Skip links

Jumbo Reverse Mortgage

What is a Jumbo Reverse Mortgage?

Do you have a home value of more than $726,525, or a condominium that is not in an FHA approved HOA?

This program might be perfect for you 🙂

Jumbo reverse mortgage programs allow homeowners with home values over the FHA lending limit of $726,525 to reach their full potential in appraised value.

Very much like the HECM reverse mortgage these jumbo reverse mortgages also offer different programs, so each homeowner can choose their best jumbo reverse mortgage.

We will shed some insights into the jumbo reverse mortgage programs.

Jumbo Reverse Mortgage Limits

Let’s move the FHA lending limit to the side and discuss the limits for jumbo reverse mortgages.

Property appraised values can be used all the way up to $10,000,000 on some of the jumbo reverse mortgage programs.

Up to $5,000,000 for the starting principal limit. The principal limit is the maximum amount of money a homeowner qualifies to receive.

In terms of jumbo reverse mortgage limits a homeowner does not need a $10,000,000 home for this program to work.

Many homeowners with home values in the $1,000,000+ range find themselves having many more reverse mortgage options once factoring in the jumbo reverse mortgage programs.

We encourage you to contact a reverse mortgage advisor for our search to find out more about how these jumbo reverse mortgage limits and how they can help you.

Find only the best reverse mortgage for you

Jumbo Reverse Mortgage Rates and Fees

Homeowners can select from various fixed rate and even adjustable rate options.

Receive your available money as a lump sum or in a line of credit.

Or both.

The jumbo reverse mortgage programs are just as flexible as the HECM reverse mortgage programs.

Maybe even more so!

Jumbo Reverse Mortgage Fixed Rates

You can choose a fixed rate that remains fixed for life.

There is no ongoing mortgage insurance rate to add, so the initial interest rate is the all-in rate.

This eliminates the .50% that the HECM reverse mortgage requires.

Fixed rate jumbo reverse mortgage loans offer the available money as a lump sum or a monthly payout over a term of 5 years.

For the 5 year term payment the initial money that is available with the reverse mortgage will be evenly split into a monthly payment over the years.

This can be beneficial for homeowners who do not need a large payout all at once.

Jumbo Reverse Adjustable Rates

Adjustable rate jumbo reverse mortgages are relatively new.

Just like the fixed rate options there are no ongoing mortgage insurance rates.

This eliminates the .50% that the HECM reverse mortgage requires.

The benefit of being able to utilize a line of credit is one of the most popular aspects to the adjustable rate jumbo reverse mortgage program.

Homeowners can also access their funds as a lump sum, or a combo of both a line of credit and a lumps sum.

As of right now a monthly payout over 5 years is not available with the adjustable rate program

Jumbo Reverse Mortgage Fees

Just as we spoke about there being no ongoing mortgage insurance rate…

There is also not an initial mortgage insurance premium.

This can eliminate the $14,530.50 closing cost that would have been required for a home that appraises for $726,525 or more.

Appraisals and jumbo reverse mortgage counseling is required on all loans. These can be either paid upfront and out-of-pocket or financed in the reverse mortgage loan.

For options on how to handle these fees and any other associated with the jumbo reverse mortgage we encourage you to contact a reverse mortgage advisor from our search 🙂

Proprietary Reverse Mortgage for Condominiums

Condo owners might find that these proprietary reverse mortgage programs can help them out too.

When working with condo’s FHA requires that the HOA be pre-approved with FHA in order to qualify for a HECM reverse mortgage.

However, these proprietary reverse mortgages do not need the HOA to be approved with FHA to qualify.

Instead, they will use what is a called a spot condo affidavit. It is a questionnaire that the HOA provides, which allows the lender to qualify each condo on an individual basis.

There may be minimum home value requirements associated with some of these proprietary reverse mortgage programs.

Jumbo Reverse Mortgage Calculator

Now that you have a more detailed picture of the jumbo reverse mortgage you might be looking for a jumbo reverse mortgage calculator.

In our experience the online jumbo reverse mortgage calculators can show programs that may, or may not, be currently accessible.

We encourage you to use our reverse mortgage advisor search.

It allows you to see top reverse mortgage companies and advisors that work in your state and might even specialize in your county. feels this is the best way for you to start to review your jumbo reverse mortgage.

1 Star2 Stars3 Stars4 Stars5 Stars (11 votes, average: 5.00 out of 5)

Leave a comment