Credit card rates often run above 20%. Access your home's equity to pay off credit card debt, with no required monthly mortgage payment.*
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Many Florida homeowners over 50 carry credit card balances at annual rates that often run above 20%. On a $10,000 balance at that kind of rate, the interest alone comes to roughly $2,000 a year, with little progress toward eliminating the debt. On $25,000 it runs into the thousands each year. On $50,000 it can exceed $10,000 a year, money that does little to reduce your principal balance.
The problem gets worse when you are on a fixed income. Monthly credit card payments eat into your retirement budget, your Social Security, and your home's equity continues to sit idle while you are paying double-digit interest rates. Many Florida retirees find themselves caught in a cycle where they cannot afford to pay down the debt and cannot afford to retire comfortably. Florida's cost of living has increased significantly, with property taxes, insurance, and healthcare costs consuming more of your fixed income each year.
You may have spent decades building equity in your Florida home, but that equity is not working for you if it remains unused. Meanwhile, a card balance at an annual rate above 20% keeps taking a share of your income every month. That is not a sustainable situation, and it does not have to continue.
Your home is your most valuable asset. The equity you have built over decades should work for you, not against you. High credit card interest rates are working against you every single month, draining money that should be going toward your quality of life in retirement.
You have built equity in your Florida home for years. That equity can work for you right now, through a proprietary reverse mortgage designed specifically for homeowners age 55 and older. Our licensed Florida mortgage brokerage can help you access that equity to pay off your credit card debt completely, freeing up thousands of dollars each year that you were paying in interest.
Unlike a traditional second mortgage or home equity line of credit that require monthly payments, our proprietary reverse mortgage has no required monthly mortgage payment.* You remain the owner of your home. The loan is only due when you sell the home, move out, or pass away. This gives you immediate relief from high-interest credit card payments and a clear path to financial stability in retirement.
This solution is available specifically for Florida homeowners. We understand the unique pressures of retirement in Florida, including fixed incomes, high property taxes, homeowners insurance, healthcare costs, and rising cost of living. Our proprietary reverse mortgage is designed to give you control of your financial future and let you enjoy the retirement you deserve. You worked hard your entire life to build equity in your home. Now it is time for that home to work hard for you.
When you work with Sunshine State Home Loans, you get more than just a loan. You get a dedicated team of mortgage professionals who understand Florida's unique market and the specific challenges facing homeowners in retirement. We have helped hundreds of Florida families eliminate high-interest credit card debt and reclaim their retirement. Here is why borrowers choose us.
*No required monthly mortgage payment. Borrower remains responsible for property taxes, homeowner's insurance, HOA dues, special assessments, and property maintenance. Loan balance becomes due upon sale, vacating the property, or borrower's passing.
Eliminate monthly credit card payments and reverse mortgage payments simultaneously. You remain responsible for property taxes, insurance, HOA, and special assessments, but mortgage payments are gone. This frees up hundreds or even thousands of dollars each month for your retirement. Imagine the impact on your budget when you no longer have those crushing credit card bills due every month. You will have more control over your finances and more flexibility to spend time with family, travel, or pursue activities you enjoy in retirement.
Depending on your home's value and equity position, you may access substantial funds to pay off all your credit card balances in one payment. We will evaluate your specific home value and help you understand how much you may qualify for. Most Florida homeowners are surprised by how much equity they have accumulated. With potentially up to $4 million available, many can eliminate credit card debt completely and still have funds remaining for future expenses or emergencies.
Our proprietary reverse mortgage is available starting at age 55, well before the FHA program at age 62. This means you do not have to wait years for relief. You can access your equity now when it matters most. If you are 55 to 62 years old and carrying credit card debt, you may not qualify for traditional reverse mortgages, but you may qualify for our program. Do not delay your retirement or financial relief waiting for age 62. Call us today to see if you qualify.
Traditional reverse mortgages require FHA approval on condos and have extensive restrictions. Our proprietary product does not require FHA approval, giving us more flexibility for your specific situation. Many Florida homes that cannot qualify for FHA programs may qualify for ours. This is especially important in Florida where condo communities are common. You may own a property that would be rejected by traditional lenders but approved by us.
The reusable portion of your line of credit has no set end date. It stays open while you meet the loan terms. At closing, at least 25% of the amount available to you is taken as a one-time draw that cannot be redrawn. Any amount you do not draw at closing stays available as a reusable line of credit. The unused portion of your line of credit grows at 1.5% a year for the first 7 years, and the growth stops after that. This growth is additional borrowing capacity, not money paid to you. Interest and fees are added to your loan balance, so the amount you owe also grows over time. You keep the ability to borrow more funds in the future if you choose. Unlike a traditional second mortgage that you must pay back monthly or a HELOC that can be frozen, the reusable portion of your reverse mortgage line of credit stays open while you meet the loan terms.
Our process is designed to be easy to follow. From your first call to closing, we prepare the paperwork, tell you what to send, and coordinate with the parties involved. We explain every step, and we answer questions in plain language whenever you have one.
Not every borrower is the same, and we believe you should work with a lender who recognizes that. Our proprietary reverse mortgage may work for you if you meet these basic criteria. Subject to property and borrower approval.
Credit Score Waiver: On a refinance, the lender's residual income test may be waived when the borrower has a qualifying credit score of 720 or above, has carried homeowner's insurance on the property for the past 12 months without a force-placed policy, and meets the lender's credit history requirements. When one borrower has a 720 score, a co-borrower's score may be as low as 690. Property tax and HOA payment history are reviewed under the lender's requirements for this loan. This waiver applies to refinance loans only. Credit, property and the other loan requirements still apply, and the underwriter decides. Subject to approval.
The best way to find out if you qualify is to speak with one of our mortgage specialists. We will review your specific situation, answer all of your questions, and explain your options in plain language. There is no cost and no obligation for this consultation.
Your Florida home can work for you. Get your free debt relief analysis and learn how much you may be able to access. Take the first step toward financial freedom.
No cost. No obligation. No pressure. Just honest answers about your financial options.
Fill out the short form below and a mortgage specialist will go through your situation with you and explain the options.
This is a short eligibility screen, not an application, not a credit decision and not a loan offer. Your answers tell us whether the program fits your home, and a licensed loan originator goes through the numbers with you before you apply for anything.
* Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments. You must maintain the property as your primary residence.
This is not a commitment to lend. All loans are subject to property approval, borrower qualification, and underwriting conditions. Loan terms and availability are subject to change without notice. Sunshine State Home Loans is a licensed Florida mortgage broker, not a lender or mortgage banker.
Interest rate is variable and subject to change.
