2024 Jumbo Reverse Mortgage Guide: Top Lenders, Rates & Loan Limits

April 10, 2024

As we enter 2024, the landscape of reverse mortgages continues to evolve, with jumbo reverse mortgages, also known as proprietary or private reverse mortgages, emerging as a significant component for homeowners with high-value or non-conforming/non-FHA insurable properties.

In this article, we will dissect the critical differences between jumbo and FHA-insured reverse mortgages, clarifying why and when a jumbo reverse mortgage could be the right choice for you. We will also dive into the key benefits alongside a balanced discussion of these loans’ potential risks and rewards.

Whether you are a homeowner, a financial advisor, or simply interested in the latest trends in mortgage finance, this article will equip you with the knowledge about the lenders, rates, and loan limits pertinent to 2024’s reverse mortgages.

In this article, you will learn:

Differences between jumbo/proprietary reverse mortgages (hereafter referred to solely as jumbo reverse mortgages) and FHA-insured reverse mortgages
Key benefits of a jumbo reverse mortgage
Risks and rewards of a jumbo reverse mortgage
History and current market outlook for jumbo reverse mortgages

Table of Contents

• What is a Jumbo Reverse Mortgage?

• Primary Advantage of a Jumbo Reverse Mortgage

• Key Differences Between Jumbo and FHA-Insured Reverse Mortgages

• Understanding Jumbo Reverse Mortgages

• 2024 Jumbo Reverse Mortgage Loan-To-Value Chart (LTV)

• Jumbo Reverse Mortgage Rates

• Pros & Cons of Jumbo Reverse Mortgages

• History and Current Market Outlook

• Jumbo FAQs

What is a Jumbo Reverse Mortgage?

A jumbo reverse mortgage is a type of reverse mortgage for homeowners with high-value properties or properties that may not conform to HUD/FHA insurance requirements. While traditional reverse mortgages are insured by the Federal Housing Administration (FHA, which is a division of the Department of Housing and Urban Development or HUD, so FHA and HUD will be used interchangeably) through its Home Equity Conversion Mortgage (HECM) program, jumbo reverse mortgages are not.

Instead, they are known as proprietary or Non-FHA reverse mortgages. The jumbo programs also have their own underwriting requirements, so that does not mean that any property that cannot be used for FHA financing can be used for the jumbo programs. The private programs set their own underwriting parameters, and therefore, they will accept many property, borrower, and loan scenarios that the FHA underwriting requirements may not accept.

Jumbo reverse mortgages offer loan amounts much higher than the FHA. The FHA program limits borrowers to a percentage of the HUD maximum lending limit or the appraised value, whichever is less, and the current lending limit is $1,149,825. Based on interest rates and the borrowers’ ages, with the FHA program, the actual loan amount maximum for borrowers is much less than the current maximum loan amount of $4,000,000 for jumbo programs. This means homeowners with more valuable homes can borrow more money than they could with a standard HECM loan that would be capped at a percentage of $1,149.825, even for properties with values that far exceed the FHA limit of $1,149,825.

These loans are designed for homeowners with higher home values, such as those in states like California, where property prices often exceed the national average. If your home is worth more than what an average HECM loan accommodates, a jumbo reverse mortgage could be a suitable option for you. However, we will also discuss some situations where the jumbo program might work best for borrowers with properties valued at or below the HECM limit due to borrower or property parameters.

Primary Advantage of a Jumbo Reverse Mortgage

The key benefit of a jumbo reverse mortgage is the ability to maximize loan proceeds for a home valued higher than the HUD maximum of $1,149,825. The exact percentages and figures will vary depending on several factors, including interest rates, borrowers’ ages, and home value.

Sometimes, homes valued slightly above the HUD limit will still benefit from the HECM program. However, many jumbos are available with loan amounts of $4 million or more (property values sometimes approaching $10,000,000) — a significant increase over the HECM lending limit of $1,149,825.

Key Differences Between Jumbo and FHA-Insured Reverse Mortgages

Compare Features	Jumbo Reverse Mortgage	HECM Reverse Mortgage
Borrower Minimum Age	55	62
Maximum Lending Limit	$4,000,000	$1,149,825
Eligible Properties	Single Family (SRF), FNMA warrantable Condo, Townhome, 1-4 Units.	Single Family (SRF), HUD Approved Condo, Townhome, 1-4 Units.
Lump Sum	100%	Limited*
Line of Credit	10 Year Draw Period	Lifetime
Line of Credit Growth Rate	Limited to 7 Years	Lifetime
Tenure Payment Plan	No	Yes
Low/No Closing Costs	Yes	No
Younger Spouse Protection	No	Yes
Use for Home Purchase	Yes	Yes

*HECM initial lump sum limits at loan closing, and within the first 12 months of closing, cannot exceed the greater of 60% of the Principal Limit or Mandatory obligations plus 10% of the Principal Limit.

