What is a Jumbo Reverse Mortgage?
Are you a high-value homeowner with substantial equity who’s interested in a reverse mortgage? JUMBO reverse mortgage loans offer borrowers greater access to home equity than the federally-insured HECM (home equity conversion mortgage) lending limit allows. The privately funded JUMBO reverse mortgage loan, also known as a proprietary reverse, provides more financially savvy borrowers an alternative to the standard HECM. A Jumbo Reverse Mortgage pays off your existing mortgage, should you have one, and allows you to access the home equity you’ve worked so hard to build. Any money left after paying off your existing mortgage is available to use as you see fit. Backed by private lending firms, a jumbo reverse mortgage offers high-value, equity-rich homeowners access to loan proceeds up to $4 million.
With some JUMBO proprietary products, a borrower may be as young as 55* years old, owning a high-value property with substantial equity, completing a thorough financial assessment, and attending a counseling session with a HUD-approved counselor. The loan amount that can be obtained is determined by factors such as the appraised value of the property, the borrower’s age, and current interest rates.
When approved, these eligible homeowners can convert a significant portion of their home’s equity into tax-free funds*. The loan proceeds can be received as a lump sum, a line of credit, or regular payments, providing borrowers with increased financial flexibility.*
At PRMG, we are committed to helping homeowners navigate the Jumbo Reverse Mortgage process. Our team of Home Mortgage Professionals will guide you through the application process, ensuring that you develop a customized solution that aligns with your financial and homeownership goals.
*Reverse mortgage is a mortgage loan and proceeds are not considered income. Consult your financial advisor.
*Age requirements may be higher than 55 years in certain states. Borrowers must be 60+ years-old in Louisiana, New Jersey, and Washington; and borrowers must be at least 62 years of age in Utah, Texas and North Carolina. Contact a PRMG Reverse Mortgage Professional for additional details about your state.
What are the Advantages of a JUMBO Reverse Mortgage?
Access the equity built in your home
Tap into a greater amount of your home’s equity, and gain access to additional financial resources.
Financial flexibility and freedom
Freedom to use funds for home improvements, healthcare expenses, or simply enjoying your retirement.
Benefit from Tax-free proceeds
Proceeds are typically tax-free, allowing borrowers to use their total funds far more effectively.
Personally Tailored loan amounts
align Your Loan to your unique financial requirements and the value of your property.
*Borrowers Subject to Financial Assessment Process
NO MONTHLY Mortgage Payments
Borrower must maintain financial liability for property taxes, insurance, HOA & COA fees, upkeep and maintenance.
CONTINUE LIVING in Your Home
Retain ownership of your home and continue living in it, providing stability and peace of mind.