Estimated proceeds and how it works in Florida.
With a median home value around $400,000 in Florida, a homeowner age ~72 with no mortgage could access roughly $182,000 from a reverse mortgage after costs.
HECM proceeds rise with age and home value (capped at the HUD limit) and fall with any existing mortgage you must pay off. Run your exact numbers in the reverse mortgage calculator.
There are no monthly payments, but the balance grows over time (see the balance calculator). It is non-recourse, so you or your heirs never owe more than the home is worth. Compare with a HELOC.