Understanding Jumbo Reverse Mortgages

Several lenders offer jumbo reverse mortgages, and the details can vary between lenders. These are proprietary loans, meaning they do not need to follow the rules of the Department of Housing and Urban Development (HUD).

Jumbo reverse mortgages can offer unique features that FHA-insured Home Equity Conversion Mortgages (HECM) do not, such as:

Allowing borrowers who are younger than the HECM minimum age of 62 (where state laws permit)
Enabling the use of a Non-FHA-approved condo unit as collateral
Providing the option to take out the full loan amount as a lump sum at closing with fewer restrictions than HECMs

A key difference is that jumbo reverse mortgages do not require mortgage insurance premiums, which are a cost associated only with FHA-insured loans.

Despite these differences, jumbo reverse mortgages are similar to HECMs in many ways. They typically require reverse mortgage counseling and may offer various disbursement options, like a lump sum or a line of credit. These loans allow borrowers to access their home equity while continuing to live in their homes.

2024 Jumbo Reverse Mortgage Loan-To-Value Chart (LTV)

Borrower Age	Loan-to-value (9.625, 9.690% & 9.875%)	Loan-to-value (8.990%)
55	31.5%	26.5%
56	31.8%	26.8%
57	32.0%	27.0%
58	32.3%	27.3%
59	32.7%	27.7%
60	33.0%	28.0%
61	33.3%	28.3%
62	33.6%	28.6%
63	33.9%	28.9%
64	34.2%	29.3%
65	34.7%	29.7%
66	35.2%	30.2%
67	35.8%	30.8%
68	36.3%	31.3%
69	36.9%	31.9%
70	37.6%	32.6%
71	38.4%	33.4%
72	39.2%	34.2%
73	40.0%	35.0%
74	41.1%	36.1%
75	42.1%	37.1%
76	43.1%	38.1%
77	44.2%	39.2%
78	44.5%	39.5%
79	45.8%	40.8%
80	47.0%	42.0%
81	48.4%	43.4%
82	49.8%	44.8%
83	51.2%	46.2%
84	51.8%	46.8%
85	52.8%	47.8%
86	52.8%	47.8%
87 - 100	53.4%	48.4%

This chart reflects the relationship between a borrower's age and the percentage of home value that can be accessed through a jumbo reverse mortgage, as of March 16, 2024. To calculate your loan amount, divide your home's value by the LTV ratio. For example, if your home is valued at $2,000,000 and you are 75 years old, the LTV ratio would be 42.1%. This results in a loan amount of $842,000.

Jumbo Reverse Mortgage Rates

Fixed Rate	Adjustable Rate	Lending Limit
8.990% (9.075% APR)	11.485% (6.625 Margin)	$4,000,000
9.625% (10.146% APR)	11.610% (6.750 Margin)	$4,000,000
9.690% (9.775% APR)	11.735% (6.875 Margin)	$4,000,000
9.875% (10.407% APR)		$4,000,000

Fixed Rate Payment Options: Lump Sum
Jumbo APR Illustration: Scenario is for a 70 year old borrower in California with a $1,000,000 loan amount, includes standard 3rd party closing costs.
Adjustable-Rate Payment Options: Lump Sum or Line of Credit
Index: 12-Mo. CMT
Lifetime Cap: 5% Over Start Rate

Pros & Cons of Jumbo Reverse Mortgages

For those considering a jumbo reverse mortgage, there are some pros and cons – most of which apply to all reverse mortgage programs, private or FHA-insured.

Pros

Borrower protections. Jumbo reverse mortgages typically carry borrower protections similar to those offered under the HECM program, such as the non-recourse feature, which means the borrower will not owe more to repay the loan than the home’s value at the time of sale. Many jumbos offer non-borrowing spouse protections, as well. However, it’s important to ask the lender about the specific borrower protections and features offered on any programs you are researching since private loans may not necessarily include a specific feature that is important to you (i.e., the draw period we discussed earlier is only 10 years on the jumbo product).
Access to loan proceeds. While HECM loans restrict how much loan proceeds can be accessed upfront, jumbos do not have these same requirements and often allow immediate access to the full loan proceeds, depending on the loan terms.
Higher loan amounts. Jumbo reverse mortgages allow qualifying borrowers to access their loan amounts as they are available based on their full home value. For owners of high-valued homes, their loan is determined by their property value. They are not capped at a percentage of the HUD lending limit even though their property value far exceeds that lending limit.

