Introduced March 2018, the new jumbo reverse mortgage allows homeowners with a primary residence valued at $800,000 plus to access more wealth than before. Three different rate options offer homeowners a balance between accessing and preserving house-based wealth.
The new jumbo reverse can also be used to buy a house without having a mortgage payment. The primary difference between the new jumbo and the FHA version is the jumbo loan amount goes up to $4 million. It can also be used for non-FHA approved condos.
Kent Kopen, Certified Reverse Mortgage Professional
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*If you qualify and your loan is approved, a HECM Reverse Mortgage must pay off your existing mortgage(s). With a HECM Reverse Mortgage, no monthly mortgage payment is required. Borrowers are responsible for paying property taxes and homeowner’s insurance (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must also occupy home as primary residence and pay for ongoing maintenance; otherwise the loan becomes due and payable. The loan becomes due and payable when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, or defaults on taxes and insurance payments, or does not comply with loan terms. Call 1-800-208-1252 to learn more. A Reverse Mortgage increases the principal mortgage loan amount and decreases home equity (it is a negative amortization loan). These materials are not from HUD or FHA and were not approved by HUD or a government agency. Loan proceeds are paid tax-free; consult your tax advisor. This presentation contains images that were used under a Creative Commons License. Click here to see the full list of images and attributions: https://app.contentsamurai.com/cc/135071. For licensing and disclosures: https://www.thereverseadvisor.com/licensing.
The Reverse Advisor : Jumbo Reverse Mortgage