Jumbo Reverse Mortgages
It’s been quite some time since any investors expressed interest in the possibility of a Reverse loan that met the needs of “high end” properties, where the government insured FHA loan could not provide a benefit.
Generation Mortgage continued to offer their Jumbo program during the mortgage and Real Estate crash, but I personally found that whenever I needed a Jumbo quote, they never “penciled out”, usually due to a large mortgage on the existing property and very conservative loan-to-value ratios.
However, Urban Financial of America is rolling out the first new Jumbo program, effective September 2nd. and since their announcement, two other Reverse loan lenders are following suit.
As of this writing, I have no details on any of the programs, other than Urban’s will be a Fixed rate and allow more funds at the close of escrow than on the program offered by Generation Mortgage.
I assume that things are going to become very interesting among the lenders and very competitive. Which in the end benefits the borrower.
I will share the article in subsequent posts on this site and any additional details about the rates and fees as soon as I know more about them.