Reverse Mortgage Loans

Unlock Home Equity Without Monthly Payments

If you’re 62 or older and own your home, a reverse mortgage can help turn your equity into tax-free cash—without selling your home or making monthly mortgage payments. At CTC Mortgage, we help Florida homeowners access the benefits of reverse mortgages safely and confidently, so you can enjoy retirement on your terms.

What Is a Reverse Mortgage?

A reverse mortgage is a loan program for homeowners aged 62 or older that allows them to convert part of their home’s equity into usable cash. Unlike a traditional mortgage, there are no monthly mortgage payments required. Instead, the loan is repaid when you sell the home, move out permanently, or pass away. The most common type is the Home Equity Conversion Mortgage (HECM), which is backed by the FHA. Borrowers keep ownership of their home and must continue paying property taxes, homeowner’s insurance, and maintenance costs.

Benefits of a Reverse Mortgage

A reverse mortgage offers powerful financial flexibility for older homeowners. Many use the funds to supplement retirement income, cover medical expenses, or make home upgrades. Benefits include:



  • No monthly mortgage payments
  • Flexible payout options (lump sum, monthly, or line of credit)
  • Ability to remain in the home and age in place
  • Non-recourse protection (you’ll never owe more than the home is worth)

This option provides peace of mind and added security for many seniors planning for the future.

Reverse Mortgage Requirements

To qualify, borrowers must meet several important criteria:



  • Be at least 62 years old (both spouses if applicable)
  • Live in the home as a primary residence
  • Have significant equity (often 50% or more)
  • Complete a HUD-approved reverse mortgage counseling session

Homeowners must also maintain the property and continue paying taxes and insurance. These safeguards are in place to ensure borrowers remain financially stable while using their equity.

How You Receive Your Funds

Reverse mortgage borrowers can choose from several flexible payout methods based on their needs:



  • Lump Sum: Receive a large portion of funds upfront at closing
  • Monthly Payments: Create a reliable stream of income
  • Line of Credit: Access funds when needed over time
  • Combination: Mix of monthly payments and a credit line

Each method has pros and cons, and our team can help you choose the one that fits your financial goals best.

Why Reverse Mortgages Are Popular in Florida

Florida is one of the most active states for reverse mortgages. With a large senior population and rising property values, many homeowners here are well-positioned to benefit from this program. CTC Mortgage is proud to be one of Florida’s most trusted reverse mortgage lenders, offering local insight and expert support throughout the process.

Pros and Cons of a Reverse Mortgage

We believe in being transparent. While reverse mortgages can be a helpful tool, they’re not right for everyone.


Pros:



  • No monthly mortgage payments
  • Access to tax-free funds
  • Stay in your home long-term
  • Flexible use of cash (medical bills, living costs, renovations)

Cons:


  • Reduces home equity and inheritance
  • Closing costs can be higher than traditional loans
  • Balance increases over time as interest accrues
  • Must maintain the home and pay taxes/insurance

Let us walk you through the full picture so you can make an informed decision.

Is a Reverse Mortgage Right for You?

Reverse mortgages are not one-size-fits-all. If you’re retired or nearing retirement and have significant equity in your home, this could be a valuable option to enhance your financial security. If you’re wondering whether you’ll still own your home—the answer is yes. You keep the title, and the lender simply has a lien (just like any mortgage). Our reverse mortgage specialists will help you and your family understand every detail before moving forward.

How to Get Started

Here’s what the process looks like:



  1. Complete a required counseling session with a HUD-approved agency
  2. Apply with CTC Mortgage and provide basic documentation
  3. Receive an appraisal and final approval
  4. Close your reverse mortgage and access your funds

We’re with you every step of the way. Schedule a consultation with one of our reverse mortgage professionals to learn more.

Explore Other Ways to Use Your Home Equity

Not sure if a reverse mortgage is the right choice? Explore other home equity options with us:

Let’s Talk

Speak with a local expert to find out which option fits your lifestyle.


Contact Us or call us today to request your free consultation.

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Faqs– Reverse Mortgage Loans

Answers to common mortgage questions

  • Will I still own my home with a reverse mortgage?

    Yes, you retain full ownership of your home. The reverse mortgage simply adds a lien to the property, similar to a traditional mortgage. As long as you live in the home and meet your obligations, you can stay in the home indefinitely.

  • Do I have to make any monthly payments?

    No monthly mortgage payments are required with a reverse mortgage. However, you must continue to pay property taxes, homeowner’s insurance, and maintain the home in good condition. These requirements help protect both you and the lender.

  • How much money can I get from a reverse mortgage?

    The amount you can borrow depends on your age, the home’s value, current interest rates, and the amount of equity you have. In general, older borrowers with more equity qualify for larger loan amounts.

  • Is the money from a reverse mortgage taxable?

    No, the funds you receive from a reverse mortgage are not considered taxable income. Because it’s a loan—not earnings—you can use the money freely without impacting your income taxes. However, you should speak with a tax advisor if you’re receiving other benefits.

  • What happens to my house after I pass away?

    Your heirs can choose to repay the loan and keep the home, or they can sell the home and use the proceeds to repay the reverse mortgage. If the home sells for less than the loan amount, the FHA insurance covers the difference—your heirs are not personally liable.