Page 3 - WSAAG081_Jumbo Booklet
P. 3
The Difference
HECM JUMBO
Age 62 or older Age 60 or older*
Own your home Own your home
Requires substantial home equity Requires substantial home equity
Counseling required Counseling required
Financial assessment required Financial assessment required
Max claim amount of $765,600** $10 million
Top loan amount (% of $765,600**) Up to $4 million
Upfront and annual insurance premiums No mortgage insurance premiums
Non-recourse loan Non-recourse loan
Maintain home, pay property taxes Maintain home, pay property taxes
and homeowners insurance and homeowners insurance
*The HomeSafe “Fixed” and “Flex” product options have a minimum age requirement of 60 in all states, with the exception of UT and TX in which the minimum age requirement is 62. The HomeSafe
“Select” product option has a minimum age requirement of 62 for all states **FHA’s HECM lending limit as of January 2020. HECM loan principal is calculated as a percentage of appraised value or
$726,525, whichever is less.
