A jumbo reverse mortgage is a privately funded loan that lets you access more equity than what HUD’s HECM program allows. If your home is worth more than the 2026 HECM lending limit of $1,249,125, or if it doesn’t meet FHA guidelines, a jumbo (also called a proprietary reverse mortgage) can lend up to $4 million with no FHA mortgage insurance premiums. I’ve been originating these loans for over two decades, and in this guide, I’ll walk you through how they work in 2026, how they compare to a HECM, and when each option actually makes more sense.

Quick Summary: Jumbo Reverse Mortgages in 2026

  • Designed for higher-value homes, often above FHA limits
  • Privately funded, not FHA-insured
  • Can offer higher loan amounts but fewer features and protections
  • Best compared side-by-side with a HECM before choosing

Jumbo reverse mortgage infographic comparing FHA insured HECM versus jumbo reverse mortgage, showing higher loan limits based on full home value, no FHA insurance, eligibility as low as age 55 in some states, and financing options for higher value homes.

What is a Jumbo Reverse Mortgage?

A jumbo reverse mortgage is a proprietary loan, meaning it is not FHA-insured and is not part of the HUD HECM program. It is designed for homeowners with higher-value properties, or for people who need features that HUD simply does not offer. The HECM is capped at the national FHA lending limit of $1,249,125 for 2026. Jumbo programs can go up to $4 million.

Because these are private programs, lenders set their own guidelines. That flexibility gives you options the HECM does not:

  • Eligibility starting at age 55 in certain states
  • Financing for non-FHA-approved condos
  • Full upfront access to your proceeds
  • No FHA mortgage insurance premiums
  • Higher loan limits based on your home’s full value

Did You Know? If your home is worth more than the 2026 FHA limit of $1,249,125, a jumbo reverse mortgage may let you access far more of your equity, without FHA mortgage insurance costs.

Why 2026 Is a Key Year for Jumbos

Lenders and borrowers alike entered 2026 with expectations of lower interest rates and concerns about the cost of living. The three-quarter percent in interest rate decreases by the Federal Reserve in 2025, in three separate quarter-percent increments, have eased rates slightly but have not had a notable effect on the 10-Year Constant Maturity Treasury (CMT) rate as of this time (it was actually lower in September of 2024 than it is today, and that was before any interest rate cuts). It is that 10-Year rate that determines how much you will receive in your reverse mortgage proceeds. During the past 5 years, property values have also continued to rise. When looking at Zillow Property Analytics, single-family home values rose 45 to 50% nationally. Condominiums lagged a bit but still rose 32 to 38% nationally.

Several years ago, in a move to shore up a program experiencing heavy losses, HUD tightened up their guidelines for the HUD Home Equity Conversion Mortgage (Reverse Mortgage). They lowered the amounts you would receive based on age while at the same time lowering the amount available based on interest rates. As rates climbed, the amount available decreased. Prior to this move by HUD, there was a much larger difference between available amounts in the HUD program and proprietary or jumbo programs. HUD limits the amount you can receive at closing or in the first 12 months to 60% of the available funds if the funds are not being used to pay off existing loans on the property or buying a home with a reverse mortgage. The jumbo or proprietary programs give you immediate access to all your funds. We do not advise drawing more funds than you need, but if you do have a need for all your funds, the proprietary programs give you that option. The combination of these factors (rates, increased property values, and HUD’s tightened guidelines) begins to make the jumbo or proprietary programs make a lot more sense for a lot more people.

Another thing that took place as a result of the high appreciation was that a property on which you might need a traditional “jumbo loan” suddenly became a property located in more than 15 Metropolitan Statistical Areas in the United States. Many of them consisted of single-family homes of under 2,500 square feet. When you hear Jumbo Loans and High-Priced Housing, many people think of mansions and properties at the beach, the lake or in high-rise units in town, but now homes in many family neighborhoods around the country where seniors have lived for 30+ years were selling in the multi-millions when they may have originally sold 30 years ago in the thousands. For many, their expenses and taxes keep going up but savings and their fixed incomes do not.

