jumbo reverse loans
Need More Money from a Reverse Mortgage?
Since my previous posts, additional Reverse loan lenders are planning on releasing their own proprietary reverse loans and although I don’t have much in the way of details as of yet, I will know more tomorrow after attending a webinar on it via UFA.
I am not exactly excited about the Jumbo loan as of yet, until I see the details and how much they may allow a homeowner to receive. Previous Jumbo reverse loans were very conservative on the LTV ratio and I’m wondering if the newer ones will be any different.
Here is part of an article that discusses a few of the details on the Jumbo program from Urban Financial America, but at this time, I’m not hearing anything new in the description. Just the standard qualifications as far as the age of the borrower and the various ways one can use the funds.
Urban Releases More Detail on HomeSafe Jumbo Reverse Mortgage
Posted By Elizabeth Ecker On September 2, 2014 @ 5:11 pm In American Advisors Group,Generation Mortgage,Jumbo Products,News,Reverse Mortgage,Urban Financial of America | No Comments
After announcing  in August it would enter the proprietary reverse mortgage market, Urban Financial of America this week released additional detail around its HomeSafe jumbo reverse mortgage, now available in four states.
The HomeSafe, which UFA is rolling out this week, offers borrowers with high valued homes the opportunity to borrow up to $2.25 million in loan proceeds—compared to the maximum lump sum option under the Federal Housing Administration’s Home Equity Conversion Mortgage (HECM) program of just shy of $470,000.
I will share the rest of this article in the next couple of days, as it’s too long for one post.
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.