Reverse Mortgage Jumbo
Quick Facts
HECM (Home Equity Conversion Mortgage) Loan – also known as a Reverse Mortgage – can be an important financial option for seniors, their family members, and financial professionals to consider as part of an overall retirement planning strategy or to help meet cash flow needs.
Over the Past 50+ years the Reverse Mortgage has positively grown in popularity and has developed into an intelligent option to increase the financial independence for homeowners 62 years of age or older.
Benefits
- No Monthly Mortgage Payment*
- Allows you to stay and age in the comfort of your home and maintain the title
- Turn your home's equity into cash that you can access
- The available funds from your Reverse Mortgage line of credit that are not used, is guaranteed to grow annually
- A Non-Recourse Loan since it’s Federally Insured by FHA (Federal Housing Administration)
Eligible Homes
- Single Family Residence
- Townhome
- 2-4 Unit Owner Occupied
- Manufactured Home that meets FHA requirements
- Condominiums as condos with FHA approval are also eligible.
Learn More
Please answer a few quick questions to receive a personalized quote
Disclaimer: The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid
HomeSafe – The Jumbo proprietary Reverse Mortgage
Introducing the powerful NEW HomeSafe® product options that allows you to maximize your homes equity. Homeowners age 62 or older who either own or are looking to purchase a property with maximum loan amounts up to $3 million can access more of their home equity.
HomeSafe offers these exceptional advantages over a Home Equity Conversion Mortgage (HECM) aka Reverse Mortgage.
- Loan amounts of up to $3 million—significantly higher than a HECM allows.
- No mortgage insurance premium.
- Condominiums appraised at $500,000 or more do not require FHA approval.
- No out-of-pocket funds required at closing. (Does not apply to Purchase.)
Why get a HomeSafe Jumbo Reverse Mortgage:
- When the value of your home exceeds $726,525 (FHA’s current Reverse Mortgage Max)
- Jumbo loan amounts that offers a competitive fixed interest rate and a lump-sum draw.
- also available as Home Equity Line of Credit (HELOC)
- As with traditional mortgages and HECMs, borrowers can use the proceeds to pay off existing mortgage debt, *eliminate monthly mortgage payments. and to pay for home improvements, medical bills, or in-home care expenses.
- You can also use the funds to buy a house or condo or to refinance an existing reverse mortgage to access a larger pool of funds.
Disclaimer: The HomeSafe® reverse mortgage is a proprietary product of Finance of America Reverse, LLC and is not affiliated with the Home Equity Conversion Mortgage (HECM) program. Not all HomeSafe® products are available in every state. Please contact us for a complete list of availability.”