A jumbo reverse mortgage may be a good option if you’re a homeowner aged 62 or older with a high-value home in California. These loans allow you to tap into your home’s equity without selling the property or making monthly mortgage payments.
At Standard Lenders, we offer jumbo reverse mortgages to qualified borrowers in California. Our mortgage experts will work with you to understand your financial goals and help you choose the best loan option for your unique needs.
A jumbo reverse mortgage can give seniors under age 62 access to millions of dollars. While reverse mortgages have a lot in common with traditional mortgages, there are significant differences. Let’s take a look at what a jumbo reverse mortgage is and how it can benefit you.
A jumbo reverse mortgage allows you to borrow a higher loan limit than those provided by the Federal Housing Administration (FHA) or Home Equity Conversion Mortgage (HECM). This program is solely offered by private lenders, not the government. As of 2021, the maximum claim amount for the HECM program is $822,375.
The standard requirements for this kind of mortgage are usually the same as basic reverse mortgage requirements:
Whether you’re getting a jumbo reverse mortgage in California or New York, the requirements will most likely be the same.
A jumbo reverse mortgage can benefit you in many ways. Let’s take a look at some of the common benefits below:
After ensuring you fully understand the terms, conditions, and the fine print before making a final decision, you absolutely should get one if you agree with everything. If you want to pay off current debt, need extra cash to enjoy your retirement, or want to remodel your home, it’s definitely worth considering getting a jumbo reverse mortgage.
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