Private Label Jumbo Reverse Mortgages now provide added flexibility and options for Higher Valued Homes, non-FHA eligible properties, and other scenarios that may not be eligible for the government insured HECM Reverse Mortgages.
Program features include:
- Attractive Self-Insured rates with No Mortgage Insurance (MIP)
- Greater flexibility with higher valued homes to pay off mortgages, debt and access funds for retirement.
- Greater flexibility that allows homeowners to use loan proceeds to pay off installment and revolving credit card debt to qualify for the loan.
- Fixed rate program with loan amounts up to $6.5 million.
- Attractive option for condominiums that are not FHA approved.
- Easy qualifying designed to mirror the HECM Reverse for retirees and seniors.
- 2 Unit owner occupied allowed.
- Irrevocable trusts allowed that meet program guidelines.
- New rate options introduced for higher risk loans whereby homeowners can pay up for higher principal limit access.
The Jumbo Reverse has evolved in the past several years from a high cost rigid program to an innovative formidable contender taking center stage as an attractive back up to the HECM Reverse. This allows us to provide a much broader array of options and eligibility to help our customers when combined with the HECM Reverse.