So, while HUD has also raised its limits over the years, its current limit of $1,249,125 needed a boost with the jumbo products. But that’s not the only way the proprietary programs help. These programs can accept homeowners down to age 55 whereas the HUD HECM product stops at age 62. You need to verify whether your state has any state law that mandates a higher age if you are not yet 62, as is the case with states like Texas, but those are few. Another area where the proprietary program can help is with non-approved condominium projects. As mentioned, the values of condos have not seen the same appreciation over the last 5 years, but 32 to 38% is not bad either. And while there is a minimum value your unit must meet to be eligible, that minimum is lower today than ever and more homeowners can utilize these programs when their projects have not been HUD approved.

Now, the FHA HECM lending limit for 2026 increased to $1,249,125, but that was only a 3.25% bump, the smallest annual increase we’ve seen in more than a decade. For years, HECM limits climbed rapidly as home values surged. This modest 2026 adjustment tells us the market is cooling, and in many high-priced regions, values may flatten or soften further.

What does that mean for you? If your home is already above the HECM cap, waiting for next year’s limit increase probably isn’t going to move the needle enough to matter. And if your home value has been sitting just above the FHA limit, you may find that a jumbo program gives you access to a much larger share of your equity than the HECM formula can. That said, every situation is different. I always recommend running the numbers on both options before making a decision.

Did You Know? The HECM increase in 2026 was the lowest percentage increase in years. Many markets show values stable or declining slightly, so waiting for further increases in HECM limits could be counterproductive if future values drop.

When a Jumbo Can Make Sense Even Below the HECM Limit

This is something I get asked about a lot. People assume that if their home is below the FHA limit, a jumbo doesn’t apply to them. That’s not always the case. Here are a few situations where a jumbo can still make sense:

How much of your home’s value you can borrow depends on your age, current interest rates, and the property itself.
Did you know? While jumbo reverse mortgages can offer much higher loan limits than a HECM, they are designed primarily for higher-value homes. If your home value is close to the FHA limit and otherwise qualifies for a HECM, the difference in available funds may be modest. This is why I always recommend comparing both options side by side before choosing.

How Jumbo Reverse Mortgages Work in 2026

Several lenders offer jumbo reverse mortgages today. Because these are proprietary loans, they are not required to follow HUD HECM rules. That gives them flexibility, but it also means you need to pay close attention to the specific terms each program offers. Not all jumbos are the same.
Here’s what you’ll typically see on jumbo programs in 2026:

  • Minimum ages as low as 55 in some states
  • Willingness to lend on non-FHA-approved condo units
  • The option to take your full loan amount as a lump sum at closing
  • Some programs now include open lines of credit instead of a lump sum only
  • No FHA mortgage insurance premiums

At the same time, many jumbo programs mirror important HECM protections:

  • Non-recourse protection, so neither you nor your heirs owe more than what the home is worth when it is sold
  • Counseling requirements prior to closing
  • The same basic occupancy rules: the home must remain your primary residence, and you must stay current on taxes, insurance, and basic maintenance

Some jumbo programs allow homeowners as young as 55, which is seven years earlier than the minimum HECM age of 62, where state law permits.
Did you know? Because jumbo reverse mortgages involve larger loan amounts, lenders apply stricter valuation standards. Higher-value homes may require additional appraisal review, and in some cases, more than one appraisal. When multiple appraisals are ordered, lenders typically rely on the lower of the two values. These standards are common on high-balance mortgages and are not unique to reverse mortgages.

Refinancing Into a Jumbo Reverse Mortgage

Refinancing from a HECM or another reverse mortgage into a jumbo is not automatic, and it shouldn’t be. Most jumbo programs require a seasoning period between transactions and a clear financial benefit to you. This is how it should work. A jumbo refinance needs to put you in a clearly better position than you were in before, not just give you short-term access to more cash. We look at the long-term outcome to make sure a refinance actually makes sense for your situation.