Cons

Lack of FHA insurance. Reverse mortgage jumbos are still non-recourse loans, but since FHA does not insure them, they do not carry all the same borrower projections that HECMs do. It’s important to consult with trusted advisors and understand the loan terms and protections offered by your lender. This is also why draw periods are limited to 10 years (borrowers taking full draws or substantially full draws at closing eliminate this concern).
Impact on heirs’ inheritance. Like all reverse mortgages, jumbos allow borrowers to access their home equity while they remain in the home. By accessing and using this equity (especially earlier in the loan term), borrowers will pass less equity on to their heirs than they would without the reverse mortgage. However, it’s important to note that if the borrower passes away, any equity that remains after the loan is paid off can be passed on to the designated heirs.

History and Current Market Outlook

The jumbo reverse mortgage market has evolved and has been influenced by various factors. After the 2008 housing crash, many jumbo reverse mortgage products disappeared. However, several new jumbo products have been introduced in recent years, offering different rates, terms, and features, thanks to low interest rates and changes to the FHA lending limit.

If you are considering a jumbo reverse mortgage, comparing lenders about the specific terms they offer is essential. Important details include the maximum amount you can borrow, how you will receive the loan proceeds, and the protections available for non-borrowing spouses, if applicable. Understanding these factors will help you make an informed decision.

Jumbo FAQs

What is a jumbo reverse mortgage?

A jumbo reverse mortgage is a proprietary loan designed for homeowners seeking amounts larger than those provided by the federally insured Home Equity Conversion Mortgage (HECM). Unlike HECM loans, which only recognize home values up to the HUD lending limit of $1,149,825, jumbo reverse mortgages can accommodate property values as high as $10 million. This makes them attractive for individuals with high-value homes looking to leverage their equity.

What lenders offer jumbo reverse mortgages?

Many lenders and brokers throughout the US offer jumbo loan options. At All Reverse Mortgage Inc., we offer a multitude of HECM, Jumbo, and proprietary options to suit your individual needs.

What are the current interest rates on jumbo reverse mortgages?

Interest rates as of 5/22/2024 on jumbo reverse mortgages are as follows:

Fixed Rates: Range from 8.990% (9.075% APR) to 9.690% (9.775% APR)
Adjustable Rates: Range from 11.765% (6.625 Margin) to 12.015% (6.875 Margin)

All these rates come with a lending limit of $4,000,000.

How much can you get from a jumbo reverse mortgage?

The amount you can receive from a jumbo reverse mortgage depends on your age and your home’s value, according to the 2024 Jumbo Reverse Mortgage Loan-to-Value (LTV) Chart. The LTV percentage increases with age. For instance, if you are 75 years old and your home is valued at $2,000,000, the LTV ratio is 42.1%. Applying this ratio, you could be eligible for a loan amount of approximately $842,000. To find out how much you could get, multiply your home’s value by the LTV percentage corresponding to your age from the chart.

Can you get a jumbo reverse mortgage line of credit?

Yes. In 2024, Jumbo Products will experience two exciting expansions, including larger loan limits and the ability to utilize available proceeds as an open line of credit option. (Previously, only a single lump sum disbursement was permitted on jumbo loans.)

What is the difference between jumbo and proprietary loans?

“Jumbo” is a reference to a “large loan amount.” Where jumbo reverse mortgages are proprietary by nature, proprietary reverse mortgages are not necessarily jumbo. Some proprietary reverse mortgages are offered to home values as low as $450,000. In contrast, Jumbo programs usually benefit those high-valued homes more than the HUD lending limit of $1,149,825.

How long does it take to take out a jumbo reverse mortgage?

Most jumbo loans usually take 30 days. If you are in an area where appraisers are scarce or highly backed up, or if your value is over $2,000,000 requiring 2 appraisals, I would tell you to plan for 60 days at this time. Suppose we can get all the third-party services to act quickly. In that case, we can close much faster than this. Still, too many times, we have been held up by the lack of appraisers and the ability to have the services returned in less than 30 days and sometimes longer.

