Reverse Mortgages in Boca Raton, FL: HECM, Purchase and 55+ Condos

Short answer

A reverse mortgage (HECM) lets a Boca Raton homeowner 62 or older turn home equity into cash with no monthly mortgage payment, counting home value up to the 2026 FHA limit of $1,249,125. That limit sits above the city's $569,000 median condo but below its $1,410,000 median house (Q3 2026). You must complete HUD-approved counseling first and keep paying taxes, insurance and HOA dues, or the loan can come due.

Boca Raton values vs. the 2026 HECM limit

The full HECM rules (eligibility, payout options, spouse protections, how the loan is repaid) are in our statewide reverse mortgage guide. Here is what changes in Boca Raton.

HUD Mortgagee Letter 2025-22 sets the HECM maximum claim amount at $1,249,125 for January 1 through December 31, 2026. HUD figures what you can borrow from the youngest borrower's age, the interest rate, and the lesser of your appraised value or that limit. Any existing mortgage is paid off first from the proceeds.

Q3 2026 Florida Realtors data published by MIAMI REALTORS puts the two halves of the Boca market on opposite sides of the limit (as of October 2026):

• Townhouses and condos: median $569,000. The appraisal, not the limit, drives the number.
• Single-family houses: median $1,410,000, up 24.8% in a year. A median house is above the limit, so only the first $1,249,125 of value counts toward a HECM.

For owners of houses well above the limit, some lenders offer private (proprietary) reverse mortgages that are not FHA-insured. Their terms, costs and protections vary by lender, so we compare them side by side with a HECM before you choose. Neither type is free money: interest and mortgage insurance are added to the balance every month, and the balance grows over time.

HECM for Purchase: for retirees relocating to Boca

Many people who move to Boca Raton in retirement sell a home up north and buy here. A HECM for Purchase lets a buyer 62 or older buy a new principal residence with HECM proceeds and a cash down payment in a single closing, with no monthly mortgage payment afterward. HUD's rules for it, as of October 2026:

• You must move in within 60 days of closing; it has to be your principal residence, not a seasonal home.
• The down payment must be your own money: cash on hand or proceeds from selling or liquidating your assets, such as your previous home. No bridge or gap loans to cover it.
• No seller concessions: HUD prohibits seller contributions, discount points or rate buydowns paid by the seller or builder.
• New construction must be finished, with a certificate of occupancy issued, before closing.
• Co-op units and some manufactured homes are not eligible, per the CFPB.

This structure fits a common Boca move: sell a paid-off house elsewhere, put part of the proceeds down on a condo or villa here, and keep the rest invested instead of tied up in the new home. The trade-off is that the HECM balance grows over time, which reduces what is left for you or your heirs. Closing costs on a HECM for Purchase are also higher than on many other loans.

Example only: buying a $569,000 Boca condo with a HECM

Example only. The HECM amount below is an assumption for illustration; your real figure comes from HUD's factors for your age and the rate on the day you apply.

• Price: $569,000, the Q3 2026 city median condo.
• Assumed HECM proceeds toward the price: $250,000.
• Your down payment: $319,000, plus closing costs, from the sale of your previous home or your savings.
• Upfront FHA mortgage insurance: 2% of the maximum claim amount (here the $569,000 value), about $11,380, usually financed.
• Annual mortgage insurance: 0.50% of the outstanding balance, added to the loan each year along with interest.
• Monthly mortgage payment: none required. You still pay the HOA dues, property taxes, HO-6 and flood insurance where required, and keep the unit in good repair.

For comparison, on a house above the limit the upfront premium is figured on the $1,249,125 cap, about $24,983. Before you shop for a unit, get the HECM estimate so you know how much cash to keep back from your sale.

55+ condos: the building has to qualify

Boca Raton has many age-restricted condo and villa communities, and HUD treats them like any other condo for a HECM. The unit must be in a HUD-approved condominium project or meet FHA single-unit approval requirements, and in either case meet FHA property and flood standards.

• Check the list first. HUD's FHA condo lookup shows whether a project is Approved, Expired, Rejected or Withdrawn. An expired approval can often be renewed by the association, but that takes time.
• Single-unit approval is capped. In a project of 10 or more units, no more than 10% of units can carry FHA insurance, and HUD looks at owner occupancy, finances and insurance. Complexes where many owners are seasonal or rent their units can fail the occupancy test.
• Structural reviews raise costs. Buildings three or more habitable stories tall need a milestone inspection by December 31 of the year they turn 30, and every 10 years after. Many older Boca buildings are past that age, and repairs often bring a special assessment. HUD checks that you can keep paying dues and assessments, so a large one can change the outcome.

Send us the community name and unit number before you apply. We check the FHA status and ask the association for its condo questionnaire and assessment schedule, so you are not paying for an appraisal on a unit that cannot qualify.

Palm Beach County senior exemption and your HECM budget

HUD verifies that you can keep paying property taxes, insurance and HOA dues, and lenders can set aside part of the loan for them if the budget is tight. Every dollar of tax you save makes that test easier. A HECM keeps the title in your name and requires you to live in the home, so it generally does not affect your homestead exemption.

As of October 2026, the Palm Beach County Property Appraiser lists these rules for the limited income senior exemption:

• You must already have homestead, be 65 or older, and have household income at or below $38,686 for the 2026 exemption. Tax-exempt bond interest and non-taxable Social Security are not counted.
• The county exemption is $25,000, and it applies to county taxes only, not school or city taxes. At the county's 4.5210 mills on a Boca tax bill, that is about $113 a year.
• Boca Raton does not appear on the Property Appraiser's list of cities that add their own senior exemption, and the long-term resident (25-year) exemption is offered only in Boynton Beach and Delray Beach. In Boca, the county amount is what you get.
• File form DR-501SC with income proof by March 1. Call the exemptions line at 561-355-2866.

A relocating buyer using a HECM for Purchase should also file for homestead by March 1 of the year after moving in, and ask about portability of the Save Our Homes benefit from a previous Florida home.

How QMS Lending helps Boca Raton homeowners

QMS Lending is an independent mortgage broker in Miami, FL, working with 100+ lenders. For a Boca reverse mortgage we check the condo's FHA status, estimate your HECM amount, compare a proprietary option when your house is above the limit, and line up the closing with your home sale on a HECM for Purchase. You complete counseling with a HUD-approved counselor of your choice before any application. Call 305-425-1990, in English or Spanish. Michael Fernandez, NMLS #1491775; company NMLS #1781090. Subject to credit approval. Equal Housing Opportunity.