Here is the remainder of the article that discusses the new Jumbo Reverse loan option, with some suggestions on how it could be used.
Other Lenders are also coming out with their own proprietary products and it will be interesting to see how much they might differ from one another in pricing and in the interest rate. I’m sure that they will all be competitive to one another, which could be a benefit to the individual that is interested in this new reverse loan option.
‘HomeSafe does not carry a required mortgage insurance premium and is more flexible than a HECM, UFA notes, in that it offers seller concessions and lender credits in purchase transactions, and opens the option of a reverse mortgage to condo owners. Additionally, all of the loan proceeds are available upfront at closing.
“UFA has been a trusted resource for traditional HECM reverse mortgages for more than a decade,” McClellan said. “With HomeSafe, now we can meet the needs of even more consumers through a compelling and competitive proprietary reverse mortgage product.”
As of this week, the HomeSafe is available to qualifying borrowers in California, Florida, Hawaii and New Jersey; UFA plans to expand the product reach into additional states.
Urban is the first company to offer a new jumbo reverse mortgage in more than four years; the most recent jumbo introduction previously being the Generation Plus from Generation Mortgage. American Advisors Group has also stated publicly  it is working on development of a jumbo product, and Generation says it may update its product in the changing marketplace.
Written by Elizabeth Ecker September 2, 2014