Best Reverse Mortgage Companies in Jacksonville, FL
American Advisors Group (AAG)
American Advisors Group puts its sole focus on reverse mortgage lending, so it's focused on helping you access your home’s equity.
Community First National Bank
Community First National Bank offers personalized service for reverse mortgages and quick closing. The company offers FHA-backed Home Equity Conversion Mortgage and offers various fund distribution schedules.
Future Home Loans
Veteran-owned local business. Independent broker. Offers a variety of mortgage loans, including reverse mortgages. Apply online or contact an agent for help.
Principle Home Mortgage
Independent mortgage broker offering a full line of home loans and refinancing options, such as reverse mortgages. Work with one agent throughout the loan process.
OVM Financial, Inc.
Offers a full range of home loans from AnnieMac, including FHA-backed reverse mortgages. HECMs for purchase are available. Get started online and get updates through the app.
Licensed lending agency offering a variety of home loans. Reverse mortgages and HECMs for purchase are available. Call or visit the local branch for personalized service.
Fairway Independent Mortgage Corporation
Local Certified Reverse Mortgage Planner. Offers HECMs and proprietary reverse mortgages. Schedule an in-home consultation to learn more, or start the process online to find out how much you could get.
Finance of America Mortgage
Local officer representing a top-rated national lender. Specializes in home refinancing, including reverse mortgages. Offers HECMs for purchase. Apply online.
Floridas Best Reverse Mortgage Company
Personalized, local service from licensed reverse mortgage experts. Schedule a free consultation at your home, office, or via Zoom. Offers an instant online qualification tool.
Reverse Mortgage Costs in Jacksonville, FL
Homeowners in Florida can borrow up to $1,089,300 for a reverse mortgage, the 2023 HECM maximum nationwide claim amount. When budgeting your reverse mortgage costs remember to account for interest, lender servicing fees, the annual mortgage insurance premium, and other housing expenses like flood insurance or property taxes. Reverse mortgage origination fees cannot exceed $6,000.
While most reverse mortgages do not require a minimum credit score to qualify, your responsible borrowing history and credit score could help you secure a lower rate. A borrower’s age and home value impact the cost of a reverse mortgage in Jacksonville the most, followed by your home equity and the loan amount. Jacksonville interest rates, credit history and fees charged by the lender will also affect the reverse mortgage cost.
Reverse mortgage holders don’t make monthly payments. Instead, the lender pays the borrower via a monthly disbursement, lump sum payment upfront, a line of credit, or a combination of these payouts.
Jacksonville, FL, Reverse Mortgage Eligibility Requirements
Jacksonville has a large population of seniors, almost 14%, according to the U.S. Census. And more are flocking to Florida every year in search of mild climates and low living costs. A reverse mortgage is a good financial tool for Jacksonville retirees 62 and over who:
- Have paid off their homes
- Have significant equity but haven’t hit social security age yet
- Plan to stay in their homes
A staggering 56% of Jacksonville residents own their homes. This means a reverse mortgage could be a sensible choice for borrowers who don’t have a lot of income to meet their needs in retirement. Proceeds from a reverse mortgage can supplement retirement savings or help bridge the gap between early retirement and the onset of social security payments.
However, a reverse mortgage does not make sense for homeowners who plan to sell their homes or move to a retirement community. The loan becomes due when the home is no longer the borrower’s primary residence. Homeowners who qualify for another type of home equity loan or line of credit won’t need a reverse mortgage.
Before you can apply for a reverse mortgage, you must meet with a reverse mortgage counselor to discuss how the loan works, your qualifications, and the responsibilities you incur when taking out a reverse mortgage.
Jacksonville, FL, Reverse Mortgage Company Reviews
Future Home Loans
Future Home Loans is a local veteran-owned business that offers a full suite of mortgage loans, including reverse mortgages. Start the process online or call to talk with an agent. This business is a top-rated local mortgage company with a history of happy customers. Reviews tout an easy, stress-free process, with consistent communication and faster-than-expected closing times.
- No lender fees for Veterans
- Bilingual loan officers
|Future Home Loans
|315 11th Ave N, Jacksonville Beach, FL 32250
Principle Home Mortgage NMLS#830091
Principle Home Mortgage is a licensed NMLS lender offering a variety of loan products, including reverse mortgages. As an independent broker, Principle Home Mortgage offers competitive options and the ease of working with one point of contact throughout the entire loan process. Clients liked that this broker was available to answer questions day or night, and helped them get the best rate. Reviewers gave him five stars for being honest, helpful, organized, and personable.
- Work with the same person throughout the entire process
- Lots of five-star reviews on Google
|Principle Home Mortgage NMLS#830091
|7235 Bentley Rd Suite #226, Jacksonville, FL 32256
OVM Financial, Inc.
OVM Financial, Inc. offers loans from AnnieMac Home Mortgage, including FHA-backed HECMs. Borrowers can also obtain a HECM for purchase through OVM Financial. Start your application online and get updates through the app. Customers commented on outstanding customer service and great communication. Others say they felt well-informed about options and secure in making decisions.
- Licensed senior loan officer
- Free rate quote
|OVM Financial, Inc.
|1548 The Greens Way Suite 1, Jacksonville, FL 32250
Academy Mortgage is a local branch of a national lending firm, offering a portfolio of mortgage solutions at competitive rates. The company is a direct lender, which means all processing and underwriting takes place in the local branch office and can be expedited. Track your application on the company’s app and find current rates. Reviewers said the entire team at Academy prioritizes smooth transactions. Customers gave high marks for prompt, professional, and knowledgeable loan officers who provided five-star service.
- Online app available to track progress
- 30 years of experience in the industry
|9428 Baymeadows Rd #545, Jacksonville, FL 32256
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation is a nationwide network of local brokers. In Jacksonville, local agent George Vrban specializes in reverse mortgages and has helped hundreds of clients come up with a strategy to help them in their retirement years. George will visit your home to discuss your options. Clients said George was very supportive and helped them make the best decisions. Others liked that agents were always available to answer questions and guide them through a tricky process.
- Certified Reverse Mortgage Planner
- Reverse mortgage resources available on the website
|Fairway Independent Mortgage Corporation
|4500 Salisbury Rd Suite 200, Jacksonville, FL 32216
Finance of America Mortgage LLC
Eric Halter with Finance of America Mortgage specializes in home refinancing, including reverse mortgages. Halter will advise borrowers on how to use funds for a new home purchase, paying for in-home care, making accommodations for aging in place, taking care of unexpected expenses and more. Reviewers said Eric was available to answer all their questions and was very professional and knowledgeable.
- America mortgage is considered a top originator, according to Scotsman Guide
- Can call or email originator directly
|Finance of America Mortgage LLC
|4540 Southside Blvd Suite 603, Jacksonville, FL 32216
Florida’s Best Reverse Mortgage Company (Jacksonville)
Florida’s Best Reverse Mortgage Company offers personal, local service from licensed reverse mortgage experts. Meet face-to-face, via Zoom or FaceTime, or schedule a free in-home consultation. Find out how much you might qualify for in one simple step on the website. Clients said agents were very professional and knowledgeable, answered all their questions and took time to explain all the details so they could make an informed decision.
- Instant online qualification tool
- Comprehensive “knowledge center” on the website
|Florida’s Best Reverse Mortgage Company (Jacksonville)
|5011 Gate Pkwy Building 100, Ste 100, Jacksonville, FL 32256