The Best Jumbo Reverse Mortgage
If your home is valued higher than the federal lending limits, a HECM loan may not be right for you. A jumbo reverse mortgage is a name for a variety of proprietary products offered by all the major reverse mortgage lenders. When you work with a reverse mortgage broker like South River Mortgage, we can shop for you to find the best jumbo reverse mortgage for your needs. Here’s what you need to know about a jumbo reverse mortgage.
How a Jumbo Reverse Mortgage Can Help Your Finances
At South River Mortgage, we specialize in all reverse mortgage options. A jumbo reverse mortgage and a proprietary reverse mortgage, however, are different from standard HECM loans. They’re based on the equity of your home and may make sense if your home value is greater than the federal lending limit for HECM loans.
For many seniors, you likely don’t plan on moving from your home again. As a result, you have likely accrued significant equity in your home. A jumbo reverse mortgage and a proprietary reverse mortgage can be used to gain access to those funds and cushion your wallet.
Seniors everywhere have been loving how using a jumbo reverse mortgage can unlock their financial freedom. It’s a loan that you never pay back in your lifetime unless you move or fail to meet your obligations like homeowners insurance and property taxes among others. Instead, your estate pays it back after you pass. It’s paid back through selling the home, primarily.
Seniors typically use a reverse mortgage to pay expenses, get out of debt, invest, and even to go on adventures.
Choose Us To Help With Your Proprietary Reverse Mortgage
We know that mortgages are scary. You can use our jumbo reverse mortgage calculator to help see how much you can receive. Our jumbo reverse mortgage calculator can also be used to determine if you qualify for one of our loans.
Start Your Application Today
The first step you should take is to use the jumbo reverse mortgage calculator to determine your eligibility. Give us a call to start your application or to find out more information about our reverse mortgages.