Reverse Mortgage in Kendall: Paying Off the Mortgage on a Long-Owned Home

Short answer

Yes, a Kendall homeowner 62 or older may qualify to use a HUD reverse mortgage (HECM) to pay off an existing mortgage and stop making monthly principal and interest payments, as long as the HECM amount is large enough to clear the old loan. The 2026 HECM limit is $1,249,125, just above the $1,200,000 median house sale in Kendall in the third quarter of 2026. HUD-approved counseling comes first, and you keep paying taxes, insurance and upkeep; QMS Lending connects you with reverse mortgage lenders, subject to credit approval.

Paying off your current mortgage: the first-lien rule

Many Kendall owners bought decades ago and refinanced along the way. If you still owe on a first mortgage or a home equity line, a HECM can replace it. Per CFPB's July 2026 reverse mortgage servicing procedures, a reverse mortgage must be in first lien position, so every existing lien has to be paid in full, usually with HECM proceeds at closing.

The money available is set by the principal limit: a share of the lesser of your appraised value and the 2026 limit of $1,249,125 (HUD Mortgagee Letter 2025-22), based on the youngest borrower's age and the interest rate. The older the youngest borrower, the larger the share.

There is a first-year cap. Per the same CFPB document, as of November 2026:

• Generally, you can take up to 60% of the initial principal limit in the first 12 months.
• If paying off your existing mortgage and other required payments takes more than that, you can draw enough to pay them, including upfront loan fees, plus up to 10% of the initial principal limit in extra cash.
• Whatever is left stays available after year one, for example in a line of credit, if you chose an adjustable-rate HECM.

The test is simple: the principal limit must cover the payoff, the costs and any required set-aside. If your balance is too high, the gap has to come from your own funds, or a HECM may not work yet. Bring a recent mortgage statement so we can check this before anything else. HUD's own program page says borrowers should own the home outright or have paid down a considerable amount.

Kendall home values and the 2026 limit

MIAMI REALTORS reports Kendall-area places separately. Third-quarter 2026 single-family figures, as of November 2026:

• Kendall (CDP): median $1,200,000, up 13.5% from a year earlier, on 96 sales (28 cash), a median 41 days to contract and 3.6 months of supply.
• Kendall West: median $685,000 on 25 sales.
• The Hammocks: median $640,000 on 56 sales.
• Kendale Lakes: median $727,500 on 26 sales.
• Miami-Dade County: median $685,000.

In the Kendall census area, a median house now sits just under the $1,249,125 HECM limit, so nearly all of its value counts. A house appraised above the limit only counts up to the limit, though you keep the equity above it. In Kendall West, The Hammocks and Kendale Lakes, values are well under the limit and the appraisal sets the base.

On the condo side, the Kendall median was $340,000 on 87 sales, with 5.7 months of supply. A Kendall condo can qualify only if the project is HUD-approved or the unit meets FHA single-unit approval; check HUD's condo list.

Prices rose fast in Kendall over the past year. Your appraisal will rely on recent closed sales nearby, so a renovated house on a large lot and a dated one on the same street can appraise very differently. Full rules: Florida reverse mortgage guide.

Senior exemptions in unincorporated Kendall

Kendall is not a city. It is part of unincorporated Miami-Dade (UMSA), so the county sets both the county and the municipal-service exemptions. A HECM leaves title in your name, so your homestead exemption, the Save Our Homes cap and any senior exemption stay in place.

Per the Miami-Dade Property Appraiser, as of November 2026:

• Senior exemption: at least one owner 65 on January 1, homestead on the home, and household adjusted gross income of no more than $38,686 for 2025. The 2026 benefit table shows a $50,000 exemption for unincorporated Miami-Dade, worth about $95 a year in UMSA tax savings and $382 in county tax savings, about $478 combined.
• Long-term resident senior exemption: the table shows unincorporated Miami-Dade has adopted it, which removes the UMSA portion of the bill, and notes the county version applies to all county taxes. The School Board portion is excluded. It requires 25 years in the home and a market value under $250,000 in the first year.

Be realistic about that last test. With Kendall-area medians from $640,000 to $1,200,000, few houses will meet it today. It is more likely to fit an owner who qualified years ago, or some condos.

Apply online with the Property Appraiser, or with forms DR-501 and DR-501SC. Lower taxes help in HUD's financial assessment, so file before you apply for the loan if you qualify.

Costs, obligations and your spouse

HUD costs as of November 2026: an initial mortgage insurance premium of 2%, 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 plus 1% above that, capped at $6,000. Example only, on a house appraised at $1,200,000: about $24,000 of initial premium and $6,000 of origination fee, both of which can be paid from loan proceeds. Title, appraisal and recording are extra. Rates vary daily; call 305-425-1990 for today's pricing.

What you keep paying under 24 CFR 206.205: property taxes, hazard insurance, required flood insurance and any HOA fees, plus home maintenance. A Life Expectancy Set-Aside can pay taxes and insurance if HUD's financial assessment requires it. On an older Kendall house, insurance is often the bill that grows fastest, so plan for renewals, roof age and wind coverage.

If your spouse is under 62, he or she can be an eligible non-borrowing spouse. Per CFPB's July 2026 servicing procedures, for loans with case numbers on or after August 4, 2014, the servicer determines whether that spouse qualifies to defer the loan coming due after the borrower dies; the spouse must establish ownership or a legal right to remain within 90 days. Being younger also lowers the amount available, since the youngest age sets the share.

Children and heirs: the loan comes due when the last borrower leaves or dies. Heirs can sell the home or pay off the balance to keep it. Talk this through with your family before you close.

Counseling, alternatives and next steps

Every HECM borrower must first complete a session with a HUD-approved HECM counselor, who is independent of the lender and also reviews alternatives. Find one through the CFPB counselor search. Local help: the Alliance for Aging runs Miami-Dade's Aging and Disability Resource Center at (305) 670-6500, and Florida's Elder Helpline is 1-800-963-5337.

Alternatives to weigh, subject to credit approval:

• Refinance into a smaller payment if you still have income and want to protect equity for heirs. See refinance.
• A HELOC in Miami-Dade for a one-time need, such as a new roof, with a monthly payment.
• Downsizing, for example selling and buying a smaller home, which could also be done with a HECM for Purchase.

Learn the basics in what is a reverse mortgage, see our Kendall mortgage broker page for other loans, or compare with reverse mortgage in Miami and reverse mortgage in Coral Gables.

QMS Lending is an independent mortgage broker in Miami, FL, founded in 2018, NMLS #1781090, working with 100+ lenders in English and Spanish. Michael Fernandez, NMLS #1491775, is President. We hold 4.9 stars across 200+ Google reviews. Call 305-425-1990 with your address, the youngest owner's age and your current mortgage balance, and we will check whether a HECM can clear it.