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    • Are All Reverse Mortgages HECMs?
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Jumbo Loans

A new option for owners of high-value homes!

Today the two most popular types of reverse mortgages on the market are the Home Equity Conversion Mortgages (Insured by the FHA), and Jumbo or proprietary reverse mortgages. While FHA Reverse Mortgages have been around for 30 years, jumbo reverse mortgages are a newer option for owners of a higher-value property, gaining prominence over the last decade with flexible program choices.

The “jumbo reverse” is good news for today’s homeowners that have seen significant growth in value in recent years; homeowners of properties with values around $800,000 or higher often find this is the best way to incorporate their home equity into their retirement plan. Many Financial Planners recommend the jumbo reverse as a tool that allows their senior clients to tap into considerably more of their home’s value. A jumbo reverse mortgage is designed for homeowners of higher-valued properties that exceed the maximum value that FHA will consider when calculating a loan amount ($726,525), helping them access a larger portion of their home’s value. Those over the age of 60 with significant equity in a more expensive home are ideal candidates for a jumbo reverse mortgage.

What benefits make a jumbo reverse different?

While jumbo reverse mortgages have many similarities to the FHA reverse, they are unique for a number of reasons. One of the most notable benefits is that many jumbo reverse mortgages offer loan amounts as high as $4 million. In addition, property values are considered up to $10 million when calculating loan amounts.  Another advantage of the jumbo reverse is that these private mortgages do not charge the significant FHA insurance premiums that are required on FHA’s reverse, the Home Equity Conversion Mortgage. Traditionally one of the FHA reverse mortgage’s most significant closing costs and ongoing monthly charges.

A jumbo reverse mortgage is a private or proprietary loan which means the loans terms, conditions and guarantees are established by the lender versus the typical FHA insured reverse mortgage which is administered by HUD. In addition to not incurring the cost of mortgage insurance, today’s jumbo reverse mortgages are available with very low closing costs, even significantly lower than closing costs for the refinance of a traditional home loan. Some jumbo reverse programs have closing costs as low as $125.

Here are some of the features of today’s jumbo reverse mortgages (features and benefits vary by the issuing bank and jumbo loan that is chosen).

  • Loan amounts up to $4,000,000
  • Property Values up to $10,000,000
  • No first-year limits on how much cash you can draw
  • Flexible options for accessing your home equity:
    * Lump Sum of Cash to You at Closing
    * Monthly Payments to You for 12 to 60 months
    * Jumbo Reverse as a 2nd mortgage behind your current low rate 1st mortgage
    * Line of Credit
    * Combination of some of the Options above

Here are just a few of the unique ways other homeowners have used their

jumbo reverse mortgage:

-"Our Jumbo Reverse improved our cash flow by eliminating a required mortgage payment and improved our feeling of security with a sizable standby line of credit"

-"My grandchildren will be graduating from college with no student loans thanks to our Jumbo Reverse Mortgage"

-"With our Jumbo Reverse, we put a new roof on our home and updated the kitchen and bathrooms making our home more secure, comfortable...and valuable...while eliminating our required mortgage payment and all without taking on any new monthly payment”.

 

 

How Does It Work?
Learn how a reverse mortgage could provide you more cash.
How It Works
What Do Family Members Need To Know?
Get informed about how everyone is affected by a reverse mortgage.
Adult Children
How Much Can You Get?
Use our free calculator that will help you see how much you could qualify for.
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Is It Right For You?
Get the facts from a qualified reverse mortgage originator.
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NMLS#: 245923
NMLS Consumer Access
Certified Mortgage Advisor Affiliation

This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Kevin Walton
NMLS #245923
Phone: (805) 276-1942
C2 Reverse Mortgage Corporation

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Disclosures & Licensing

Kevin Walton, NMLS #245923 // C2 Financial Corporation NMLS #135622 
Kevin Walton DRE #, 01453270//C2 Financial Corporation DRE#, 01821025 
Corporate: 858-312-4900 // Mobile: 
805-276-1942 
kwaltonucf@verizon.net 

This licensee is performing acts for which a real estate license is required.  C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025: NMLS # 135622.  Loan approval is not guaranteed and is subject to lender review of information.  Loan is only approved when lender has issued approval in writing.  Specified rates may not be available for all borrowers.  Rate subject to change with market conditions.  C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.  The services referred to herein are not available to persons located outside the state of California. 

C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders.  C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA. 


 

C2 Financial Corporation corporate address: 10509 Vista Sorrento Parkway Ste. 200, San Diego, Ca. 92121

Ventura County, Los Angeles County, All of California

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  • About Me
    • About Me
    • Disclosures & Licensing
  • Reverse Mortgages
    • Are All Reverse Mortgages HECMs?
    • How It Works
    • FAQs
    • HECM For Purchase Guidelines
    • The Reverse Mortgage Process
    • Top 10 Reverse Mortgage Questions
    • Reverse Mortgage Myths
    • Reverse Mortgage Resources
    • FHA-Insured
    • Choosing a Loan Originator
    • Intro to Reverse Mortgages
    • History of Reverse Mortgages
  • Who We Help
    • Seniors
    • Adult Children
    • Special Advisors
  • Jumbo Loans
  • Professionals
    • Realtors
    • Silver Divorce Problem Solver
    • CFP's & Money Managers