Frequently asked JUMBO questions

Who qualifies?

All home owners on title must be 62 or older and occupy their home as their primary residence. Eligible property type: Single family residence only.

How much money do I qualify for?

That exact amount is determined by all of these factors: Age of borrowers, Appraised home value, location, existing mortgages and other liens, and credit score.

Can I use the money I receive anyway I want?

Yes, after all existing mortgages and other liens are paid in full. After that the balance of the JUMBO reverse mortgage money is yours to use without any strings attached. We suggest you spend it with caution and make it last a very long time.

Do I have to make any monthly payments?

No, that is the best part. There are no monthly re-payments required. The JUMBO reverse mortgage is not required to be repaid until the last borrower on title sells moves or dies and there is no pre-payment penalty for any partial payment or full repayment.

Who gets my house when I die?

Your heirs do. They choose to either sell or keep the house and pay off the reverse mortgage balance.

Who pays my property taxes & home owners insurance?

You do. You still own your house 100%. So you are required to pay your property taxes & insurance and stay current.

Are there any JUMBO reverse mortgage closing costs?

Yes, loan origination fee and other normal closings costs, appraisal, title insurance, notary, etc. The good news is there are no FHA mortgage insurance costs. That alone is a very big savings.