A: Each month, the interest is added to your loan balance. You only repay the loan when you sell the house or when the loan becomes due (such as after you pass away).

A: This is a 1st lien position reverse mortgage available to primary homeowners 55+ that will tap into your homes equity for up to $4,000,000 in cash. The amount of cash available is much larger than the typical reverse mortgage such as the Home Equity Conversion Mortgage (HECM). This program is designed for homeowners with high home values.

A: The HECM Reverse Mortgage has a minimum age of 62 with a maximum HUD lending limit of $1,209,750. This program is FHA approved with mortgage insurance premiums. The Jumbo Reverse Mortgage has a minimum age of 55 with a maximum lending limit of $4000,000. This program is a proprietary program not insured by FHA with no mortgage insurance premiums. Both programs are non-recourse meaning that you will never owe more than the value of the home at the time of sale.

A: If title comes back clear and the property is located in an area with substantial available appraisers then it takes usually 30-45 days to complete. If the property value is over $2,000,000 then two appraisals may be required and this could take additional time. 

A: Yes, Jumbo loan programs now offer a line of credit option in addition to the original lump sum payout.

A: The loan is required to be paid back when one of the following happens:

– Last borrower passes away
– Borrower no longer uses the home as the primary residence
– Borrower sells or refinances the home
– Borrower does not meet the lender requirements