Jumbo Reverse Mortgage

Jumbo reverse mortgages are proprietary loans available to seniors with home values between $650,000 and 6 million. Although qualifying factors are similar to traditional HECM loans, jumbo reverse mortgage lenders require borrowers to have a minimum credit score of 700. In addition to credit history, a financial assessment is required to ensure borrowers are able to pay the properties homeowners insurance and taxes.

Jumbo Reverse Mortgage vs HECM
Interest rates on jumbo reverse mortgages are typically 1-2 percent higher than a HECM, and in most cases, borrowers are only allowed to access 25 percent of their homes equity. Since most jumbo products have a 25 percent lending limit, a borrower with a home value below $2.5 million will save money by going with the HECM.

Qualifying Requirements

Age: 62 or older only

Credit: Minimum score of 700

Appraised value: Two appraisals are required, however, the second appraisal is usually paid by the lender. The minimum appraised value is $500,000, and the maximum is $6,000,000.

Bankruptcy: None in the last 5 years.

Eligible Property Types: Primary residence only. Single family residence, townhouses and PUD (Planned Unit Development) are the only eligible property types.

Counseling: All borrowers must go through reverse mortgage counseling.

If you’re interested in a jumbo reverse mortgage please contact us directly at 1-888-210-8505, we’re more than happy to answer any questions you might have.

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