Jumbo reverse mortgages are a great option for homeowners with high real estate value, but many eligible people either don’t know what they are or how they differ from traditional Home Equity Conversion Mortgages. At Idaho Reverse Mortgages, we’ve compiled some of the most important things you need to know in order to get familiar with the benefits of jumbo reverse mortgages.
In Simple Terms
Basically, a jumbo reverse mortgage is a loan that allows homeowners that have a high property value to tap into a larger amount of their home equity and to defer their loan payments until they pass away. If you are currently at least 62 years-old, and your house has been appraised above the HECM limit of $726,625 and below 6 million dollars, then you may be able to qualify for one today! Don’t know where or how to start? Here at Idaho Reverse Mortgages, we will help you get the ball rolling.
Escape HECM Limits
Traditional HECM reverse mortgages from the Federal Housing Administration are designed with loan limits that only target low and medium value homes and are restricted through legislation, so anyone with a high-value home isn’t able to reap the benefits of the government product. However, when you use a jumbo reverse mortgage you are able to bypass this limiting legislation through private, licensed financial institutions. It is important to take advantage of this because through a jumbo reverse mortgage you could potentially tap into up to hundreds of thousands of dollars more than HECM loans would allow you to access.
Learn More From the Professionals
The process of getting a jumbo reverse mortgage is a big financial step to take, so it’s very important that you are well-advised going in. Seeking guidance from a professional that is able to explain more of the nitty-gritty details and answer any of your questions along the way will transform your experience from stressful and confusing to peaceful. Our Reverse Mortgage Specialist, Devin Farhner, is highly experienced in the mortgage industry and is more than prepared to help you through the process. To learn more about jumbo reverse mortgages and if one might be right for you, contact Devin and the Idaho Reverse Mortgages team today!