Will the lender pay the property tax and insurance with a jumbo reverse mortgage?

As the property owner, you are responsible for paying taxes and insurance on the home. Since there are no payments that you regularly make on a reverse mortgage, lenders cannot impound amounts monthly to pay the payments when they are due. The only way a lender could pay the taxes and insurance for borrowers on reverse mortgages is to set aside funds to cover these charges for life. HUD has a process to do this, but the Life Expectancy Set Aside (LESA) can amount to tens of thousands of dollars.

With a jumbo reverse mortgage, are the beneficiaries liable if the property is “underwater?”

Reverse mortgages are still non-recourse loans, jumbo, or HECM. The lender can only look to the property as their security for repayment of the debt.

Can you have more than one jumbo reverse mortgage?

No. You can only have one reverse mortgage at this time. The loan must be on the home you use as your primary residence. That would be determined by the home where you spend most of your time, the one to which your driver’s license is connected, all your banking accounts, where you are listed as living on your tax returns, etc.

Are jumbo reverse mortgage interest rates fixed for the life of the loan?

Like traditional loans, both fixed-rate and adjustable-rate reverse mortgage loans are available. Fixed-rate loans are fixed for life, and adjustable-rate loans will adjust their rates according to the loan terms.

Can I rent rooms privately, with a rental company, or Airbnb if we have a jumbo reverse mortgage?

Jumbo loans are private reverse mortgages and are not all subject to the same rules as the HUD HECM mortgage. Each investor who offers the loans makes their own rules; therefore, you need to verify the restrictions of your loan with your loan documents. Check the legal documents to see if this topic is covered and the restrictions. If you are still determining after reading everything, you can always contact the lender directly and request them to send you the specific document(s) that deal with any renters in your home while you live there, and you can always ask an attorney to review them. HUD is okay with renting a room month-to-month if the property is not used for transient occupancy (i.e., Airbnb rental).

Additional Resources:

Read my article published at Forbes.com, “The Evolution Of Jumbo Reverse Mortgages.”

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Have a Question About Reverse Mortgages?

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Post your question in the comments below and anticipate a personalized response from Mr. Branson himself, typically within one business day. He's here to illuminate all angles of reverse mortgages, ensuring you're equipped with the knowledge to make informed decisions. Take this opportunity to gain insights from a seasoned professional.

14 Comments on this Article

James D.
January 19th, 2023

Hello,

I'm about to turn 65 and my brother 55. We are both on the deed of our home currently worth approximately $3.8 million with no mortgage. My question is, at some point when we qualify age-wise for a jumbo loan, will it be possible to borrow again in, say, 10 years from the initial borrowing date if the home's value increases to about $6 million or more? Also, will we have to wait until my brother is 62 and I'm 72 before getting a jumbo?
Reply to James
- Michael Branson
  January 31st, 2023
  
  Hello James,
  
  You can always apply to borrow again even if you close a reverse mortgage now (refinance) if the value of the home warrants a new loan and you both qualify under the current terms available at that time. Jumbo lenders change their program requirements from time to time but there are some programs that allow for borrowers all the way down to age 55. Depending on how much money you owe on any current mortgages/liens, you may be able to get a jumbo loan with both of you on the loan now that meets your current needs. The ability to refinance the loan later to receive more money would depend on the current loan program parameters at that time and the interest rates available then.
  
  If you wanted the HUD HECM loan rather than a jumbo or proprietary reverse mortgage, you would need to wait until you are both at least 62 years old for both for you to be on the loan but with the jumbo or proprietary loans, the starting ages are set by the investors and are generally lower. Since HUD limits the maximum claim amount, the most value that would still increase the amount of money you would receive in the Principal Limit or Loan Amount is based on the current HUD maximum of $1,149,825. That does not mean your home of $3,800,000 would not qualify but it would receive no greater loan amount than a home valued at the maximum of $1,149,825 because any value more than that amount under HUD's program receives no additional benefit.
  You could wait until you are 62 for the HUD program but then your loan would be based on the HUD Maximum in effect at that time. There is no way to know at this time what HUD's limits would be in 7 years or what the interest rates would be, and both impact the formula that determines how much money borrowers receive on reverse mortgages (rates and markets also affect jumbo programs).
  Reply to Michael
Anita H.
July 15th, 2022

