✓ No FHA Approval Required
✓ Line of Credit Never Expires
✓ Available at Age 55
✓ Loans Up to $4 Million
Stuck in a hard money loan with a balloon payment coming? A reverse mortgage could be the exit strategy you need. If you are 55 or older, you may qualify to pay off your hard money loan balance with no monthly payments*. This program is available for Florida primary residences only.
*Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
Call (727) 244-7076 for Your Free Exit Options AnalysisNo obligation · No paperwork to get started · We take our time with you
Hard money loans were meant to be short-term solutions. They come with higher interest rates, monthly payments, and most importantly, balloon payments that can be substantial. If you are still holding a hard money loan, you may be asking yourself how to move forward.
Refinancing is one option, but it is not available to everyone. Traditional lenders will scrutinize your credit, income, and property condition. If your credit has taken a hit, if your income has declined, or if the property needs significant work, refinancing with a bank may be difficult or impossible.
The hard money loan was probably taken because traditional financing was not available to you at that time. That problem may still exist today, especially if you are between 55 and 62 years old, in which case you may have an option that did not exist before.
If you are facing a hard money loan balloon payment or escalating monthly payments, you have several potential exit strategies. The best option depends on your age, credit, income, home value, and equity position.
For Florida homeowners age 55 and older with a primary residence, a reverse mortgage may be your strongest exit option. Unlike traditional refinancing, a reverse mortgage is not based on your income or credit. It is based on your home value and your age. The proceeds could potentially pay off your hard money loan, your first mortgage, or other liens, and you would have no monthly payments* on the reverse mortgage itself.
This program is available for primary residences in Florida only. Investment properties and second homes are not eligible. Subject to property and borrower approval. Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
If you miss payments on a hard money loan, the situation escalates quickly. Hard money lenders are typically investors, not traditional banks. They are often more aggressive in enforcement and foreclosure action.
A missed payment can trigger a notice of default. Subsequent missed payments lead to foreclosure proceedings. Hard money lenders may file for foreclosure faster than traditional lenders because they have more to lose relative to the amount loaned.
Foreclosure destroys your credit, forces the sale of your home, eliminates any equity you have built, and can result in a deficiency judgment against you if the home sells for less than what you owe.
The time to act is now, before you miss a payment. If your hard money loan balloon payment is approaching or your monthly payments are becoming unmanageable, explore your exit options immediately. A reverse mortgage could keep your home and eliminate those monthly obligations if you are eligible.
"Hard money balloon payments can devastate your finances if you have not planned for them. Exploring a reverse mortgage exit strategy is critical if you own a home with significant equity and you are 55 or older."
If you are a Florida homeowner age 55 and older stuck in a hard money loan, a reverse mortgage may offer the cleanest, fastest exit option available to you. Here is why.
Hard money loans were taken because conventional banks said no. Bank refinancing would repeat that process. A reverse mortgage is based on your home equity and age, not your income or employment. You may qualify even if you are retired or your income has changed.
A hard money loan may have impacted your credit. A reverse mortgage is not a credit-based loan. As long as you have no FHA Title II delinquencies in the last 12 months and no unresolved property tax or insurance issues, you may be eligible regardless of your credit history.
The FHA reverse mortgage program requires age 62. Our proprietary reverse mortgage is available starting at age 55. If you are between 55 and 61 and facing a hard money loan crisis, you have an exit option that traditional lenders simply cannot offer.
If you have built significant equity in your home, a reverse mortgage could potentially pay off your hard money loan balance in full. The proceeds could also satisfy a first mortgage or other liens. You would own your home free and clear with no mortgage payments.
Unlike refinancing with a new loan, a reverse mortgage requires no monthly payments. You are not trading one monthly obligation for another. Your only ongoing obligations are property taxes, insurance, and HOA dues, which you would owe anyway.
*Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
Our proprietary reverse mortgage offers loan amounts up to $4 million for eligible Florida properties. This may be sufficient to pay off your hard money loan and any other liens on the property, giving you a fresh start.
Real reviews from Florida homeowners who trusted us with their exit strategy.
Can a hard money loan be refinanced?
Yes, hard money loans can often be refinanced, but options depend on your age, equity, credit, and current property value. If you are 55 or older with a primary residence, a reverse mortgage may be a strong exit option that can pay off the hard money loan balance without requiring monthly payments*. *Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
How do I get out of a hard money loan?
Several exit strategies exist. You may refinance with a conventional lender if your credit and income meet their requirements. You may sell the property. If you are 55 or older, have significant equity, and own a primary residence in Florida, a reverse mortgage could potentially pay off your hard money loan balance and eliminate monthly payments*. *Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
What happens if you cannot pay a hard money loan?
If you cannot make payments, the lender may initiate foreclosure proceedings to recover their investment. Acting quickly to explore exit strategies such as refinancing or a reverse mortgage if you may qualify is essential to avoid losing your property.
Is a reverse mortgage a good way to pay off a hard money loan?
A reverse mortgage may be a good exit option if you are 55 or older, own a primary residence in Florida, have significant home equity, and want to eliminate monthly payments*. The reverse mortgage proceeds could potentially pay off your hard money loan balance. We can prepare a free loan comparison showing your specific options. *Borrowers remain responsible for property taxes, homeowners insurance, HOA dues, and special assessments.
What is the minimum age for a reverse mortgage exit strategy?
Our proprietary reverse mortgage program is available starting at age 55, compared to age 62 for FHA HECM loans. This means Florida homeowners between 55 and 61 may have a reverse mortgage exit option that traditional lenders cannot offer.
How much money can I get from a reverse mortgage to exit a hard money loan?
The amount depends on your age, home value, current interest rates, and existing mortgage balance. Our proprietary reverse mortgage offers loan amounts up to $4 million. Contact us for a free loan comparison showing how much you could potentially access.
Can I use a reverse mortgage to exit a hard money loan on an investment property?
No. Reverse mortgages are available only for your primary residence in Florida. Investment properties, rental properties, and second homes are not eligible for this program. If you currently live in the property as your primary home, you may qualify. Contact us to discuss your specific situation.
No paperwork required to speak with us. We evaluate your specific situation at no cost and no obligation. Just an honest conversation about your hard money loan, your timeline, and your options. This program is available for Florida primary residences only.
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This program is available for primary residences in Florida only. Investment properties and second homes are not eligible. Please note: Borrowers are always responsible for the payment of property taxes, homeowners insurance, HOA dues, and any special assessments. Failure to meet these obligations may result in the loan becoming due and payable. This is not a commitment to lend. All loans are subject to credit and property approval.
This website is for informational purposes only and does not constitute financial, legal, or tax advice. Reverse mortgage products are subject to eligibility requirements, terms, and conditions. All loans are subject to credit approval. This material is not a commitment to lend. Sunshine State Home Loans is licensed to offer mortgage products in the state of Florida. Results vary based on individual circumstances. For complete program details, please contact us directly at (727) 244-7076.