Jumbo Reverse Mortgages for Higher-Value Homes
More of your home's value, working for you.
A jumbo reverse mortgage is a privately offered reverse mortgage designed for higher-value homes. It can make more of your equity available than a standard reverse mortgage, while you continue to live in and own your home.
For Higher-Value Homes
Beyond the federal limit.
The government-insured reverse mortgage caps how much of a home's value can be used. A jumbo reverse mortgage reaches past that cap, so more of the equity in a higher-value home can be put to work.
Earlier Eligibility
Options that may begin at 55.
Some jumbo reverse programs are available to homeowners as young as 55, depending on the state and the program.
Condominiums
Room for more types of homes.
Jumbo programs can make financing a condominium simpler, with requirements that are often more flexible than the government program's.
How Funds Are Received
A lump sum or a line of credit.
Funds can be received as a single lump sum or as a line of credit to draw from as needed, depending on the program.
Frequently Asked Questions About Jumbo Reverse Mortgages
What is a jumbo reverse mortgage?
A jumbo reverse mortgage is a reverse mortgage offered by private lenders for homes valued above the federal limit. It lets homeowners turn part of their equity into a lump sum or a line of credit, with no required monthly mortgage payment.
How is a jumbo reverse mortgage different from a HECM?
The main difference is who backs the loan. A HECM is insured by the federal government and limits how much home value can be used. A jumbo reverse mortgage is offered by private lenders, can use more of a higher-value home's equity, and does not include the government's mortgage insurance premiums.
Who is eligible for a jumbo reverse mortgage?
Eligibility depends on the program and the state. Many programs start at 62, and some are available to homeowners as young as 55.
How much can I borrow with a jumbo reverse mortgage?
It depends on the home's value, the age of the youngest borrower, current rates, and any existing mortgage. Because jumbo programs reach past the federal limit, they can make significantly more equity available for higher-value homes.
Is there mortgage insurance on a jumbo reverse mortgage?
Jumbo reverse mortgages do not include the government mortgage insurance premiums that come with a HECM. Other costs, such as interest and closing costs, still apply and are reviewed in full before you decide anything.
Do I still own my home with a jumbo reverse mortgage?
The title stays in your name, and you keep living in the home as long as you meet the loan requirements, including property taxes, insurance, and upkeep.
Can a jumbo reverse mortgage be used to buy a home?
Many jumbo reverse programs can be used to purchase a new home, allowing buyers to move without taking on a monthly mortgage payment. Property taxes, insurance, and upkeep still apply.
Is money from a jumbo reverse mortgage taxable?
Reverse mortgage proceeds are loan funds, so they are generally not treated as taxable income. A tax advisor can confirm how this applies to your situation.
Will my heirs owe more than the home is worth?
Jumbo reverse mortgages are typically non-recourse loans, which means heirs won't owe more than the home is worth when the loan is repaid.
Where does Julie Crittenden offer jumbo reverse mortgages?
Jumbo reverse programs vary by state. Julie Crittenden is licensed in California, Arizona, Colorado, Florida, Mississippi, Oklahoma, Tennessee, Washington, and Wisconsin, and can review which programs are available where you live.