Hi Arlo,

Our reverse mortgage lender is requiring we come up with $25,000 instead of us getting any money on a jumbo reverse mortgage. Full time residence house appraised at $1,500,000 we owe $625.000. Rate fixed at 9.15%. Does this sound right? They started off saying we would get money, now we have to come up with money? Your opinion please? My age is 69.
Reply to Anita
- Michael Branson
  July 19th, 2022
  
  Hello Anita,
  
  I don't know when you received your first figures but this is the market in which we find ourselves for the jumbo or proprietary loans at this time. The current inflationary pressures have caused a sharp increase in rates, especially for fixed rate reverse mortgage loans (both the HUD HECM and the Jumbo programs).
  That pressure created an interruption in the appetite for the bonds backed by the jumbo reverse mortgages and the companies who originate and issue the bonds had to move quickly to adapt to the market. Many saw large losses on loans already closed.
  
  It was in March of this year when the market for this product began to become more and more volatile but the rates remained lower until June when the rates suddenly shot up. And with reverse mortgages, since borrowers receive less money on the loan when the rates are higher, with higher rates come lower loan amounts.
  When the rates shot to 9% or more in the middle of June, investors were forced to make changes to the loan programs which included loan to value reductions and that is why borrowers now receive less money than they did before this time (just the same as the borrowers of the HUD HECM reverse mortgages now receive less money with higher interest rates as well).
  
  When you comment that they started off saying you would get more money and now it is less, if the initial conversations you had with originators were prior to the interest rate increases and program changes, they would have been quoting you based on what the programs allowed at that time. Unfortunately, though, you were caught in the same predicament in which all borrowers now find themselves and since your loan was not closed before the programs changed, you would be subject to the program changes.
  
  And people need to realize that we may not be done with all the changes yet. Just two days ago, CNBC published an article saying traders were betting that the Fed could raise rates an additional 1% this month in their July 26-27 meeting.
  There is no way to know how much that may further adversely impact the interest rates for reverse mortgages (and all other loans too for that matter), but that is not typically good news for reverse mortgage borrowers because if rates rise still further, borrowers will receive even less in their loans.
  
  When you ask "does this sound right"? I would answer that it sounds terrible but unfortunately, it is the reality we are all living with during this time of extraordinary inflation. It doesn't sound good and thankfully these sorts of increases are not commonplace but your lender is not being deceitful if they originally advised you about current rates before about June 17th.
  Reply to Michael
Fran W.
February 15th, 2022

Hi Arlo,

My husband (age 62) and my sister (age 70 who does not live in the house) are borrowers and on the deed of our home. Our home was appraised for $1.4 million we owe $400,000. Is it possible to refinance the house into a reverse mortgage and remove my sister's name? Or do we have to refinance the house with a regular lender, remove her name then do the RM, and if so, how long after refinancing with a regular lender would we have to wait before obtaining the reverse mortgage. Thank you!
Reply to Fran
- Michael Branson
  February 15th, 2022
  
  Hello Fran,
  
  You do not need to do an interim loan to remove your sister. The title change can be completed with the loan and as long as your sister is willing to sign the necessary documents to remove herself from title, and your husband would sign a deed to add you to title, the reverse mortgage loan would be closed in yours and your husband's name.
  Reply to Michael
Kyle
February 9th, 2022

Who covers the non recourse aspect (loan value exceeding home price) on jumbo reverse mortgages?
Reply to Kyle
- Michael Branson
  February 15th, 2022
  
  Hello Kyle,
  
  Since there is no Mortgage Insurance to cover losses, the private programs start their loan parameters at lower limits as a percentage of the home's value to help mitigate excessive losses and their underwriting parameters have always been a bit tighter.
  Private programs have no insurance fund to fall back on to mitigate losses and as a result, must rely more fully on the underwriting and program parameter safeguards that they build into the program (which by the way, HUD is now determining that they must also do and they have lowered their Principal Limits several times in the past, have lowered the rate floor which determines how much money borrowers receive at different interest rates, now review all appraisals before lenders can give borrowers an approval reserving the right to require a second appraisal at their discretion and have established Financial Assessment rules which require a full underwrite of the borrowers' qualifications that prior to 2014 were never a part of reverse mortgages).
  The private programs must accept any losses incurred as a cost of offering the program as those loans are also non-recourse loans so they are typically timelier in the review of their programs and make adjustments as needed (and that includes positive changes for borrowers) whereas HUD is usually more deliberate and slower to react.
  Reply to Michael
Bill
August 20th, 2021

