Jumbo Reverse Mortgages
Jumbo
Reverse Mortgages
Jumbo reverse mortgages are designed for homeowners of higher valued properties that exceed the federal lending limit, helping them access a larger portion of their home's value.
Is a jumbo right for you?
- A higher valued property that exceeds the federal lending limit
- Significant equity in your home
- Typically age 55 or 60 and older
Features and benefits vary by the issuing bank and jumbo loan product chosen.
A Private Option
Tap into considerably more of your home's value
Today, the two most popular types of reverse mortgages are the Home Equity Conversion Mortgage, insured by the FHA, and jumbo or proprietary reverse mortgages. Jumbo reverse mortgages have returned in a big way, giving homeowners of higher valued properties a way to incorporate their home equity into retirement while tapping into considerably more of their home's value.
Typically, those over the age of 55 or 60 with significant equity in a higher valued home could be ideal candidates for a private jumbo reverse mortgage.
Get an AssessmentWhat makes a jumbo different
- A private or proprietary loan, with terms, conditions, and guarantees established by the lender
- Not insured by FHA
- No FHA mortgage insurance premium, one of the traditional HECM's most significant closing costs and ongoing charges
Features and benefits vary by the issuing bank and jumbo loan product chosen. Some lenders consider property values up to $10 million.
HECM or jumbo? Know the difference
Both let you tap into your home's equity with no required monthly payments. Costs, features, eligibility rules, insurance, and interest rates should all be considered.
HECM
- Insured by the Federal Housing Administration (FHA) and administered by HUD
- For qualified homeowners 62 and older
- FHA mortgage insurance premium is collected at closing and during the life of the loan
Jumbo
- A private or proprietary loan, with terms set by the lender
- Designed for higher valued properties that exceed the federal lending limit
- No FHA mortgage insurance premium
- No first year distribution limitations
Learn More About
Jumbo Reverse Mortgages
Contact me today to learn more or for an assessment of your unique situation.