Florida Mortgage is a loan obtained to purchase or refinance real estate located in the state of Florida. It is typically secured by a lien on the property that has been purchased or refinanced. There are different types of Florida Mortgage products available, including conventional mortgages, jumbo mortgages, adjustable-rate mortgages, government-backed mortgages (FHA, VA and USDA), and reverse mortgages. Conventional mortgages are typically available in either a fixed or adjustable rate, and feature competitive interest rates and down payment requirements. Jumbo mortgages are larger loans available for more expensive properties. Adjustable-rate mortgages (ARM's) offer lower initial interest rates that can change over time. Government-backed mortgages are available for those who qualify, and feature lower interest rates and more lenient credit and income requirements. Reverse mortgages are available to homeowners aged 62 and up and allow them to access the equity in their home without having to make payments.