California Jumbo Reverse Mortgages

Jumbo Reverse Mortgages work much in the same way as the FHA HECM reverse mortgage. The major difference between the Jumbo Reverse Mortgage and a HECM, is that Jumbos are not insured by FHA, and the loan limit exceeds that of the FHA loan limit and Fannie Maes loan limit.

Often times you will hear these loans called propriatary loans. This is because each bank we work with has their own version of a Jumbo Reverse Mortgage, each one with its own advantages. By working with one of our Reverse mortgage specialists, we can help determine which Jumbo Reverse mortgage is right for you.

It is important to understand the fees with a Jumbo Reveres Mortgage vary from a HECM.

The borrower does not have to pay the FHA Mortgage insurance premium, and in some cases may even qualify for a Jumbo Reverse Mortgage with no Loan Origination Fee.

Make sure the Reverse Mortgage Specialist you work with, can offer more than one type of Jumbo Reverse Mortgage.

It is important to realize the rate for a Jumbo Reverse Mortgage is typically higher than that of a HECM. Since the loan is privately insured as opposed to FHA insured, the rates on Jumbos can be quite different from one lender to the next.

With a Jumbo Reverse Mortgage, you are not capped at the FHA lending Limit.

As with any Reverse Mortgage, the older someone is, the more they qualify for. This is great for people who have homes valued much higher than the current lending limit.

Most lenders of Jumbo Reverse Mortgages require you to be at least 62 years old, just like a HECM.

However, there are some banks that will allow you to apply for a Reverse Mortgage as early as 60 years old!