Lifestyle · Florida
Retiree / 55+ Buyer in Florida
Retiring in Florida? Qualify on your assets, not just W-2 income, and right-size into a home that fits your next chapter.
Common challenges we solve
- No traditional employment income to show
- Significant retirement and investment assets
- Wanting low or no monthly payment
- Considering an HECM / reverse purchase
What you get with Lumos
Asset-depletion qualifying using retirement balances
HECM for Purchase — buy with no monthly mortgage payment
Recast options to lower payment after a downsizing sale
What's different in Florida
Some Florida counties and cities offer an additional homestead exemption for qualifying low-income seniors 65 and older, on top of the regular homestead exemption and the Save Our Homes cap — check with your county property appraiser. Florida also has no state income tax on retirement income.
Loan programs that typically fit
Frequently asked
- Do I have to make a monthly payment?
- Not with HECM for Purchase — you make a significant down payment and there's no required monthly principal and interest payment (taxes, insurance and HOA still apply). Subject to program guidelines and lender approval.
- Can I qualify on Social Security alone?
- Yes — and we can supplement with asset depletion from your IRA/401(k)/brokerage.
- What if I sell my northern home later?
- We can recast the new loan with the equity proceeds to slash the payment without refinancing.
