Reverse mortgages are designed specifically for borrowers 62 years or older. They are Federally backed loans guaranteed by FHA. You can use a reverse mortgage to take cash out of your house, pay off an existing mortgage(s) or even buy a house! The main benefit is that no mortgage payments will be required until BOTH borrowers have permanently vacated the home (either by death, sale of the home or permanent hospitalization). Generally, you should have about 50% equity in your home (or close to it) and be able to afford your property taxes, insurance and other credit obligations. We are the most experienced reverse mortgage lender in Palm Beach County with countless happy clients throughout the Sunshine State!