5 New Jumbo Reverse Mortgage Options for 2019

  

New Jumbo Reverse Mortgage Options for 2019


Home owners have 5 new jumbo reverse mortgage options for 2019.

In the Spring of 2018, homeowners with considerable equity, and homes worth over $900,000 had one jumbo reverse mortgage choice: a fixed rate loan that required all proceeds be distributed at closing. Many homeowners didn’t want all that cash on day one.

Many new jumbo reverse mortgage options were introduced in the later part of 2018. All offered larger loan amounts, i.e., more cash out. 

New innovations include a fixed-rate 5-yr delayed disbursement loan, a jumbo line of credit loan, a jumbo second mortgage without a monthly payment, and a fixed-rate loan for those as young as age 60. 

Never before have high-net-worth home owners had so many home equity solution choices.




To learn more, click here.

Kent Kopen,
Certified Reverse Mortgage Professional
Toll free: (800) 208-1252




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12-17-2018 11:07

The government-insured FHA reverse mortgage limits the value of the appraisal to what is called its National Lending Limit. HUD raised that limit on December 14, 2018 to $726,525. If a house is worth $800,000 or less, the homeowner can get more with the FHA reverse.

If a house is worth more than $900,000, the homeowner can access more wealth with a jumbo reverse mortgage.