Why Apply for a Jumbo Reverse Loan from American Senior?
Jumbo Reverse Mortgages provide qualified seniors* 55+ with high property values the ability of accessing 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 loans 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.
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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
- 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
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 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.