Reverse Mortgage in Hollywood, FL: What Local Homeowners Need to Know

Short answer

Yes, if you are 62 or older, live in the home as your main residence, have enough equity, complete HUD-approved counseling and can keep paying taxes, insurance and HOA dues. The median Hollywood house sold for $550,000 in the third quarter of 2026, well under the $1,249,125 HECM limit, so in Hollywood the building, the flood zone and your tax bill usually decide more than the limit does. QMS Lending is a broker that connects you with reverse mortgage lenders; every loan is subject to approval.

Hollywood home values and the 2026 HECM limit

The HECM rules (age 62, counseling, the non-borrowing spouse and how the loan is repaid) are in our Florida reverse mortgage guide. This page covers what changes in Hollywood. MIAMI REALTORS reports these third-quarter 2026 numbers for the City of Hollywood, as of October 2026:

• Single-family homes: median sale price $550,000, down 0.9% from a year earlier, on 279 closed sales. Median time to contract was 52 days.
• Townhouses and condos: median sale price $269,500, down 17.1%, on 222 closed sales, which were up 11.6%.
• Broward County overall: $645,000 for houses and $250,000 for townhouses and condos.

The 2026 HECM limit is $1,249,125 for FHA case numbers assigned from January 1 through December 31, 2026. A typical Hollywood house is less than half of that, so the limit rarely caps your loan here. What matters is the appraised value, the age of the youngest borrower or eligible non-borrowing spouse, and the interest rate on the day the loan is set. Rates vary daily; call for today's pricing.

Condo owners should note the 17.1% drop: an appraisal can come in lower than you expect, and a lower value means less money available.

Beachfront and Intracoastal condos: FHA approval comes first

Many Hollywood seniors own a unit on Hollywood Beach or along the Intracoastal. HUD allows a HECM on a condo only if the project is HUD-approved or the unit meets FHA single-unit approval requirements. Single-unit approvals are capped at 10% of the units in a project of 10 or more units, and at two FHA loans in a project with fewer than 10 units. In a large tower where other owners already used FHA, that cap can already be full.

• Check the building yourself on HUD's FHA condo search. Pick Florida, Broward County and city Hollywood, or search by ZIP code. Status shows as Approved, Expired, Rejected or Withdrawn.
• Milestone inspections. Under Florida Statute 553.899, condo buildings three habitable stories or taller need a milestone inspection by December 31 of the year they turn 30, then every 10 years. The local building official may set 25 years instead, based on conditions such as nearness to salt water, which is the situation for oceanfront towers. If phase 1 finds substantial structural deterioration, a phase 2 inspection follows. The association must send owners the inspector's summary within 45 days of getting the report.
• Dues and assessments are your obligation. HUD's rules list condominium and homeowners association fees as property charges you must pay on or before the due date. A new special assessment for repairs after a milestone inspection raises the monthly cost the lender reviews and stays your responsibility for the life of the loan.

Ask the association for its approval status, the latest inspection summary, its SIRS and any assessment notice before you apply. If the building cannot be used for a HECM, a HELOC or selling and buying elsewhere may be the better path.

Flood zones east of US1 and your insurance budget

The City of Hollywood says many portions of the city lie within floodplains, especially properties east of US1, and that more than 11,000 properties were added to the Special Flood Hazard Area in the latest map update, while 2,115 were no longer required to carry flood insurance. FEMA says flood insurance is mandatory for federally backed mortgages in A and V zones in communities that take part in the National Flood Insurance Program. A HECM is FHA-insured, so if your home is in one of those zones you must carry flood insurance and keep paying it for the life of the loan.

There is some good news for Hollywood. The city is a Class 6 community in FEMA's Community Rating System, which gives NFIP policyholders a 20% discount on flood premiums, as of October 2026. To confirm your zone, check the FEMA Flood Map Service Center or call the city's drainage engineer or floodplain administrator at 954.921.3930; the city also offers free site visits.

Why this matters for a reverse mortgage: HUD's financial assessment looks at whether your income and assets cover property charges. If the numbers are tight, the lender may require a Life Expectancy Set-Aside (LESA), which holds back part of your loan to pay property taxes and hazard and flood insurance for you. That protects the home but reduces the cash you can take. Get current wind and flood quotes, and a wind mitigation inspection if you do not have one, before counseling.

