San Diego Jumbo Reverse Mortgage Specialists

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What is a Jumbo Reverse Mortgage?

A Jumbo Reverse Mortgage is a specialty Reverse Mortgage loan for homeowners whose home value is appraised above the Home Equity Conversion Mortgage (HECM) limit of $1,089,300. You may also see this called a “Proprietary Reverse Mortgage”.

Specifically, this enables homeowners who have high-value homes the ability to access their equity. Jumbo Reverse Mortgages allow homeowners to borrow up to $4,000,000. The exact amount you can borrow varies depending on your age, the value of your home and how much you currently owe on your home.

If you have questions, we are always here to help in any way we can. Please give us a call today at 619-540-6420.

Why a Jumbo Reverse Mortgage?

A Jumbo Reverse Mortgage allows you to tap into more of your home’s equity. Because of a larger payout, it can provide comfort and financial peace of mind for retirees. It also provides opportunities to expand your wealth outside  of your home. If you live in a high-value area and want to access more of your equity, a Jumbo Reverse Mortgage can provide you with the freedom to enjoy your retirement.

According to Housingwire these are the top 10 reasons why seniors choose a jumbo reverse mortgage:

  1. To make home modifications or repairs
  2. To buy an investment property or a vacation home
  3. To help children purchase a property
  4. To provide children with an early inheritance
  5. To create college funds for grandchildren
  6. To establish a trust fund
  7. To cover in-home care costs
  8. To have more financial liquidity
  9. To maintain their current lifestyle
  10. To pay off other debts

Benefits of a Jumbo Reverse Mortgage

Accessing the maximum equity in your home is the main benefit of a Jumbo Reverse Mortgage.

Eliminate payments on a large mortgage balance – A Jumbo Reverse Mortgage enables borrowers to refinance hundreds of thousands of dollars or more on their current mortgage balance. This allows retirees to pay off their monthly mortgage payments while maintaining their lives in their current neighborhood.

Immediately Access Funds – Jumbo Reverse Mortgages allow borrowers to access their funds upfront right after the loan closes. Regular HECMs limit the amount of proceeds available to the borrower in the first year.

No Mortgage Insurance Premiums – Jumbo Reverse Mortgages are not FHA-insured and do not require upfront ongoing mortgage insurance premiums.

Fixed Interest Rates – Jumbo Reverse Mortgages are fixed-rate loans.