Jumbo Reverse Loans

Why Apply for a Jumbo Reverse Loan from American Senior Lending?

Jumbo Reverse Mortgages provides qualified seniors* 55+ with high property values the ability to access their equity without a required monthly mortgage payment (property taxes and insurance are still required). The loan includes many of the same features as the FHA-insured Reverse Mortgage. However, JUMBO Reverse Mortgages allow access to higher loan amounts beyond the traditional FHA Reverse Mortgage.

*The Jumbo Reverse Mortgage options have a minimum age requirement of 55 in all states, with the exception of WA in which the minimum age is 60, and UT, NC, and TX in which the minimum age requirement is 62.

“Why Have Over 1 Million Americans Chosen a Reverse Mortgage?”

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Grandfather and grandson having time to spend together as grandfather received a jumbo reverse mortgage.

Standard Uses of a Jumbo Reverse Mortgage

  • End current monthly mortgage payments to reduce monthly expenses or make optional monthly payments (property taxes and insurance are still required)

  • Access equity from the home for property repairs and upgrades

  • Obtain funds for various items such as future healthcare costs, paying- off other debts, rising expenses, future emergencies, etc.

  • Travel and enjoyment

  • Funds from your home’s equity are tax free (please consult your tax advisor)

Important Features of a Jumbo Reverse Mortgage

  • $0 Mortgage Insurance Premiums – eliminating MIP closing cost

  • Title still remains in your name as long as you live in the home, keep the home in good condition, pay your property taxes and insurance, and comply with the loan terms.

  • Heirs inheriting the home can either sell or refinance the property

  • Receive proceeds as an initial lump sum of funds, monthly payments sent to you over a set term or a Line of Credit (Select states apply. Please consult your Mortgage Loan Originator).

  • Homeowners may also elect to have future property taxes and homeowners insurance automatically paid from the Reverse Mortgage proceeds

Additional Features

  • Non-recourse loan. If the loan balance exceeds the value of the home in the future, your heirs will never owe more than the house is worth

  • Independent Reverse Mortgage counseling – added protection to insure you are fully aware of all the loan details

  • $0 Prepayment penalties
Family jogging down the beach near their home where they applied for a jumbo reverse mortgage

Let's Talk

We’d love to chat with you. The Jumbo Reverse Mortgage is very customizable with a variety of options and features. We look forward to assisting you here at American Senior Lending and customizing a loan program for your unique situation and retirement needs. Your American Dream is just getting started! Call us today to schedule your custom confidential evaluation.

Contact us at (866)343-0179 to get started.

Eric Ellsworth

EVP of Sales | NMLS #225143

Eric is a distinguished leader in the mortgage industry, with over 22 years of experience and 16 years focused on reverse mortgages for seniors. As Vice President of Consumer Direct at Reverse Mortgage Funding (RMF), he built and led a top-performing sales team of 90+ mortgage loan officers, securing RMF’s position as a top three lender and servicer monthly. Simultaneously, he co-led a retail team of 125+ outside originators, further expanding RMF’s market dominance.

Before RMF, Eric propelled Liberty Reverse Mortgage (formerly Genworth Financial) to the number one reverse mortgage retail lender in the nation by establishing a 100+ employee call center and managing 90+ nationwide loan originators.

Eric plays a pivotal role in marketing, enhancing referral partnerships, direct-to-consumer initiatives, and wholesale efforts through his leadership. His success is driven by data and performance tracking. Licensed in 11 states and a California Department of Real Estate Broker, Eric’s proven track record of leadership and innovation is poised to attract significant investment opportunities.