Jumbo Vs. HECM: Key Differences

FeatureJumbo Reverse MortgageFHA HECM Reverse Mortgage
Minimum Age55 (varies by lender and state)62
Max Lending LimitUp to $4,000,000 (some programs may allow more)$1,249,125 (HUD national limit)
Eligible Property TypesSingle-family, FNMA-warrantable condos, 1–4 unitsSingle-family, HUD-approved condos, 1–4 units
Upfront Access100% lump sum available at closingLimited (typically 60% or obligations + 10% in first year)
Line of Credit Term10-year draw periodLifetime draw period
Line of Credit Growth Rate1.5% for 7 YearsNote Rate + .50 MIP for Life
FHA InsuranceNo mortgage insurance premiums (MIP)Yes, MIP required (upfront and annual)
Younger Spouse ProtectionsVaries by lender – not guaranteedFully protected by HUD regulations
Use for Home PurchaseYesYes
Note: *HECM lump sum capped at 60% of Principal Limit or obligations + 10% in first 12 months.

Jumbo Reverse Mortgage Loan-to-Value by Age Chart

Youngest Borrower Age LTV % (Loan-to-value)Loan Amount on $1M HomeLoan Amount on $2M HomeLoan Amount on $3M Home
5539.10%$391,000$782,000$1,173,000
5639.30%$393,000$786,000$1,179,000
5739.50%$395,000$790,000$1,185,000
5839.70%$397,000$794,000$1,191,000
5940.10%$401,000$802,000$1,203,000
6040.40%$404,000$808,000$1,212,000
6140.70%$407,000$814,000$1,221,000
6241.00%$410,000$820,000$1,230,000
6341.40%$414,000$828,000$1,242,000
6441.90%$419,000$838,000$1,257,000
6542.40%$424,000$848,000$1,272,000
6642.90%$429,000$858,000$1,287,000
6743.50%$435,000$870,000$1,305,000
6844.00%$440,000$880,000$1,320,000
6944.60%$446,000$892,000$1,338,000
7045.30%$453,000$906,000$1,359,000
7146.00%$460,000$920,000$1,380,000
7246.80%$468,000$936,000$1,404,000
7347.70%$477,000$954,000$1,431,000
7448.70%$487,000$974,000$1,461,000
7549.70%$497,000$994,000$1,491,000
7650.80%$508,000$1,016,000$1,524,000
7751.60%$516,000$1,032,000$1,548,000
7852.40%$524,000$1,048,000$1,572,000
7953.40%$534,000$1,068,000$1,602,000
8054.40%$544,000$1,088,000$1,632,000
8155.60%$556,000$1,112,000$1,668,000
8256.90%$569,000$1,138,000$1,707,000
8358.10%$581,000$1,162,000$1,743,000
8459.00%$590,000$1,180,000$1,770,000
8560.00%$600,000$1,200,000$1,800,000
8660.30%$603,000$1,206,000$1,809,000
8760.60%$606,000$1,212,000$1,818,000
8860.80%$608,000$1,216,000$1,824,000
8961.00%$610,000$1,220,000$1,830,000
90-10061.10%$611,000$1,222,000$1,833,000
Loan-to-value percentages in this table are based on an interest rate of 8.99% (9.602% APR). Loan amounts are illustrative estimates rounded to the nearest thousand and may vary based on final loan terms, closing costs, and borrower qualifications.

Today's Jumbo Reverse Mortgage Rates

Rate TypeRate/APRLending Limit
Fixed7.990% (8.068% APR)$4,000,000
Fixed8.950% (8.955% APR)$4,000,000
Fixed8.980% (9.132% APR)$4,000,000
Fixed8.990% (9.600% APR)$4,000,000
Adjustable9.029% (5.499 Margin)$4,000,000
Adjustable9.155% (5.625 Margin)$4,000,000
Adjustable9.279% (5.749 Margin)$4,000,000
Adjustable9.280% (5.750 Margin)$4,000,000
Adjustable9.405% (5.875 Margin)$4,000,000
Adjustable9.520% (5.990 Margin)$4,000,000
Note: Fixed: Lump Sum only. Adjustable: Lump Sum or Line of Credit. APR for a 70-year-old, $1M loan in CA.

