Non-FHA proprietary or so-called “Jumbo” reverse mortgages are distinctly different from the better-known FHA insured reverse mortgage. “Jumbo” reverse mortgage guidelines sometimes allow for more flexibility, and their features tend to appeal to more affluent senior homeowners. The first difference is that unlike an FHA reverse mortgage, the lending limit for Jumbo reverse mortgages is higher, because the home covered by the loan is of higher value. That means a senior homeowner can qualify for much higher loan amounts above the FHA lending limit. You can also qualify for a “Jumbo” Reverse mortgage as early as age 55 in some areas… earlier than the minimum age for an FHA loan. But the younger you are, the less equity you’ll be able to borrow. Another benefit to owners of these higher valued homes, is that a reverse mortgage can help them build a more stable financial future. The extra cash flow that’s generated can help potentially slow the draw down from other investment accounts or avoid selling an asset prematurely because of a down market. Finally, unlike FHA reverse mortgages where payouts at closing are capped, “Jumbo” reverse mortgages typically allow all funds to be drawn as soon as the closing date. To find out more about the benefits of a “Jumbo” reverse mortgage, call us today.
Whiteboard Videos for Financial Advisors, Loan Officers and Reverse Mortgage
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