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.