Mortgage rates have ticked up slightly since last week, but Florida’s housing inventory is booming and prices remain softer than a year ago. If you’re a homeowner aged 62 or older, today’s market isn’t just for buyers – it’s your chance to tap into your home’s equity while rates remain relatively moderate.

Market Snapshot

• Rates hold steady with a slight uptick: On September 25, NerdWallet reports the average 30‑year fixed mortgage at 6.42% APR and the 15‑year fixed at 5.79% APRnerdwallet.com. Adjustable‑rate mortgages remain elevated around 7.27% APRnerdwallet.com.
• Local bank rates: Fidelity Bank lists a 30‑year fixed rate of 6.25% (6.336% APR) and a 15‑year fixed at 6.00% (6.059% APR) for borrowers with excellent creditbankatfidelity.com.
• Florida & Sarasota dynamics: Active listings in Florida exceed 167,000, with months of supply above six in major metrosfingerlakes1.com. In Sarasota County, inventory is 34.6% higher than a year agomattleicht.com, and median prices remain roughly 13% below 2024 peaksmattleicht.com.

Program Spotlight: Reverse Mortgages & Second Homes

Not all financing is about purchasing your first house. If you’re 62 or older, a reverse mortgage allows you to convert home equity into tax-free cash or even finance a new primary home without monthly mortgage payments. Here’s how it works:

• Age & residence: You must be 62+ and occupy the home as your primary residence. Reverse mortgages are available for both purchases and refinances, allowing seniors to right-size into a Sarasota condo or age-in-place near family.
• No monthly mortgage payments: Instead of paying principal and interest, the loan balance grows over time while you access equity. You are still responsible for property taxes, insurance and maintenance.
• Flexible payout options: Choose between a lump sum, monthly payments, or a line of credit you can tap when needed. Many borrowers use reverse mortgages to supplement retirement income, fund health care costs, or purchase a smaller home closer to amenities.
• Second homes and foreign national programs: Not 62 yet? We also offer flexible second-home loans and financing for overseas buyers. These programs allow you to purchase a vacation home or help family abroad invest in Florida real estate.

Pro tip: A reverse mortgage isn’t one‑size‑fits‑all. Pair it with a HELOC or use sale proceeds from your current home to cover down payment on a new purchase. Our in-house team structures deals quickly and explains the long-term implications so you can make an informed decision.

Strategies to Act Now

1. Lock before rates climb further: Rates have risen five basis points since last weeknerdwallet.com. Secure a rate around 6.3% now and refinance later if they drop.
2. Explore equity extraction: Seniors can free up cash without selling via a reverse mortgage, while younger homeowners might tap a HELOC to fund renovations or investment property down payments.
3. Use Florida’s inventory to negotiate: With more homes on the market and longer days on market, sellers may pay closing costs or offer price reductionsfingerlakes1.com. This is especially advantageous for buyers financing second homes or investment properties.

Interactive Myth Buster

Myth: “If I take out a reverse mortgage, the bank owns my home.” Fact: You retain title and ownership; the lender simply places a lien on the property, just like a traditional mortgage. You can sell or refinance at any time. Would you consider a reverse mortgage to enhance retirement income or right-size your home? Reply Yes or No — let’s discuss your thoughts!

Pro Corner — For Realtors & Builders

• Target the 55+ market: Showcase how reverse mortgages can help seniors purchase new construction homes in active‑adult communities without monthly mortgage payments.
• Leverage second-home & foreign national financing: When marketing waterfront condos or golf-course villas, remind clients that Fairway Funding Group offers competitive second-home and foreign national programs, keeping deals alive that other lenders might decline.

CTA

Whether you’re a senior homeowner looking to unlock equity or a buyer eager to capitalize on Florida’s buyer-friendly market, Fairway Funding Group has the flexible solutions you need. Text/Call Patrick at 941‑400‑4436 or email patrick@ffgloans.com for your personalized plan. Equal Housing Lender.

No matter the market, opportunity is there if you know where to look — and Fairway Funding Group has the flexible solutions to help you seize it.