I'm 62, will retire in 5 years and thinking how a reverse mortgage could supplement my retirement. current home value $1.55M, current mortgage balance $698K What would max reverse mortgage be if I was 67 today?
Reply to Bill
- Michael Branson
  August 24th, 2021
  
  Hi Bill,
  
  If you would like to run "what if" numbers, please feel free to visit our online calculator. It will tell you want is available today and you can use any birthdates you wish to see the amounts for different ages but I really must caution you that programs change constantly. In addition to that, one of the factors that determine how much borrowers receive under reverse mortgages is the interest rate at the time. Very difficult to predict the future and amounts change with changing program parameters and interest rate fluctuations.
  Reply to Michael
Suzanne B.
September 22nd, 2020

Is there a Reverse Mortgage for a home valued between $825-850K where 50% can be taken out at closing & in subsequent years take more out, leaving about $50K remaining? Do Jumbo Reverse Mortgages start at $1M?
Reply to Suzanne
- Michael Branson
  September 22nd, 2020
  
  Hello Suzanne,
  
  The amount available to borrowers is partially determined by their age. The older the borrower, the greater the amount of money as expressed as a percentage of the home's value is available.
  Because there are no payments required, it is important to remember that the loan balance will grow over time. A borrower who is 62 years old statistically can live and accrue more interest on a loan than a borrower who is 87 and so the amounts available to each of those borrowers varies drastically.
  Jumbo reverse mortgages start at anything over the HUD maximum lending limit of $1,149,825 but in all honesty, because HUD normally offers a higher loan amount in relationship to the value than jumbo programs, it usually does not make sense for most borrowers with values below $1,149,825 or in homes that HUD will not accept to consider these programs.
  About your remaining question, no program is going to lend you all but $50,000 on a reverse mortgage. Considering the fact that reverse mortgages are looking for about a 50% loan to value as a rule of thumb and all but $50,000 would account for about 94% financing, you would not be able to get near that level of funds available on a reverse mortgage (or even a forward mortgage on a cash out transaction either I would venture to guess).
  Reply to Michael
George W.
October 1st, 2019

i'm disabled vet exempt from property taxes thinking about jumbo reverse mortgage in a va loan now house value is $250.000 balance owed is $238.043.00 can i get a jumbo reverse mortgage and if so how much i dont pay no closing cost due to being a veteran.
Reply to George
- Michael Branson
  October 6th, 2019
  
  Hello George,
  
  Firstly, I would like to thank you for your service. I am not aware of a VA reverse mortgage program and the FHA programs require borrowers to have somewhere around 50% or more (depending on your age) of equity in the home due to the fact that you will not be making any payments for the rest of your life.
  You would not be any better off with the jumbo or proprietary programs but even if they did give you more money in comparison to the value of your home, they really do not make more sense for most borrowers until the property value exceeds $900,000. I am sorry, I have not worked with any VA programs for over 20 years personally and would not know where best to direct you.
  My suggestion would be to do an internet search for VA home loans to determine if there is a program available that would better suit your needs.
  Reply to Michael

2024 Jumbo Reverse Mortgage Guide: Top Lenders, Rates & Loan Limits

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2024 Jumbo Reverse Mortgage Guide: Top Lenders, Rates & Loan Limits

What is a Jumbo Reverse Mortgage?

Primary Advantage of a Jumbo Reverse Mortgage

Key Differences Between Jumbo and FHA-Insured Reverse Mortgages

Understanding Jumbo Reverse Mortgages

2024 Jumbo Reverse Mortgage Loan-To-Value Chart (LTV)

Jumbo Reverse Mortgage Rates

Pros & Cons of Jumbo Reverse Mortgages

History and Current Market Outlook

Jumbo FAQs

What is a jumbo reverse mortgage?

What lenders offer jumbo reverse mortgages?

What are the current interest rates on jumbo reverse mortgages?

How much can you get from a jumbo reverse mortgage?

Can you get a jumbo reverse mortgage line of credit?

What is the difference between jumbo and proprietary loans?

How long does it take to take out a jumbo reverse mortgage?

Will the lender pay the property tax and insurance with a jumbo reverse mortgage?

With a jumbo reverse mortgage, are the beneficiaries liable if the property is “underwater?”

Can you have more than one jumbo reverse mortgage?

Are jumbo reverse mortgage interest rates fixed for the life of the loan?

Can I rent rooms privately, with a rental company, or Airbnb if we have a jumbo reverse mortgage?

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