Private Label Jumbo Reverse Mortgages now provide added flexibility and options for Higher Valued Homes, non-fha eligible properties, and other scenarios that may not be eligible for the government insured hecm Reverse Mortgages. Purchase a new residence with a Jumbo Reverse or stay in your existing residence and refinance with cash out and/or consolidate debt for more financial flexibility in.
All the Jumbo reverse mortgage products are interest only loans with NO monthly payments. The total closing costs on ALL the Jumbo reverse mortgage products are very LOW. The best Jumbo reverse mortgage loan feature is the loan is not due to be paid back until the last person on title sells, moves, or dies.
Proprietary Reverse Mortgage Loans Fortunately for homeowners in today’s market, homes valued up to $6 million may be eligible to access their home equity with loan proceeds topping out near $3 million through a jumbo reverse mortgage. Proprietary, or jumbo reverse mortgages, allow for significantly larger loan amounts than FHA.
Jumbo reverse mortgages don’t carry these insurance charges, but that doesn’t make a jumbo reverse mortgage a cheaper loan. Most jumbo reverse mortgage lenders will charge underwriting fees worth 1% to 2% of the house’s appraised value.
The Platinum Reverse Mortgage is a jumbo loan in that it will lend to much higher loan limits than the HUD Home Equity Conversion Mortgage (HECM or "Heck-um"), but it’s not just a jumbo loan because it has other welcome features as well.
As standard, reverse mortgage lenders charge borrowers a mortgage insurance premium (MIP) of 2% of the total house value, and they also charge 0.5% of the loan balance annually. Jumbo reverse mortgage loans are not subjected to these charges, but most lenders charge up to 2% of the home’s appraised value through underwriting services, making the loan a higher-priced venture.
Borrowers of proprietary reverse mortgages are increasingly becoming more closely aligned with the typical profile of a Home Equity Conversion Mortgage (HECM) borrower, through two very identifiable attributes: loan amounts that are in-line with those of a more traditional HECM, and the use of a loan’s proceeds to consolidate and pay off existing debt of [.]
Jumbo reverse mortgages – also known as proprietary reverse mortgages – are loans designed and offered by financial institutions that enable owners of high-value homes to access greater amounts of their home equity than is available from the government insured HECM reverse mortgages. And, these.
Get A Reverse Mortgage What Is An Hecm Loan FA requirements for home equity conversion mortgage (HECM) loans became effective in late April of 2015, requiring lenders to make an FA of the borrower’s ability to meet the required obligations.A reverse mortgage lets you borrow against your home’s equity so you get cash without selling your home. You can choose to receive a lump-sum payout, regular payments over time or a line of credit that allows you to take out money when you need it.
For a long time, there has been little secondary market appetite for jumbo reverse mortgages, which many may refer to as proprietary reverse mortgages. That has changed. We now have multiple products available for home values between $500,000 and $6,000,000, with exceptions being made on a case by case basis above the $6 million mark.