The Reverse Mortgage market has mostly had the standard HECM Reverse Mortgage option for the last 4 years. This has created a void for homeowners with homes between $625,000 and $2 Million. Until now. Urban Financial has recently created a flexible Jumbo product for this group. The Max payout on the HECM loan is just under $470,000 whereas the max payout on the new Jumbo loan is $2.25 Million There are other Jumbo products but the payouts are so low they don’t make sense over the HECM unless the home value is over $2,000,000. The minimum age for this product is still 62 years old. Homeowners can purchase a home with this product and it does allow for seller concesions on closing costs. There is no required MIP, which is the biggest cost to close a HECM reverse mortgage. The other great news is all of the available proceeds are available at closing, there is no 5 year dispersal as required by some HECM programs. these products are now available in California, Hawaii, Florida and New Jersey.
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