money for retirement

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 [1] 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.

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