The Jumbo Reverse has clearly become an avid competitor in the Reverse Mortgage market with offerings of high loan limits, younger age thresholds, and higher equity access levels as compared to government insured options.
The Jumbo Reverse will allow borrower eligibility down to 55 years of age versus the 62 mandatory limit for the HECM government insured reverse mortgage. This opens up a huge market for potential equity access as homeowners look to retire.
The Jumbo Reverse, due to its proprietary nature, is not shackled with high-cost insurance (MIP or Mortgage Insurance Premium) or lower value limits that are associated with the government insurance HECM Reverse (home equity conversation mortgage). This is a nice fit for higher valued properties and multi-million-dollar loan requests for people that do not wish to downsize and prefer to stay in their homes.
Lastly, the Jumbo Reverse has been offering principal limit, or otherwise known as equity access, levels as much as ten percent higher with no first-year restrictions over the HECM with many scenarios lately.
Today’s Jumbo Reverse is my favorite and should be considered for younger homeowners, those with higher valued homes looking for a long-term plan to stay and those generally seeking cash equity access at higher levels than traditional government insured mortgages. Based on today’s assessment, the Jumbo Reverse has evolved into the strongest horse in the race.
George H. Omilan
President-CEO - NMLS# 873983
Jefferson Mortgage Group LLC
Located in Fairfax County - Helping seniors gain peace of mind with Reverse Mortgages and Jumbo Reverse Mortgages in Virginia, Florida and Pennsylvania.
Questions/Comments encouraged.
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