Jumbo Reverse Mortgage Loans
Jumbo Reverse Mortgage Loans
Utilize the Power of Your Home's Equity
Utilize the Power of Your Home's Equity
What’s your vision of the ultimate retirement? The freedom to travel and pursue new adventures? Turning a hobby into a small business? Optimizing your portfolio and investments? Right-sizing to the perfect home with no mortgage payments?*
Jumbo Reverse Mortgages provide seniors 60+ with high property values the benefit of accessing their equity without a required monthly mortgage payment (property taxes and insurance are still required). The loan includes many of the same features as the FHA insured Reverse Mortgage. However, JUMBO Reverse Mortgages allow access to higher loans amounts beyond the traditional FHA Reverse Mortgage:
Take a look at this scenario:
Let’s say you are 68
and have a home
valued at $1.25 Million
You are paying costly monthly principal and interest payments on your mortgage.
Ideally, you would like to retire
and pay off your mortgage
to reduce expenses
However, you don’t want
to tap into your
investment accounts.
The HomeSafe Jumbo Reverse Solution:
Realizing that your
home is an untapped
asset, you use a
HomeSafe reverse mortgage
The reverse mortgage replaces your existing mortgage. Monthly mortgage, principal, and interest payments are no longer required.*
Additionally, you plan
to take out a lump sum
for whatever you
want to use it for.
This way, you can
leave your retirement accounts intact so they can
continue generating income.
Illustration is for educational purposes only.
The JUMBO Reverse Mortgage is very customizable with a variety of options and features. We look forward to assisting you here at Solve Lending & Realty and customizing a loan program for your unique situation and retirement needs.
This material is not from HUD or FHA and has not been approved by HUD or any government agency.
*The borrower must meet all loan obligations, including living in the property as the principal residence and paying property charges, including property taxes, fees, hazard insurance. The borrower must maintain the home. If the borrower does not meet these loan obligations, then the loan will need to be repaid.
**Not tax advice. Please consult a tax professional.
When the loan is due and payable, some or all of the equity in the property that is the subject of the reverse mortgage no longer belongs to borrowers, who may need to sell the home or otherwise repay the loan with interest from other proceeds. The lender may charge an origination fee, mortgage insurance premium, closing costs and servicing fees (added to the balance of the loan). The balance of the loan grows over time and the lender charges interest on the balance. Borrowers are responsible for paying property taxes, homeowner’s insurance, maintenance, and related taxes (which may be substantial). We do not establish an escrow account for disbursements of these payments. A set-aside account can be set up to pay taxes and insurance and may be required in some cases. Borrowers must occupy home as their primary residence and pay for ongoing maintenance; otherwise, the loan becomes due and payable. The loan also becomes due and payable (and the property may be subject to a tax lien, other encumbrance, or foreclosure) when the last borrower, or eligible non-borrowing surviving spouse, dies, sells the home, permanently moves out, defaults on taxes, insurance payments, or maintenance, or does not otherwise comply with the loan terms. Interest is not tax-deductible until the loan is partially or fully repaid.
Company NMLS ID: 2013271
www.nmlsconsumeraccess.org
California - DFPI ID: 60DBO-153595
https://docqnet.dfpi.ca.gov/LicenseSearch/LicenseDetails
Equal Lender Opportunity
Equal Housing Opportunity
Company DRE ID: 02123993
www2.dre.ca.gov/PublicASP/pplinfo.asp
For information purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
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