Jumbo Reverse Mortgage

A Jumbo Reverse Mortgage is a reverse mortgage designed for people whose home is worth 1.5 million or more. It has nice features like no 2% up front mortgage insurance fee because it is privately insured.  The down side is that the rate is an 8.875% fixed rate and it generally has a loan to value amount of about 35% or less depending on the age of the client. Still it is a good loan for those with a higher valued property who don’t want to be hampered by the FHA lending limit of $625,500.

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