Enjoy retirement with greater financial flexibility. At Zarro Mortgage Group, we help homeowners aged 62 and older unlock the equity in their homes through Reverse Mortgages in Martin & St. Lucie County. Whether you’re looking to supplement retirement income, reduce monthly expenses, or tap into your home’s value without selling, a reverse mortgage could be the right solution.
Our team specializes in guiding retirees through the reverse mortgage process with honesty, clarity, and respect—so you can make confident financial decisions about your future.
What Is a Reverse Mortgage?
A reverse mortgage allows qualified homeowners aged 62 or older to convert part of their home equity into cash—without selling the property or taking on monthly mortgage payments.
Unlike traditional mortgages, where you make payments to the lender, a reverse mortgage pays you. You can receive the funds as a lump sum, monthly payments, line of credit, or a combination of all three.
You’ll continue to live in your home and remain responsible for property taxes, homeowners insurance, and maintenance. Repayment is only required when the home is sold, the borrower moves out, or passes away.
At Zarro Mortgage Group, we tailor reverse mortgage solutions to help Florida homeowners enjoy their retirement years more comfortably—right here in Martin and St. Lucie County.
Who Offers Reverse Mortgage Loans?
Most reverse mortgages are insured by the Federal Housing Administration (FHA) under the Home Equity Conversion Mortgage (HECM) program. HECM loans are the only reverse mortgages backed by the federal government, ensuring protection for both the borrower and the lender.
Zarro Mortgage Group is an FHA-approved lender, offering trusted access to the HECM reverse mortgage program.
Some private lenders also offer non-HECM reverse mortgages, which may allow for higher loan amounts—but often come with higher costs and fewer borrower protections. For most homeowners, an FHA-insured HECM is the safest and most flexible option.
Reverse Mortgage Eligibility
To qualify for a Reverse Mortgage in Martin or St. Lucie County, you must meet the following basic requirements:
- Age: You (and any co-borrower) must be at least 62 years old.
- Homeownership: You must either own your home outright or have a low remaining balance that can be paid off with proceeds from the reverse mortgage.
- Residency: The property must be your primary residence.
- Property Type: Eligible homes include single-family houses, FHA-approved condos, 1–4 unit properties, and select manufactured homes.
Borrowers must also meet HUD financial guidelines and complete a counseling session from a HUD-approved agency to ensure they fully understand the terms and responsibilities.
How Does a Reverse Mortgage Work?
A reverse mortgage allows you to draw from your home equity over time, based on your age, property value, and current interest rates. The older you are and the more equity you have, the more you can typically access.
You can choose how to receive your funds:
- Lump Sum: One-time payout at closing.
- Line of Credit: Withdraw funds as needed over time.
- Term Payments: Fixed monthly payments for a set number of years.
- Tenure Payments: Monthly payments that continue as long as you live in the home.
- Modified Options: Combine monthly payments and a line of credit for added flexibility.
When you leave the home—whether by selling, moving, or passing—the reverse mortgage balance (plus interest and fees) is repaid. Any remaining equity belongs to your heirs. No debt is passed on to your estate.
👉 Use our Home Equity Estimator to see how much equity you may be eligible to access.
Costs of a Reverse Mortgage
Like all mortgage loans, reverse mortgages include a few standard costs. These typically include:
- Origination Fee: Capped by FHA—up to $2,500 for homes under $125,000, or a percentage of your property value (max $6,000).
- Third-Party Fees: Appraisal, title, credit checks, and recording fees.
- Mortgage Insurance (MIP): An upfront premium and an annual fee (1.25%) required for FHA-insured loans.
- Interest: Most reverse mortgages use variable rates that adjust monthly or annually.
- Servicing Fees: Covering the cost of loan administration (less common today).
Zarro Mortgage Group will review each fee upfront so you understand exactly what you’re paying—and ensure your reverse mortgage fits comfortably within your retirement plan.
👉 Use our Mortgage Comparison Calculator to compare potential costs and benefits.
Advantages of a Reverse Mortgage
Reverse mortgages can be a powerful financial tool for eligible homeowners.
Benefits include:
- Stay in your home while accessing its value.
- Eliminate monthly mortgage payments.
- Supplement your retirement income or cover medical costs.
- No impact on Social Security or Medicare benefits.
- No debt left for heirs—only the home’s remaining equity passes to your estate.
- Easier qualification compared to traditional loans.
With Reverse Mortgages in Martin & St. Lucie County, you can turn your home into a source of financial strength without giving it up.
Considerations and Potential Drawbacks
While reverse mortgages offer many benefits, they’re not for everyone. It’s important to consider:
- Reduced equity: You’ll have less equity to leave as an inheritance.
- Higher fees: Closing costs and interest rates are generally higher than traditional mortgages.
- Ongoing responsibilities: You must continue paying property taxes, insurance, and maintenance.
- Loan balance growth: Interest adds up over time, increasing the total owed when repaid.
Zarro Mortgage Group helps you weigh these factors carefully, ensuring your reverse mortgage supports your long-term financial goals.
Is a Reverse Mortgage Right for You?
Reverse mortgages are most beneficial for homeowners who:
- Plan to stay in their home long-term.
- Have significant equity and limited retirement income.
- Want to supplement savings without selling their property.
- Are seeking financial peace of mind during retirement.
If that sounds like you, schedule a conversation with a local mortgage expert at Zarro Mortgage Group to discuss your eligibility.
You can also explore our Mortgage Resources page for additional retirement planning tools.
