Jumbo Reverse Mortgages

Jumbo Reverse Mortgages

With the values of homes on the rise it makes good sense to investigate a Jumbo Reverse Mortgage. This type of reverse mortgage loan enables the borrower to access higher proceeds than the $970,800 max claim amount used with the current HECM loans. With values being higher the product gives you more proceeds in many cases the fees are considerably less than with a traditional HECM loan.affection-couple-daylight-1589865

The Jumbo Reverse Mortgage is not FHA-guaranteed – in other words, you do not have to pay a mortgage premium. This can be a significant savings

The age parameters are different than with a traditional reverse mortgage in that the age of consideration is 55 instead of 62.

There are both a line of credit and fixed rate/lump sum Jumbo reverse mortgages available.

The lending limit determined by the lenders is as hi as $6,000,000 and varies with the lender chosen. As a broker I can locate your best option for this loan type.

Jumbo Reverse Mortgages & Their Advantage

  • Available to borrowers as young as 55 in most states.
  • Loan amounts up to $6 million.
  • Ability to eliminate monthly mortgage payment.
  • Lower closing costs.
  • No up-front mortgage insurance premium.
  • Flexible options on proceeds including lump sum, term payments, and line of credit.

Whether you are in Boise, Post Falls, Caldwell, Coeur d’Alene, or Twin Falls, just with a short phone conversation you will be able to see exactly how this product may be the answer for you. It is very popular tight now and is worth investigating.

Jumbo reverse mortgages may be the right option if you have a higher-priced home that exceeds HECM loan limits. It is important to consult a qualified lender on your jumbo reverse mortgage options. At Covenant Reverse Mortgage, LLC, we understand there can be a bit of hesitation when it comes to jumbo reverse mortgages and are here to ensure you make the right choice for you.

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Contact Us

Covenant Reverse Mortgage, LLC
211 E Logan Street
Caldwell, ID 83605
This material is not from HUD or FHA and has not been approved by HUD or a government agency.
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When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.