✓ No FHA Approval Required
✓ Open Line of Credit While You Meet Loan Terms
✓ Available at Age 55
✓ Loans Up to $4 Million
You want out of your PACE loan. The assessment is adding hundreds or thousands per year to your property taxes. A reverse mortgage may provide the funds to pay it off. No required monthly mortgage payments*. Age 55+. Primary residences only.
*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.
See If You May Qualify Or Call (727) 244-7076No obligation · No paperwork to get started · We take our time with you
A PACE loan seemed like a good idea to finance energy efficiency improvements. But the reality often falls short. Property owners discover unexpected costs and challenges that make them want out.
A reverse mortgage provides an alternative path out of your PACE obligation. Instead of being locked into decades of special assessments, you can access the equity in your home now and pay off the PACE balance in full.
* You remain responsible for property taxes, insurance, HOA dues, and homeowner obligations.
A reverse mortgage may provide the funds to pay off your entire PACE assessment balance in one transaction. Once paid, the PACE lien is removed from your property and the annual assessment no longer appears on your property tax bill. You regain full control of your home equity.
Unlike a traditional mortgage or refinance, the reverse mortgage has no required monthly mortgage payment. The loan balance is repaid when you sell, move out, or pass away. This means more monthly cash flow for you while the PACE obligation is gone for good.
Our proprietary reverse mortgage program is available to Florida homeowners starting at age 55. The FHA government program requires age 62. If you are between 55 and 61, you do not have to wait. You may qualify for our program now and get out of your PACE loan sooner.
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.
We provide a free PACE payoff analysis showing what it would take to pay off your PACE assessment using a reverse mortgage. There is no paperwork to get started and absolutely no obligation to proceed. Call us or fill out the form below and we will reach out.
Real reviews from Florida homeowners who trusted us with their reverse mortgage.
Can a reverse mortgage pay off my PACE loan?
Yes. A reverse mortgage may provide enough funds to pay off your PACE assessment balance. Once paid off, the PACE lien is removed from your property title. The reverse mortgage becomes a lien instead, but with no monthly payments required. You remain responsible for property taxes, homeowners insurance, HOA dues and special assessments, and the rate is variable. Interest and fees are added to the loan balance, so the amount you owe grows over time.
What is the minimum age?
Our proprietary reverse mortgage is available to Florida homeowners starting at age 55. The FHA government program requires age 62. If you are between 55 and 61, you may qualify for our program now. Either way, you may have options.
Do I have to provide income or employment documentation?
If your credit score is 720 or higher and you are refinancing, you may qualify for the Residual Income Waiver. If your score is lower, we work with traditional lending requirements.
Is this available for investment properties?
No, this reverse mortgage is available for primary residences only. The property must be your main home in Florida. Investment properties and second homes do not qualify.
What is the 720 credit score waiver program?
If your credit score is 720 or higher and you are refinancing, you may qualify for the Residual Income Waiver. The underwriting process may be faster and simpler for qualifying borrowers.
How do I get started?
Fill out the form on this page and we will prepare a free PACE payoff analysis showing your options. We will reach out. No paperwork required to get started. No obligation of any kind. Just an honest conversation about your situation.
There is no paperwork required to speak with us. No pressure of any kind. Just an honest conversation about your home, your situation, and your options.
Sunshine State Home Loans · Licensed in Florida · Serving homeowners across the entire state
Fill out the short form below and we will prepare your free PACE payoff analysis and reach out. No paperwork. No commitment. No obligation of any kind.
Please note: Borrowers are always responsible for the payment of property taxes, homeowners insurance, HOA dues, and any special assessments. Failure to meet these obligations may result in the loan becoming due and payable. This is not a commitment to lend. All loans are subject to credit and property approval.
This website is for informational purposes only and does not constitute financial, legal, or tax advice. Reverse mortgage products are subject to eligibility requirements, terms, and conditions. All loans are subject to credit approval. This is not a commitment to lend. Sunshine State Home Loans is a licensed Florida mortgage broker, not a lender. A reverse mortgage may be able to provide funds to pay off a PACE assessment; however, the PACE obligation is not automatically eliminated unless paid in full. The reverse mortgage becomes a lien on your home. Results vary based on individual circumstances. For complete program details, please contact us directly at (727) 244-7076.