Page 3 - WSAAG081_Jumbo Booklet
P. 3
The Difference
HECM JUMBO
Age 62 or older Age 55 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 $970,800* $10 million
Top loan amount (% of $970,800*) Up to $4 million
Upfront and annual insurance premiums No mortgage insurance premiums
Non-recourse loan Non-recourse loan
Maintain home, pay property taxes, and Maintain home, pay property taxes, and
homeowners insurance homeowners insurance
*HECM loan principal is calculated as a percentage of appraised value or $970,800, whichever is less.
**The HomeSafe “Fixed” and “Flex” product options have a minimum age requirement of 55 in all states, with the exception of NY, and WA
in which the minimum age is 60, and UT, NC, and TX in which the minimum age requirement is 62.
