Page 4 - WS_Jumbo Booklet

What is a jumbo reverse mortgage loan?

The jumbo reverse mortgage loan was created to help more
seniors find a way to convert their home equity into cash. With
it, Americans age 62 and older can unlock their home equity into
tax-free money without having to make any monthly mortgage
payments.* We recommend consulting your tax advisor when
researching a jumbo reverse mortgage loan.

A jumbo reverse mortgage is similar to a traditional HECM
reverse mortgage, only it’s not insured by the Federal Housing
Administration (FHA). This means that you can now take
advantage of loan amounts up to $4 million, a significantly higher
amount compared to a HECM reverse mortgage, which caps the
home value used to calculate your loan proceeds at $679,650.

*Borrowers are responsible for paying property taxes, homeowner’s
insurance, and for home maintenance.

$4M Jumbo Reverse Loan Limit

$509,737 HECM Loan Limit

Here’s how you can qualify:

3 To be eligible, the borrower on title must be 62 years or older
(a non-borrowing spouse may be under age 62).

3 The home must be the borrower’s primary residence.

3 The borrower must own the home and meet the financial
requirements of the jumbo reverse loan.

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