Find Reverse Mortgage Specialists Near You in Sarasota, FL
Directory of reverse mortgage specialists in Sarasota, Florida. Verify credentials with the state state mortgage licensing authority before hiring.
Important: Listings are compiled from publicly available sources and have not been independently verified by BeforeMortgageUSA.com. We do not endorse any broker or guarantee outcomes. Verify licensing and disciplinary status with the
State Mortgage Licensing Authority of Florida before hiring.
Showing 18 reverse mortgage specialists in Sarasota, FL
Listings are displayed in no particular order and are not ranked by BeforeMortgageUSA. Order does not constitute a recommendation or endorsement of any broker.
A reverse mortgage specialist in Sarasota Florida helps homeowners aged 62 and older convert home equity into tax-free funds without monthly mortgage payments. Florida law requires borrowers to complete a HUD-approved counseling session before obtaining a Home Equity Conversion Mortgage (HECM). Sarasota specialists guide clients through Florida-specific rules including homestead exemption impacts and the mandatory 18-month occupancy requirement after loan closing.
What Does a Reverse Mortgage Specialist in Sarasota Cost?
Typical costs for a reverse mortgage specialist in Florida include an origination fee of up to $6,000 for HECM loans plus third-party fees such as appraisal ($400-$600) title search ($200-$400) and recording fees ($50-$150). Florida law requires a HUD counseling session which costs around $125. Total closing costs usually range from $2,500 to $8,000 depending on the loan amount and property value. This is general information and not mortgage or financial advice.
* Cost estimates are general ranges based on publicly available data and compiled using automated research tools. Actual fees vary by agent and case complexity. This is not mortgage or financial advice — consult directly with an agent for fee specifics.
Frequently Asked Questions
What are the eligibility requirements for a reverse mortgage in Sarasota Florida?
Borrowers must be at least 62 years old and own their home outright or have a low mortgage balance. The property must be the primary residence and meet FHA minimum property standards. Florida law also requires a financial assessment and a HUD-approved counseling session before loan approval.
How does Florida homestead exemption affect a reverse mortgage?
Florida homestead exemption does not change with a reverse mortgage. The homeowner still qualifies for the exemption as long as the property is their primary residence. However the reverse mortgage lender holds a lien on the property which must be repaid when the homeowner moves out or passes away.
What happens to a reverse mortgage if I move out of my Sarasota home?
If you move out of your Sarasota home for more than 12 consecutive months the reverse mortgage becomes due and payable. Florida law follows federal HECM rules requiring the loan to be repaid within 6 months of the triggering event. You can sell the home and use the proceeds to pay off the loan balance.