You may qualify for a
Jumbo Reverse Mortgage have become a significant financial security tool for senior homeowners. Jumbo reverse mortgages are often used in: debt reduction, estate planning, enhancement of lifestyle, and gifting. Jumbos are geared to home values greater than $450,000 and the new jumbo reverse mortgage give borrowers even more than before. You may opt for the no up-front fee and cap closing costs. To maximize available funds at closing you will also notice that the rate structure is the same as standard account. Standard industry safeguards to make sure that the loan matches the borrowers needs such as third party counseling to ensure the borrower understands the terms of the loan and 6% interest cap. A Reverse mortgage is also structured so the borrower retains title and will never owe more than their home is worth.
In short a Jumbo Reverse Mortgage is a loan that enables a borrower 62 years or older to borrow against the equity in their home. They keep title and make no monthly payments all without selling the property. proceeds can be taken out as a line of credit, lump sum payment, fixed monthly payment, or combination. As with standard reverse mortgages a jumbo reverse mortgage proceeds can be used for any purpose. The loan is only repaid when the borrower moves out of their home permanently. The repaid amount will never exceed the value of the home. Remaining equity is paid to the borrowers or the borrowers heirs or estate.