Reverse Mortgage in Pembroke Pines: Houses, Condos and Senior Exemptions

Short answer

A Pembroke Pines homeowner 62 or older may qualify for a reverse mortgage (HECM) with no monthly mortgage payment, after counseling with a HUD-approved counselor and as long as they keep paying property taxes, insurance and HOA dues and maintain the home. The 2026 HECM limit is $1,249,125, well above the $685,000 median Pembroke Pines house in the third quarter of 2026, but a condo must sit 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.

Pembroke Pines values vs. the 2026 HECM limit, as of October 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 figured on the lesser of your appraised value and that limit, then reduced by the age of the youngest borrower (or eligible non-borrowing spouse) and the interest rate. The general rules are in our Florida reverse mortgage guide; this page covers what is different in Pembroke Pines.

MIAMI REALTORS third-quarter 2026 figures for the City of Pembroke Pines, as of October 2026:

• Single-family homes: median sale price $685,000, up 4.6% from a year earlier, on 228 closed sales. Median time to contract was 33 days, versus 38 days for all of Broward.
• Townhouses and condos: median $220,000, down 12.9% from a year earlier, on 228 closed sales. Median time to contract was 67 days.

The two markets are moving in opposite directions. A house owner whose home appraises near the median is far under the HECM limit, so the whole appraised value counts. A condo owner starts from a much lower value that fell over the past year, and the appraisal on a reverse mortgage is the base for everything. If you own a condo, get a realistic value estimate before you plan around a number you heard from a neighbor.

Rates vary daily; call for today's pricing.

Pembroke Pines condos: check HUD approval first

Pembroke Pines has a large stock of older garden-style and mid-rise condos, many in 55+ communities. 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 capped at 10% of the units in a project of 10 or more units, and at two FHA-insured loans in a smaller project.

How to check, step by step:

• Search the building on HUD's FHA-approved condominium list. Filter by state, county (Broward) and city. Status will read Approved, Expired, Rejected or Withdrawn.
• If the status is Expired, the association may be able to recertify. Ask the manager whether the board is willing; it takes documents and time.
• If the building is not approved, a single-unit approval may still work if fewer than 10% of units already carry FHA loans. The lender orders a condo questionnaire to find out.

Florida's condo safety law also matters here. Under the 2022 law described in the Florida Senate's SB 154 analysis, condo buildings three or more stories tall need a milestone inspection at 30 years and every 10 years after, plus a structural integrity reserve study. Reserves for structural items cannot be waived after December 31, 2024. Higher reserve dues or a special assessment count against your budget in the HECM financial assessment, so bring the latest budget and any assessment notice to your first call.

Pembroke Pines senior exemptions, as administered by the Broward Property Appraiser

A reverse mortgage does not change who owns the home. You keep title, so your homestead exemption and any senior exemption stay in place as long as you keep living there. The Broward County Property Appraiser (bcpa.net) lists Pembroke Pines among the cities that offer the $50,000 Low-Income Senior Exemption and the Long-Term Residency Senior Exemption, as of October 2026.

• Low-Income Senior Exemption: you must be 65 or older on January 1, already have homestead, and have total household adjusted gross income for 2026 of no more than $38,686 (the Florida Department of Revenue figure for 2026). The exemption applies only to the taxing authorities that adopt it.
• Long-Term Residency Senior Exemption: for owners who meet the same age and income tests, have lived in the home at least 25 years, and whose home had a just value under $250,000 in the first year they apply. Florida law sets this exemption equal to the assessed value for the adopting government's taxes.

For scale, the Broward Property Appraiser lists the City of Pembroke Pines operating millage at 5.6690 for 2025. School and county taxes are separate and are not touched by a city senior exemption.

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

Taxes, insurance and HOA dues stay your job

HUD's HECM rule, 24 CFR 206.205, lists the charges you must keep paying: property taxes and special assessments, hazard insurance, flood insurance where required, and condominium, PUD and homeowners association fees, which must be paid on or before the due date. If you stop paying and no loan funds are left to cover it, the loan can become due and payable.

A Life Expectancy Set-Aside (LESA) may be required if the lender's financial assessment shows a gap. A LESA covers taxes, special assessments and insurance. It does not cover HOA or condo dues, so in a Pembroke Pines community with monthly dues, that payment stays on your calendar for life.

Other costs, from HUD as of October 2026: an initial mortgage insurance premium of 2% of the loan at closing, an annual premium of 0.5% of the 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.

Counseling and how QMS Lending helps

Every HECM borrower must complete an information session with a HUD-approved HECM counselor before applying. The counselor is independent from the lender. You can find one through the CFPB counselor search, and 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 be options, with a monthly payment and subject to credit approval. See our Pembroke Pines mortgage broker page for local purchase and refinance help.

QMS Lending is an independent broker in Miami, FL (NMLS #1781090) working with more than 100 lenders. Michael Fernandez (NMLS #1491775) and the team speak English and Spanish. Call 305-425-1990 with your address, age and current mortgage balance, and we will tell you what to check first.