Hollywood's senior tax exemptions, as of October 2026

A HECM keeps the title in your name and requires you to live in the home, so your homestead exemption stays in place. The Broward County Property Appraiser lists what Hollywood owners 65 and older can add, and Hollywood's menu is different from Fort Lauderdale's:

• Low-income senior exemption, $25,000. Hollywood adopted the additional $25,000 exemption. It applies to the county's portion of the tax and to Hollywood city taxes, not school taxes. Hollywood is not on the list of cities that raised it to $50,000.
• Long-term residency senior exemption. Hollywood did adopt this one. It exempts Hollywood city taxes for qualifying seniors who have lived in the home as their permanent residence for at least 25 years and whose property had a just value under $250,000 in the first year they apply.
• Who qualifies: 65 or older on January 1, 2027, with 2026 household adjusted gross income of $38,686 or less (the figure is updated each January).
• 2027 deadlines: sworn income statement by March 1, 2027; proof of income (2026 Form 1040, or the SSA-1099 if you do not file) by June 1, 2027; final late-filing date September 20, 2027. Exemptions office: 954.357.6830.

Example only: using 2025 proposed operating rates of 5.6690 mills for Broward County and 7.4479 mills for the City of Hollywood, the $25,000 senior exemption is worth about $328 a year. A long-time owner who also gets the long-term residency exemption and has $150,000 of city taxable value would save about another $1,117 a year in city tax. Lower taxes mean a smaller property-charge number in HUD's review.

City repair money, liens and keeping the house up

A reverse mortgage requires you to maintain the home. HUD's model financial assessment worksheet budgets maintenance and utilities at $0.14 per square foot of living area per month, so a 1,800-square-foot Hollywood house is counted at about $252 a month before taxes and insurance. An old roof or failing windows can also come up in the FHA appraisal.

Hollywood has its own help. The city's Neighborhood Pride Owner-Occupied Housing Rehabilitation Program offers a conditional grant of up to $40,000 per unit for exterior repairs, as of October 2026. The rules on the city's page:

• Household income at or below 120% of area median income, for example $106,440 for one person or $152,160 for four.
• The home must be in an eligible low- and moderate-income area on the program map, have the Broward homestead exemption, and be owner-occupied. Mobile homes, co-ops, multi-unit buildings and short-term rentals are not eligible.
• You must be current on all mortgages and property taxes when you apply.
• The home must stay owner-occupied for 10 years. The city records a lien that drops by one-tenth each year; sell or rent the home early and the remaining balance comes due.

CBS News Miami reported in February 2026 that the city's broader rehabilitation program offers deferred loans of up to $150,000 and had no waitlist at the time. Contact the Community Development Division at 954.921.3271. If you already have a city lien, or plan to apply for one, tell your lender early. A HECM pays off existing mortgages at closing, and the lender's title review decides how any city lien is handled.

A Hollywood example, counseling and next steps

Example only. A 72-year-old owner of a Hollywood house appraised at $550,000 with a $90,000 mortgage balance. HUD's fee rules as of October 2026:

• Initial mortgage insurance premium: 2%, about $11,000 on a $550,000 value.
• Origination fee: capped at $6,000. Servicing fee: up to $30 or $35 a month, depending on the rate type. Annual MIP: 0.5% of the outstanding balance. Appraisal, title and Florida taxes on the mortgage are added.
• The $90,000 mortgage is paid off at closing from the proceeds, so the owner no longer has a monthly mortgage payment. Taxes, insurance, any flood policy and upkeep stay with the owner.
• How much is left over depends on HUD's factors for age and the rate that day. We run those numbers with lenders before you commit.

Counseling is required before you apply. As of October 2026, the CFPB counselor search for ZIP 33021 lists three HUD-approved agencies within about 9 miles that offer reverse mortgage counseling. Bring your tax bill, insurance declarations, HOA statement and any city lien papers.

QMS Lending (NMLS #1781090) is an independent mortgage broker in Miami, FL, licensed in Florida and working with 100+ lenders. We check the building's FHA status, the flood zone and your exemptions before you pay for an appraisal, and we compare a HECM with a HELOC or a cash-out refinance. See also our Hollywood mortgage broker page. You may qualify; every loan is subject to approval. Rates vary daily; call 305-425-1990 for today's pricing, in English or Spanish.