that is not realistic Reinier will say so and look at other programs.
What happens if I am behind on property taxes or homeowners insurance?
It is a review item, not an automatic no. Delinquent taxes, a sold tax certificate or lapsed insurance generally must be brought current at closing, and the financial assessment may require a life-expectancy set-aside (LESA) that pays future taxes and insurance from the loan, which lowers what is available to you. You must keep paying property taxes, homeowners insurance and any HOA dues for the life of the loan.
Does my condo qualify for a reverse mortgage?
Only if the building has FHA project approval, or the unit receives a single-unit approval, under current guidelines. Many South Florida buildings are not approved, often because of reserves, insurance or milestone-inspection items. Reinier can check a building’s status, and the condo building check shows the items that usually decide it.
What does it cost to use the prequalifier, and does it pull my credit?
Nothing, and no. The screener runs entirely in your browser; no answer leaves the page unless you choose to send it to Reinier. Sending your answers does not pull credit either. A credit report is pulled only later, with your written permission, as part of a real application.