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.
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This means that reverse mortgage lenders establish their own terms and fees. They can therefore charge higher interest rates, have bigger upfront fees, and provide you with far more money than the federally insured lenders. These types of reverse mortgages are often called jumbo reverse mortgages.
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Harness the power of your home’s unlocked equity. Our proprietary suite of HomeSafe reverse mortgage products, including standard and jumbo reverse mortgage loans, can provide you with the financial footing to pursue a retirement path that is right for you.
Finally, most jumbo reverse mortgage lenders offer borrower protection very similar to the FHA guidelines for traditional loans of this type. Make it a point to ask about lender policies for allowing a spouse or partner to remain on the property if the borrower dies or goes into a senior care facility .
Reverse Helpline is not acting as a lender or broker. The information provided by you to Reverse Helpline is not an application for a reverse mortgage loan, nor is it used to pre-qualify you with any lender. Use our reverse mortgage calculator to estimate the funds you may qualify for through a reverse mortgage.
In order to find the best jumbo reverse mortgages, we looked at interest rates, lender's reputation, and loan conditions.
1st Reverse Financial Services announced yesterday that it will start taking applications for its new jumbo reverse mortgage product starting march 25, 2009. The FLEX-XL will initially be available.
Jumbo reverse mortgages are a fixed-rate alternative to the FHA insured reverse mortgage programs. These often offer higher loan amounts, for homeowners whose home is valued at $500,000 or higher. If you have questions, contact Trinity Reverse Mortgage in California for more information.
Reverse Mortgage Lenders Network has released their jumbo reverse mortgage product to their wholesale brokers. Back in May BNY Mortgage released the first fixed rate jumbo reverse mortgage product but.