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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 benefitĀ  and qualify for more JUMBO reverse mortgage loan cash.

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