Delray Beach Reverse Mortgage

Delray Beach is 28.0% aged 65 or older, the highest share of the four southeast Florida cities we cover and well above Palm Beach County's 26.1%. The median owner-occupied home is worth $420,300 and the median sale price across all types was $545,000 in the three months to May 2026.

Dominating the senior market here is Kings Point, roughly 7,200 condominium units built between 1973 and 1985, age restricted to 55 and over, with fees from about $185 to $705 a month. What makes Kings Point different from the Century Villages up the road is its height, and that turns out to matter a great deal.

Delray Beach 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 Kings Point advantage, and how to check it

Florida's milestone inspection and structural integrity reserve study requirements apply to condominium and cooperative buildings of three habitable storeys or more. Kings Point is described as one and two storey product.

If that holds for your building, it sits outside the state milestone and reserve study requirements entirely. No milestone deadline, no structural integrity reserve study, and none of the special assessment exposure that has been reshaping condominium values across southeast Florida since 2022. In a county where the state itself is missing 44% of its 2025 municipal inspection data, being outside the regime altogether is a genuinely strong position.

Note also that being outside the state milestone rules does not remove the ordinary obligations. Reserves still have to be funded, roofs still fail, and Palm Beach insurance still averaged $6,323 a year with wind coverage. A community can face a large assessment without any inspection statute being involved.

What actually decides a Kings Point file

With the inspection question likely off the table, three things remain.

FHA project approval. A HECM can only be written on a condominium in a project acceptable to FHA under 24 CFR 206.51. Check yours at HUD's condominium search. Expired is common and just means the approval lapsed. Where a project is not approved the routes are full approval, Single-Unit Approval within FHA's concentration caps, or a proprietary reverse mortgage.

The monthly fee. At $185 to $705 a month the range is wide, and a HECM financial assessment considers whether you can keep dues, taxes and insurance current. At the top of that range a lender may require a set-aside from the loan to cover property charges.

The value. Kings Point units sit far below the FHA ceiling, so the federally insured programme applies, with the FHA mortgage insurance and non-recourse protection that come with it. That is the better product, and here you get to use it.

Outside Kings Point

Delray Beach beyond the 55 plus communities is a different market. A citywide median sale price of $545,000 sits comfortably inside the FHA limit, so the federal programme still applies for most properties. East of the Intracoastal and along the ocean, individual properties do cross the $1,249,125 ceiling, and for those a proprietary or jumbo reverse mortgage reaching up to $4 million becomes relevant.

For single-family homes in an HOA rather than a condominium association, the whole condominium framework falls away: no FHA project approval requirement, no milestone inspection, no reserve study. The questions become the ordinary ones about age, equity, roof condition and whether you can keep taxes and insurance current.

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. Consolidated Credit Solutions in Fort Lauderdale counsels in English and Spanish at (800) 435-2261.

Confirm any of these through HUD's counselor search or by calling (800) 569-4287, since the roster changes.

Questions we get from Delray Beach homeowners

Is Kings Point really outside the milestone inspection rules?

Probably, and it depends on your specific building. Florida's milestone and reserve study requirements apply at three habitable storeys or more, and Kings Point is described as one and two storey product. If that holds for your building it sits outside the regime entirely. Confirm with your association or the city building department rather than taking a published description as gospel.

So there is no assessment risk at all?

That is not what it means. Being outside the inspection statutes removes one specific driver of assessments. Reserves still have to be funded, roofs still reach the end of their life, and insurance across Palm Beach County averaged $6,323 a year with wind coverage. A community can face a significant assessment without any inspection law being involved.

My unit is worth about $180,000. Is a reverse mortgage worth it?

That depends on what the money is for and the age of the youngest borrower, not on the value alone. Values here sit well inside the FHA programme so the insured product applies with its protections. The honest answer needs your numbers, and if it does not make sense we will tell you.

We are in a single-family home, not a condo. Is it simpler?

Considerably. No FHA project approval requirement, no milestone inspection, no structural reserve study. The questions become age, equity, roof condition at appraisal and whether taxes and insurance can be kept current. Most single-family reverse mortgages in Delray are straightforward.

How high can Delray values go before the FHA limit matters?

The 2026 ceiling is $1,249,125. The citywide median sale price of $545,000 is well below it, but properties east of the Intracoastal and along the ocean do cross it individually. For those a proprietary or jumbo reverse mortgage reaching up to $4 million becomes the relevant product.

Talk to someone who works Delray

If you are in Kings Point, the building height question is the first one we settle. 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.