Florida homeowners 62+
If your home is paid off or close to it, you may be able to use part of that equity — and you keep the title.
In plain terms
A HECM is a federally insured loan for homeowners 62 and older. Here is the part most people are never told clearly.
The home remains yours. It is a loan against your equity, not a sale of your house.
While you live in the home and keep up taxes, insurance and maintenance, no monthly mortgage payment is required.
Usually when the home is sold or is no longer the main residence. A HUD-approved counselor explains all of this before anything is signed.
What happens, and when
Typical timeline: about 45 to 60 days from the first call to closing. Timing varies based on counseling availability, appraisal, underwriting, title work, and how quickly documents are received.
A simple conversation about your home, your goals, and whether a reverse mortgage may be worth exploring.
Randy gathers preliminary information and documents, reviews the basic program requirements, and provides the required loan disclosures for you to review.
An independent, HUD-approved counselor walks you through it. This is required by law.
The home is valued and the file is reviewed by the lender.
You sign at home or at the title office. Funds are disbursed according to the option you selected.
Start with a call to RandyHow the money can be taken
Which one suits you depends on your age, your home's value and what you are trying to solve. Randy will lay the options side by side.
A set amount each month to ease the budget — often used alongside Social Security and a pension.
Left in place until it is needed, for medical costs, property taxes, homeowner insurance or home repairs that cannot wait.
Used to clear an existing mortgage or other debt, so the monthly outgoings drop.
A HECM for Purchase can buy a home better suited to retirement, without a monthly mortgage payment.
Why people call Randy
Most reverse mortgage enquiries end up with whoever answers the phone that day. Randy has spent three decades in Florida mortgage lending, and he is the person you speak to from the first call to closing day.
The honest conversation
These come up on nearly every first call. Randy answers each one in plain English, with no obligation.
"Will my children be left with a debt?"
"Do I still own my home?"
"Is this a scam? How does the balance grow?"
"What does it actually cost?"
"Can I qualify if I still have a mortgage?"
"What happens if I move or need care?"
A reverse mortgage does not suit everyone, and Randy would rather say so on a ten-minute call than waste your time. If it does fit, he will advise what options may work best for your needs.
Request a Reverse Mortgage Consultation"I helped my own parents get a reverse mortgage. Now I help Florida families the same way."
Randy Rioux, Mortgage Advisor · NMLS #70712
Randy is a baby boomer himself. He sat on the other side of this decision with his own parents, which is why he explains it the way he would want it explained to his family.
Six questions, about a minute
Answer six quick questions about your home and Randy will call you personally. No credit check, and nothing is filed anywhere.
Request a Reverse Mortgage ConsultationOr call Randy directly on 407-906-6796
