Jumbo Reverse Mortgage Loans
Owners of high value homes can receive up to $4,000,000 from a JUMBO reverse mortgage.
The exact amount of gross JUMBO reverse mortgage loan money you qualify for depends on all of these factors:
- Ages of all borrowers on title.
- Appraised home value.
- Type of home.
- Total of all liens, mortgages, lines of credit.
- A home owner financial assessment.
JUMBO reverse mortgage loan PROS
- Maximum cash Principal limit available is $4,000,000.
- No mortgage insurance premium costs, ever.
- No initial disbursement limitation. Home owners receive full cash amount at closing.
- Condominiums appraised at $500,000 or more do not require FHA approval.
- The interest rate is fixed for the life of the loan.
- There are no monthly payments, ever, and no pre-payment penalties, ever.
- The loan is not due to be paid back until you sell, move, or pass away.
JUMBO reverse mortgage loan CONS
- No JUMBO reverse mortgage credit line available.
- Home owners must agree to receive all cash at closing.
- The current interest rate is a higher fixed rate.
- Because there are no monthly payments, the interest charges compound and eat up a lot of home owner equity over time.
- Only owners with high value homes over one million benefit and qualify for more JUMBO reverse mortgage loan cash.