"Helping Secure Your Best Retirement"
Menu
"Helping Secure Your Best Retirement"
A jumbo reverse mortgage is an option designed for homeowners with high-value homes. It fills a void created by the lending limits of the Federal Housing Administration’s (FHA) Home Equity Conversion Mortgage (HECM) loan program. Since the HECM program has been designed to suit people with homes valued up to a set amount, it isn’t suitable for individuals with higher valued homes. However, with a Jumbo Reverse Mortgage, individuals with homes surpassing that limit can still leverage their home equity for cash.
Jumbo reverse mortgages are a type of Home Equity Conversion Mortgage that enables property owners aged 60 years and older to convert their home’s equity into cash without the need to sell the property. In comparison to traditional mortgages, reverse mortgages offer flexibility to homeowners as they do not have a mandatory monthly mortgage payment. You are still responsible to pay your property taxes and home owners insurance while you live in the the home.
There are several benefits of obtaining a jumbo reverse mortgage, including:
The amount you can borrow on a jumbo reverse mortgage is dependent on your home’s appraised value, your age, and available interest rate. Loan limits as high as 4 million.
It’s possible to refinance your HECM into a Jumbo reverse mortgage but it depends on the individual lender’s policies. If your home has appreciated in value over time and your loan availability size exceeds the HECM maximum loan limit, refinancing may be the best option.
Refinancing your existing HECM to a Jumbo Reverse Mortgage may significantly increase your borrowing power, giving you access to more cash when you need it, especially since the Jumbo loan has higher lending loan limits.
Let us know and one of our lending professionals will be happy to answer any of your questions.
Personal NMLS#126017
Company NMLS# 1842513
Reverse Mortgage Northwest
19324 69th Place West #7
Lynnwood, WA 98036
These materials are not from HUD, FHA, the USDA, or the VA. These materials were not approved by any government agency. They are independent of any government agency. We are not in any way affiliated with any organization listed or referenced within this website, including HUD/FHA/USDA/VA. The inclusion of various education, information, web links, or materials are not an endorsement of the Sender or any of its employees or business partners. For information directly from HUD/FHA, visit https://www.hud.gov/guidance For information directly from the VA, visit http://www.benefits.va.gov/HOMELOANS/ For information directly from the USDA, visit http://www.usda.gov/wps/portal/usda/usdahome?navid=GRANTS_LOANS