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NEW Reverse Mortgage for High Value Homes

Standard - by - September 3, 2014 - 2 Comments

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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2 thoughts on “NEW Reverse Mortgage for High Value Homes”

  1. William says:
    September 16, 2014 at 6:09 am

    I have a new manufactured home. I paid 70.000 down and owe approximately 50.000Very nice and tied down to concrete runners.2×4’on 16 inch centers inside the house. Very nice. Do you do a reverse on manufactured homes?

    Reply
    1. admin says:
      September 16, 2014 at 7:44 am

      We have done quite a few reverse mortgages on manufactured homes. In fact we have helped a couple purchase a manufactured home with a Reverse Mortgage for Purchase. Give us a call and we will go over the details. Thank you for commenting on Funds4Seniors.com

      Reply

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