Reverse Mortgage in Boynton Beach: Houses, Condos, Exemptions and City Liens

Short answer

A Boynton Beach homeowner 62 or older may qualify for a reverse mortgage (HECM) with no monthly mortgage payment, after a session with a HUD-approved counselor and as long as they keep paying taxes, insurance and HOA dues and maintain the home. The 2026 HECM limit is $1,249,125, far above the $428,500 median Boynton Beach house in the third quarter of 2026, but a condo must be in a HUD-approved project or qualify for single-unit approval. QMS Lending connects you with reverse mortgage lenders, subject to credit approval and property eligibility.

Boynton Beach values vs. the 2026 HECM limit, as of November 2026

HUD Mortgagee Letter 2025-22 sets the 2026 HECM maximum claim amount at $1,249,125 for case numbers assigned January 1 through December 31, 2026. The loan is based on the lesser of the appraised value and that limit, then sized by the age of the youngest borrower (or eligible non-borrowing spouse) and the interest rate. You must be 62 or older and live in the home as your primary residence. The general rules are in our Florida reverse mortgage guide; this page covers what is specific to Boynton Beach.

MIAMI REALTORS third-quarter 2026 figures for the City of Boynton Beach, as of November 2026:

• Single-family homes: median sale price $428,500, up 5.5% from a year earlier, on 152 closed sales, 51 of them cash. Median time to contract was 38 days. The Palm Beach County median was $655,000.
• Townhouses and condos: median $223,500, down 0.7%, on 136 closed sales, 72 of them cash. Median time to contract rose 20% to 78 days. The county median was $307,500.

The Boynton house median is well below the county's, so a typical home sits about $820,000 under the HECM limit and the full appraised value counts. For condos and villas the starting value is lower and sales are taking longer, which means the appraisal matters even more. Get a realistic value estimate before you plan around a number from a neighbor or an online estimate.

Common Boynton uses: pay off an existing mortgage so there is no monthly principal and interest, set up a line of credit you draw only when needed, or cover repairs that would otherwise go on a credit card.

Boynton condos and villas: check HUD approval first

HUD allows a HECM on a condo only if the project is HUD-approved or the unit meets FHA single-unit approval rules. Under HUD Mortgagee Letter 19-13, single-unit approvals are limited to 10% of the units in a project of 10 or more units, and to two FHA-insured loans in a project with fewer than 10 units. A villa or townhouse that is legally a condo follows the condo rules; one in a homeowners association (PUD) generally does not, so ask for the recorded declaration if you are not sure.

• Search the association on HUD's FHA-approved condo list under Palm Beach County and Boynton Beach. Associations are often registered under their legal name, not the name on the entrance sign.
• Approved is what you want. Expired means the project was approved before and the board can recertify. Rejected or Withdrawn usually means a single-unit approval is the only path.
• The lender orders a condo questionnaire on budget, reserves, insurance, litigation and owner occupancy.

Florida's condo safety law applies to buildings three stories or taller. Under the rules summarized in the Florida Senate's SB 154 analysis, they need a milestone inspection at 30 years and every 10 years after, plus a structural integrity reserve study, and associations may not waive reserves after December 31, 2024. Low-rise complexes under three stories fall outside the milestone rule, but higher dues or a special assessment still count in HUD's financial assessment. Bring the current budget and any assessment notice to your first call.

Boynton Beach senior exemptions, per the Palm Beach County Property Appraiser

A HECM does not change ownership. You keep title, so your homestead exemption and senior exemptions stay as long as you live there and remain eligible. The Palm Beach County Property Appraiser lists these benefits for Boynton Beach owners, as of November 2026:

• County limited-income senior exemption: $25,000 off county taxes for owners 65 or older with homestead. The household income limit is $38,686 for the 2026 exemption, based on prior-year income; tax-exempt bond interest and non-taxable Social Security are not counted.
• City of Boynton Beach senior exemption: another $25,000 off city taxes under the same tests.
• 25-year "super senior" exemption: the Property Appraiser lists only Boynton Beach and Delray Beach as offering it in the county. You must meet the income test, have owned and lived in the home at least 25 years, and have a market value under $250,000 when you apply.

File form DR-501SC with proof of income (Form 1040 or Social Security 1099) by March 1. For scale, the Property Appraiser shows Boynton Beach's city operating millage at 7.7500 for 2025 and the same 7.7500 proposed for 2026. At that rate, the $25,000 city exemption is worth about $194 a year in city tax alone, before the county benefit.

Why it matters for a HECM: lower taxes mean lower property charges in HUD's financial assessment, which can reduce or avoid a required set-aside. If you are 65 or older and may qualify, file before you apply for the loan.

City rehab loans: a reverse mortgage makes them due

The City of Boynton Beach Housing Rehabilitation Program helps income-eligible owner-occupants inside city limits repair their homes. The city's program summary describes a 0% deferred loan secured by a note and mortgage over 15 years, forgiven 1/15th each year, with maximum awards of $95,000 (very low income), $85,000 (low) and $50,000 (moderate), and income up to 120% of area median.

The same summary lists what makes the remaining balance due, and a reverse mortgage is on that list, along with a sale, renting the home out, losing homestead, or a cash-out refinance. If you have an open city rehab loan, a HECM will trigger repayment of the unforgiven balance. Ask the city's Community Improvement Division for a payoff letter early, so the lender can include it in the numbers and you can see whether the HECM still makes sense or whether waiting until more of the loan is forgiven is better.

Every HECM home must meet FHA property standards at appraisal, and you must keep it maintained. If you have not yet used the city program and need repairs, compare the two in order: a city rehab loan first, then a HECM later, may cost more than doing both now. Call us and we will walk through the timing.

Other help: the Area Agency on Aging of Palm Beach/Treasure Coast runs the local Aging and Disability Resource Center at (561) 684-5885, and Florida's Elder Helpline is 1-800-963-5337.

What you keep paying, counseling and how QMS Lending helps

Under 24 CFR 206.205 you must pay condo, PUD and homeowners association fees on or before the due date, and keep paying property taxes (including special assessments), hazard insurance and any required flood insurance. A Life Expectancy Set-Aside (LESA) may be required to cover taxes and insurance if the financial assessment shows a gap. It does not pay HOA or condo dues. If charges go unpaid and no loan funds remain, the HECM can become due and payable.

HUD costs as of November 2026: an initial mortgage insurance premium of 2% at closing (it can be financed into the loan), an annual premium of 0.5% of the outstanding balance, and an origination fee of the greater of $2,500 or 2% of the first $200,000 of value plus 1% above that, capped at $6,000. Rates vary daily; call for today's pricing.

Before you apply you must complete a session with a HUD-approved HECM counselor, who is independent of the lender. Find one through the CFPB counselor search; many sessions are by phone in English or Spanish.

If a HECM does not fit, for example because the condo is not approved or you are under 62, a HELOC or a fixed second mortgage may work, with a monthly payment and subject to credit approval. For purchases and refinances see our Boynton Beach mortgage broker page, or compare with reverse mortgage in Delray Beach.

QMS Lending is an independent mortgage broker in Miami, FL, NMLS #1781090, working with 100+ lenders in English and Spanish. Michael Fernandez, NMLS #1491775, President. Call 305-425-1990 with your address, your age and any current mortgage or city lien balance.