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.
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.