Jumbo Reverse Mortgages are available in California, Nevada, New York & multiple states
- This new proprietary, non-FHA Jumbo Reverse Mortgage called “HomeSafe,” is available in these states: · Arizona · California · Colorado · Connecticut · District of Columbia · Florida · Hawaii · Georgia· Idaho · Illinois · Louisiana · New Jersey · Oregon ·Pennsylvania · Rhode Island · South Carolina · Texas · Virginia · Washington · New York
- HomeSafe Select is currently only available in California (line of credit option)
- HomeSafe Second is available in California · Florida · Texas · South Carolina
- Maximum principal limit is $4 million
- No restriction to cash draw in first year
- “Equity Elite” by Reverse Mortgage Funding, LLC “RMF” available for borrower’s age 60 + in California, Nevada, Oregon, Washington, Montana, Arizona, Colorado, New Mexico, Illinois, Michigan, Ohio, Pennsylvania, New Jersey, Rhode Island, Connecticut, Virginia, South Carolina, Georgia & Florida. Equity Elite is available for age 62+ in Utah, Texas and North Carolina
- It has a fixed interest rate lump sum option and variable rate line of credit option (in limited states- HomeSafe option only) – call for detailed interest rate structure
- There is no mortgage insurance premium (mip)
- Non-FHA approved condos valued over $500,000 that pass the spot condo requirements will be eligible
- Available for Reverse Mortgage for Home Purchase
- New Construction is acceptable
- Reverse Mortgage Counseling is required.
- Financial Assessment must be completed.
- Call to have your scenario run through our Jumbo Reverse Mortgage Calculator
