Jumbo Reverse Mortgage
Jumbo reverse mortgages offer more cash than a traditional HECM – up to $4,000,000 depending on your home’s value – with low costs. In contrast to HECMs, which are regulated by the government, jumbo loans can be much more flexible. Plus, jumbo loans compare favorably to a standard Home Equity Line of Credit (HELOC), with more flexibility and no monthly mortgage payments required.
The recent increase in FHA lending limits means a federally insured and regulated HECM is available to more borrowers. But, if your home equity exceeds the current FHA HECM limit of $970,000, more cash could be available with a jumbo reverse mortgage. Jumbos are a particularly attractive option for those with condos that aren’t FHA approved.
There are any number of reasons you may want to supplement your cash flow without disturbing your invested retirement assets. Whatever you want out of life, your home equity can help you fund it – and a reverse mortgage can help you access it.