Boca Raton Reverse Mortgage

Boca Raton has the widest internal spread of any market we cover. Century Village Boca Raton holds roughly 7,500 condominium units where prices run from the low $100,000s, and the city median sale price across all property types was $849,538 in June 2026. Both are Boca Raton. They have almost nothing else in common.

Nearly a quarter of the city is 65 or older, at 24.6%, and the median owner-occupied home is worth $722,700, the highest of the four southeast Florida cities we cover. Which product suits you here depends entirely on which Boca Raton you live in.

Boca Raton and Palm Beach County by the numbers

Community figures are as published by 55places and are indicative rather than association-certified. Figures are as published as of August 2026 and will move. Nothing here is an offer of credit or a quote for your property.

The two Boca Ratons

The condominium city

Century Village Boca Raton runs to about 7,500 units built between 1970 and 1995, in two to four storey buildings with elevators, age restricted to 55 and over, with fees from roughly $127 to $611 a month and an average value around $147,000. Whisper Walk adds about 2,637 homes from 1983 to 1994, and Boca Lago about 1,696 from 1978 to 1990.

For these owners the FHA lending limit is entirely irrelevant. The binding questions are whether the project is acceptable to FHA, whether the building is three habitable storeys or more and therefore inside Florida's milestone and reserve study regime, and what the monthly fee does to the financial assessment.

The east side

At a citywide median sale price of $849,538, a substantial share of Boca Raton transactions sit well above the $312,500 county condo median and a meaningful number approach or exceed the FHA ceiling of $1,249,125. For those owners the federal programme leaves equity out of reach and proprietary or jumbo reverse mortgages, reaching up to $4 million on some programmes, become the relevant products. They are private loans rather than FHA insured, so the protections are the lender's rather than HUD's.

We deliberately do not claim that any Boca Raton submarket routinely exceeds the limit, because we could not source a submarket median above it. What we can say is that at this citywide median, individual properties cross it often enough that running both sets of numbers is the honest starting point.

Inspection exposure in Century Village

Century Village Boca Raton contains buildings of two, three and four storeys. Florida's milestone inspection and structural integrity reserve study requirements apply at three habitable storeys or more. So within a single community, some buildings are inside the state regime and some are outside it.

Palm Beach County also has its own building safety requirements, and there is a data problem worth knowing about. The state's research office reported that 44% of Palm Beach municipal building officials failed to submit their 2025 inspection data, the worst reporting gap of the three southeast Florida counties. Nobody, including the state, has a complete picture of this county's inspection position. Your own building's records are the only reliable source.

Given construction dates running from 1970 to 1995, a large share of Century Village is at or past the age where these requirements bite. If your building has already completed its inspection with no significant findings, that is a genuinely good position to be in and it makes everything simpler.

Fees, insurance and the financial assessment

A HECM financial assessment examines whether you can keep property charges current: taxes, insurance and association dues. In Boca Raton all three are substantial.

Palm Beach County insurance averaged $6,323 a year with wind coverage in the state regulator's July 2026 report, and $3,175 without it. Palm Beach aggregate county millage is 6.2862 mills before municipal and school levies. Century Village fees run to $611 a month at the top of the range.

None of that prevents a reverse mortgage. It does mean that where the payment history is thin a lender may require a set-aside from the loan proceeds to cover property charges, which reduces what you can draw. Knowing that going in is better than discovering it at underwriting.

Counseling in Palm Beach County

Federal rule 24 CFR 206.41 requires counseling with a HUD-approved agency independent of your lender before any HECM. DebtHelper, operating as Credit Card Management Services, is in West Palm Beach at (561) 472-8000 or (800) 920-2262. Housing Partnership in Riviera Beach is at (561) 841-3500. In neighbouring Broward, Consolidated Credit Solutions in Fort Lauderdale at (800) 435-2261 counsels in English and Spanish.

HUD's roster changes and we would rather you confirm than rely on our list. Check HUD's counselor search or call (800) 569-4287.

Questions we get from Boca Raton homeowners

My Century Village unit is worth about $150,000. Is that enough?

It can be, and the FHA limit is not the constraint. What decides it is the age of the youngest borrower, current rates and the appraised value, plus whether the project is acceptable to FHA. The other real factor is your monthly fee, because the financial assessment considers whether you can keep dues, taxes and insurance current.

My house east of the Intracoastal is worth about $1.5 million. What applies?

A HECM would stop calculating at $1,249,125 for 2026 regardless of the appraisal, leaving equity out of reach. Proprietary and jumbo reverse mortgages reaching up to $4 million are the relevant products at that value. They are not FHA insured, so the terms and protections are the lender's, and that difference is worth going through properly.

Does my building need a milestone inspection?

Only if it is three habitable storeys or more. Century Village Boca Raton has two, three and four storey buildings, so it varies within the community. Note also that 44% of Palm Beach municipal building officials did not submit 2025 inspection data to the state, so your association's own records are more reliable than any published summary.

Are Palm Beach insurance costs really over six thousand?

That is the county average with wind coverage in the state regulator's July 2026 report. Without wind it is $3,175. If you are in a condominium your own policy is likely lower because the association's master policy covers the structure and reaches you through monthly dues instead. Either way it is money going out, and a reverse mortgage requires insurance to stay in force for the life of the loan.

Can I get a reverse mortgage on a condo that is not FHA approved?

Not a HECM, unless you go through full project approval or Single-Unit Approval for your unit within FHA's concentration caps. A proprietary reverse mortgage does not require FHA project approval at all, which is often the practical route in older condominium communities. Check your building first at HUD's condominium search.

Talk to someone who works Palm Beach County

Whether you are in Century Village or east of the Intracoastal, the first call sorts out which product applies. Free, no obligation, and if a reverse mortgage is not the right answer for you we will say so. Hablamos Español.

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Sunshine State Home Loans, LLC. NMLS ID 1901827, Florida license MBR3278. We are not affiliated with, and are not acting on behalf of, HUD, FHA or any government agency. Proprietary and jumbo reverse mortgages are not FHA insured. Reverse mortgage proceeds are loan proceeds rather than income; consult a tax advisor about your situation. Borrowers remain responsible for property taxes, homeowners and flood insurance, association dues and property maintenance, and the loan may become due if those obligations are not met. This is not a commitment to lend.