Miami is the hardest reverse mortgage market in Florida, and it is worth being straight about why. Two thirds of the housing here is not owner-occupied. The condo market is moving in the opposite direction to houses. And Miami-Dade runs its own building recertification programme that sits on top of the state inspection law rather than replacing it.
None of that makes a reverse mortgage impossible here. It means the answer depends on details that do not matter elsewhere in the state, and that anyone quoting you from a national call centre is unlikely to have asked about them.
Miami and Miami-Dade by the numbers
| Figure | Value | Source and period |
|---|---|---|
| Miami-Dade single-family median sale price | $685,000 | MIAMI REALTORS, July 2026, up 3.8% year over year |
| Miami-Dade condo and townhouse median | $400,000 | Same source, July 2026, down 1.5% year over year |
| Months of supply, single-family | 4.8 months | MIAMI REALTORS, July 2026. A seller's market |
| Months of supply, condo | 12.0 months | Same source and period. A buyer's market, and the widest gap in the state |
| Miami city median sale price | $649,646 | Redfin, June 2026, essentially flat year over year, with a median 116 days on market |
| Miami city residents aged 65 or older | 15.9% | US Census QuickFacts, ACS 2020-2024. Miami-Dade County is 18.3% |
| Miami city owner-occupancy rate | 30.8% | US Census QuickFacts, ACS 2020-2024. The lowest of any market we cover |
| Speak a language other than English at home | 77.2% | US Census QuickFacts, ACS 2020-2024 |
| Average home insurance premium, Miami-Dade | $5,975 per year | Florida Office of Insurance Regulation stability report, July 2026, data as of 31 March 2026. Premium with wind coverage, blending homeowners and condo unit owner policies |
| FHA HECM maximum claim amount | $1,249,125 | HUD Mortgagee Letter 2025-22, for 2026 case numbers |
Figures are as published by the cited sources as of August 2026 and will move. Nothing here is an offer of credit or a quote for your property.
Two inspection programmes, running at the same time
Most of Florida has one condominium inspection regime. Miami-Dade has two, and they are additive rather than alternatives.
The county recertification programme
Miami-Dade has required building recertification since long before the state got involved, under Section 8-11(f) of the county code, amended effective 1 June 2022 to sit alongside the new state law. Buildings from before 1982 continue on the original 40-year schedule. Coastal condominium and cooperative buildings of three storeys or more built after 1998 are recertified at 25 years. Other buildings built after 1993 at 30 years. Then every ten years. Owners have 90 days from notice to submit the report.
The state milestone inspection
Separately, Florida Statute 553.899 requires a milestone structural inspection of condominium and cooperative buildings of three habitable storeys or more, with the structural integrity reserve study alongside it.
Whether a state milestone report formally satisfies the county's structural portion is not something we will assert, because the county has not published a clear answer. Ask Miami-Dade Regulatory and Economic Resources directly rather than assuming one covers the other.
A twelve-month condo supply, and what it means for you
The single most telling number in this market: single-family homes have 4.8 months of supply while condominiums have 12.0. Houses are appreciating and condos are not, with the county condo median down 1.5% year on year while single-family rose 3.8%.
The reason is not mysterious. Inspection costs, reserve funding requirements and insurance have made older condominium units expensive to hold, and buyers have priced that in.
For a condo owner over 62 with substantial equity, that changes the calculation in a specific way. Selling into a twelve-month supply means competing with a great deal of inventory, often at a price shaped by the building's deferred maintenance rather than your unit's condition. A reverse mortgage is one of the ways to access equity without selling into that market. It is not the only one, and for some people selling is still right, but the market backdrop is a real part of the decision here rather than a talking point.
There is also a county programme worth knowing about. Miami-Dade has run a Condominium Special Assessment Program offering loans up to $50,000 to lower and moderate income condo owners facing recertification repair assessments. It was paused in August 2025 for restructuring, explicitly to serve senior residents better, with a relaunch targeted for 2026. We cannot confirm its current status, so check with the county before counting on it, but for some owners it is a better answer than borrowing against the home.
FHA approval, and the condominium reality
An FHA reverse mortgage can only be written on a condominium in a project acceptable to FHA under 24 CFR 206.51. In a county where condominiums dominate the housing stock, that single rule decides most cases.
Check your building at HUD's condominium search. Expired is common and just means the approval lapsed. Where the project is not approved the routes are full project approval, Single-Unit Approval for your unit within FHA's concentration caps, or a proprietary reverse mortgage where FHA approval does not apply.
Worth knowing about the Single-Unit route specifically: HUD applies an extra layer to HECMs under Mortgagee Letter 2019-17, requiring the borrower to meet the residual income standard without compensating factors and to show a satisfactory property charge payment history. It is a stricter test than a HECM in an approved building.
Counseling in Miami-Dade, in Spanish if you prefer
Federal rule 24 CFR 206.41 requires counseling with a HUD-approved agency independent of your lender before any HECM. In Miami-Dade the agency HUD lists for reverse mortgage counseling is Real Estate Education and Community Housing in Doral, at (786) 260-6821.
Nearby in Broward: Housing Foundation of America in Pembroke Pines at (954) 923-5001, Debt Management Credit Counseling in Fort Lauderdale at (866) 724-3328, and Consolidated Credit Solutions in Plantation at (800) 435-2261, which counsels in English and Spanish.
Given that 77.2% of Miami residents speak a language other than English at home, it is worth asking for counseling in the language you are most comfortable in. It is your money and your house, and understanding every term matters more than convenience. We speak Spanish here too.
Check the current roster at HUD's counselor search or call (800) 569-4287.
Questions we get from Miami homeowners
Does my building need both the county recertification and the state milestone inspection?
Potentially yes. Florida's milestone inspection law states it applies in addition to local requirements, and Miami-Dade's recertification programme under Section 8-11(f) predates it and covers electrical as well as structural. Whether the state report satisfies the county's structural portion is not something we will assert without the county confirming it. Ask Miami-Dade Regulatory and Economic Resources.
Condos are not selling here. Should I just wait?
That is a judgement rather than a technical question, but the data is worth knowing. Miami-Dade condominiums had 12 months of supply in July 2026 against 4.8 for houses, and the condo median fell 1.5% year over year while the single-family median rose 3.8%. If selling is the alternative, you would be selling into that. A reverse mortgage is one way to access equity without doing so.
Is there help with a special assessment other than borrowing?
Miami-Dade has run a Condominium Special Assessment Program offering loans up to $50,000 to lower and moderate income owners facing recertification repairs. It was paused in August 2025 for restructuring, with a relaunch targeted for 2026. We cannot confirm its current status, so check directly with the county. For some owners it is a better answer than a mortgage.
Can I do the counseling in Spanish?
Yes. HUD-approved agencies including Consolidated Credit Solutions counsel in English and Spanish, and given that 77.2% of Miami residents speak a language other than English at home, this is a normal request rather than a special accommodation. Understanding every term matters more than getting it done quickly.
My building is not FHA approved. What now?
Three routes: full project approval, FHA Single-Unit Approval for your unit within FHA's concentration caps, or a proprietary reverse mortgage where FHA approval does not apply. Note that the Single-Unit route carries a stricter HECM test under HUD Mortgagee Letter 2019-17, requiring the residual income standard to be met without compensating factors.
Talk to someone who works Miami-Dade
Hablamos Español, and in this county that is not a marketing line. 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.