TAMPA BAY, FLORIDA

Helping Tampa Bay homeowners 55+ explore ways to use housing wealth to improve cash flow, create greater financial flexibility, or purchase their next home.

Rick R. Rodriguez, CRMP®
National Director of Reverse Mortgages
Reverse Mortgage Specialist Since 2005

★★★★★ 130+ Google Reviews

For many Tampa Bay homeowners, their home represents one of their largest retirement assets. A reverse mortgage may provide a way to access a portion of that housing wealth without selling the home or taking on a required monthly principal and interest mortgage payment.

Depending on your age, home value, existing mortgage balance and financial goals, a reverse mortgage may be used to pay off an existing mortgage, establish a line of credit, provide additional liquidity, or help purchase a new primary residence.

The goal isn’t simply to determine whether you qualify. It’s to understand your options and determine whether incorporating housing wealth into your retirement strategy makes sense for you.

The FHA-insured Home Equity Conversion Mortgage (HECM) is the most common reverse mortgage and is available to eligible homeowners age 62 and older.

A HECM may allow you to pay off an existing mortgage, access funds as a line of credit or monthly advances, or create additional financial flexibility in retirement.

Proprietary reverse mortgages may be available to eligible homeowners beginning at age 55 and can provide additional options for higher-value homes or situations that may not fit traditional HECM guidelines.

These privately insured programs can offer different loan amounts, features and qualification options depending on the homeowner’s situation.

A reverse mortgage line of credit can provide access to home equity when needed. With an adjustable-rate HECM, the unused portion of the available line of credit grows over time, regardless of changes in the home’s value.

This can provide an additional source of liquidity alongside investments, Social Security and other retirement assets.

Eligible homebuyers can use a reverse mortgage to purchase a new primary residence with a one-time investment at closing and no required monthly principal and interest mortgage payments.

This can be especially useful for retirees relocating to Tampa Bay who want to preserve more of the proceeds from the sale of their previous home rather than using all cash to purchase their next home.

Borrowers remain responsible for property taxes, homeowners insurance, applicable HOA dues, and maintaining the home. The home must be the borrower’s primary residence. Age eligibility for proprietary programs varies by product.

Tampa Bay is home to a large and diverse population of homeowners approaching or enjoying retirement, with communities ranging from established waterfront neighborhoods to active-adult and 55+ communities throughout the region.

Whether you already live in the Tampa Bay area or are considering relocating to Florida’s Gulf Coast, a reverse mortgage may provide options for accessing your housing wealth or purchasing your next primary residence.

Pinellas County includes many of Tampa Bay’s best-known retirement destinations and established residential communities, including St. Petersburg, Clearwater, Palm Harbor, Dunedin and Safety Harbor.

Homeowners throughout Pinellas County may explore reverse mortgage options for accessing home equity, improving retirement cash flow or purchasing their next primary residence.

Manatee County, including Bradenton and surrounding Gulf Coast communities, has become an increasingly popular destination for retirees and homeowners relocating to Florida.

Eligible homeowners may explore reverse mortgage options to access housing wealth, improve retirement cash flow or purchase their next primary residence while preserving more of their available assets.

Rick works with homeowners throughout the greater Tampa Bay area, including Tampa, St. Petersburg, Clearwater, Sun City Center, Bradenton, Apollo Beach, New Port Richey, Palm Harbor, Dunedin, Safety Harbor and surrounding communities in Pinellas, Hillsborough, Pasco and Manatee counties.

Tampa Bay and Florida’s Gulf Coast continue to attract retirees looking for warm weather, an active lifestyle, access to beaches and waterfront communities, and a wide variety of housing options.

If you’re selling a longtime home and relocating to the Tampa Bay area, paying cash for your next home isn’t your only option. Eligible homebuyers age 62+ may be able to use a HECM for Purchase to buy their new primary residence with a one-time investment at closing and no required monthly principal and interest mortgage payments.

For buyers age 55+, certain proprietary reverse mortgage purchase programs may also be available.

Using a reverse mortgage for purchase can allow you to retain more of the proceeds from the sale of your previous home for investments, reserves, travel, healthcare or other retirement priorities rather than putting all of those funds into the new home.

Every homeowner’s situation is different. The amount available from a reverse mortgage depends on factors including your age, home value, existing mortgage balance, interest rates and the reverse mortgage program you choose.

Whether you currently live in the Tampa Bay area or are considering purchasing a home here, I can prepare a personalized analysis showing the options that may be available to you.

Prefer to talk? Call Rick at (702) 460-6222