Is Florida Going Bust?! What HECM pros need to know - Skip to content

Is Florida Going Bust?! What HECM pros need to know


Has the Florida dream become a nightmare?


Our exclusive interview with Lorraine Geraci


Is Florida Getting Ready to Go Bust? Here’s what mortgage professionals should know.


A little less than four years ago Florida became a magnet state for Americans seeking lower taxes, more affordable housing, and a warmer climate. In the COVID and post-COVID era Florida was one of the nation’s most sought-after places to move. Fewer lock-down restrictions, a lower cost of living, and an improved quality of life for former city dwellers. In fact, Florida held 10 of U-Haul’s Top 25 Growth Cities of 2021. Florida’s population grew by over 200,000 residents from July 2020 to July 2021 and even more in 2022.


Today, Floridians are facing a host of challenges which in part include skyrocketing homeowners insurance premiums, surging property taxes, and record rent hikes. A dark cloud has begun to form over the Sunshine State. Will housing prices crash? How are retirees in the state being impacted? Will the homeowners’ insurance mess ever get sorted out?


For answers to these questions and to learn more about what’s happening we thought we’d get an update from the front lines. Please welcome Lorraine Geraci, a Florida resident reverse mortgage professional and corporate trainer. Thank you so much for joining us, Lorraine.

Leave your questions for Lorraine in the comments section below.




Editor in Chief:
As a prominent commentator and Editor in Chief at, Shannon Hicks has played a pivotal role in reshaping the conversation around reverse mortgages. His unique perspectives and deep understanding of the industry have not only educated countless readers but has also contributed to introducing practical strategies utilizing housing wealth with a reverse mortgage.
Shannon’s journey into the world of reverse mortgages began in 2002 as an originator and his prior work in the financial services industry. Shannon has been covering reverse mortgage news stories since 2008 when he launched the podcast HECMWorld Weekly. Later, in 2010 he began producing the weekly video series The Industry Leader Update and Friday’s Food for Thought.
Readers wishing to submit stories or interview requests can reach our team at:

Leave a Comment


  1. Shannon, great interview. Lorraine is a class act. Very Knowledgeable in the field of reverse mortgages. Condominiums that do not allow FHA loans, I believe are redlining. Maybe the laws will change one day soon.
    Michael Friedman

  2. As a Floridian homeowner for over 40 years now and a mortgage professional, I have lived through all the changes and challenges Lorraine highlighted, and I think her presentation was exactly right on the mark. Grat job.
    Prices now in the middle of the state are considerably lower than in south Florida such as the Miami and Ft. Lauderdale areas, and we are seeing more and more people moving north. The homeowner insurance prices are completely out of control and affects every owner regardless of whether you have made any claims. Many major insurance companies are not renewing policies and are no longer writing anything new. It is a very big issue for all of us.

  3. I have lived in Florida for about 23 years and have been in the industry for over 20 years now and this would be the perfect time for our clients to do a reverse mortgage but as Lorraine has said with the increasing costs of taxes, insurance, HOA fees and assessments and last but not least increasing rates, I find it more difficult to be able to help our clients out because everything has become more expensive and it makes it difficult to qualify for our programs.
    Lorraine is spot on!
    And as Dick said it is a very big issue for all of us.
    Thank you both for this commentary.

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