Jumbo Reverse Mortgages are proprietary reverse mortgage products for homeowners 62 years and older who own high valued homes. These programs cater to borrowers looking for higher loan limits, lower costs, and more flexibility.
Jumbo reverse mortgages can lend a significantly higher amount than the standard HECM allows. It has lower costs than the HECM reverse mortgage. A lump sum disbursement must be taken at closing.
No Mortgage Insurance: There is no mortgage insurance premium required on jumbo reverse mortgages.
Same Features & Safeguards: A Jumbo reverse mortgage still allows you to rid your monthly mortgage payment while living in and owning the home!
*However, just like a traditional loan, you must comply with all loan terms and continue to pay your property taxes, homeowners’ insurance, and maintenance costs. Failure to make these payments or comply with the loan terms will cause the loan to become due and payable and may result in foreclosure.
Jumbo Reverse Mortgages are also non-recourse loans, which means you can never owe more than the value of the home.
HUD Reverse Mortgage Counseling on these programs is required and can be taken over the phone or in person.
Curious about what a Jumbo reverse mortgage would do for you? If you own a highly valued property, it’s a powerful program. Call us. Let’s talk!