Jumbo vs. HECM Reverse Mortgage Closing Costs

Cost ItemJumbo / ProprietaryHECM (HUD-Insured)
Origination Fee$6,405.00$6,000.00
Mortgage Insurance Premium (Upfront)Not Required$24,982.50
Appraisal Fee$800.00$665.00
Credit Report$72.20$234.60
Settlement / Escrow Fee$700.00$700.00
Title Insurance$1,070.00$1,070.00
Notary / Signing$400.00$250.00
Recording Fees$188.00$188.00
Flood Certification$5.50$15.00
Document Preparation$140.00$206.00
Counseling Fee$145.00$145.00
Misc. Title / Endorsements / Tax Cert / Sub Escrow$710.00$525.00
Total Estimated Settlement Costs$10,685.65$35,006.05
Disclaimer: The closing cost comparison shown above is based on an estimated home value of $1,500,000 for a borrower age 75. Figures are illustrative examples only and are not a loan offer or guarantee of terms. Actual closing costs, loan proceeds, interest rates, and fees will vary based on borrower age, property type, location, interest rates, and specific lender guidelines. All loans are subject to underwriting approval.

Expert Insight from Michael Branson, CEO: “Look at the closing cost comparison above. On a $1.5 million home, the jumbo borrower saves over $24,000 just by not paying FHA mortgage insurance. That’s real money back in your pocket on day one, and you’re still protected by the same non-recourse feature that makes reverse mortgages safe for borrowers and their heirs.”

Who Should Be Cautious About a Jumbo Reverse Mortgage

I want to be upfront here: a jumbo reverse mortgage is not the right solution for everyone. If you expect to sell within a few years, if you really value FHA insurance protections like the guaranteed line of credit growth rate, or if your home value is close to the FHA lending limit, a HECM may be the better fit. The right choice depends on your goals, your timeline, and how you plan to use the funds.

Pros & Cons

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. We do not advise borrowers to draw more funds than they need at that time, but for borrowers with a specific need, goal or plan that requires the use of the funds immediately, the proprietary programs will accommodate those plans/needs.
  • 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 protections 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, just like any other loan, all remaining equity belongs to the borrower or their estate and it is up to them to designate their heirs and who will receive that equity.

Jumbo vs HECM: Which May Be a Better Fit?

One of the most common questions I hear is “should I go with a HECM or a jumbo?” The honest answer is that it depends on your situation. Here’s a side-by-side comparison based on the current 2026 program guidelines:

Feature HECM (FHA-Insured) Jumbo (Proprietary)
Backing FHA-insured, HUD-regulated Privately funded, lender guidelines
Maximum loan amount Up to $1,249,125 (2026) Up to $4,000,000
Minimum age 62 55 (varies by state)
FHA mortgage insurance Yes (2% upfront + 0.50% annual) None
Payment options Lump sum, line of credit, term, tenure, or combination Lump sum; some programs now offer line of credit
Line of credit growth Yes, guaranteed by FHA Not available on most programs
60% first-year draw limit Yes (unless paying off existing liens) No, full access at closing
Non-recourse protection Yes Yes
Non-FHA condo eligible No Yes
Interest rates Lower (see current HECM rates) Higher, but no MIP offsets the cost

A jumbo may be worth exploring if:

  • Your home value is well above the HECM lending limit
  • Your property does not meet FHA guidelines
  • You want access based on your full home value, not a capped limit
  • You are comfortable with private-lender terms and disclosures

A HECM may be the better choice if:

  • Your home value is near or below the HECM lending limit
  • You want standardized HUD protections and FHA insurance
  • You value long-term line of credit growth
  • Protecting a younger or non-borrowing spouse is a priority

Neither option is universally better. I tell people this all the time: the right solution depends on your specific situation, not just the loan size. Run the numbers on both.

Jumbo Reverse Mortgage Market History and 2026 Outlook

I’ve been in this business long enough to have seen these programs come, go, and come back again. Jumbo reverse mortgages first emerged in the early 2000s. They were programs offered by private lenders and had a small niche because at the time, HUD’s limits on the HECM product were very low and varied based on regional Metropolitan Statistical Areas (MSAs) that varied across the nation. For example, California was considered a “high-cost” MSA and their maximum lending limit was $252,700. Even with lower values at that time, this left quite a need for products that exceeded this limit. These programs disappeared though with the housing crash of 2008 when many secondary market programs did not survive the collapse of the market.

Private programs began to reappear in 2014 as investors saw the need and viability of the programs along with the stabilizing of the mortgage market. Several new jumbo products have been introduced in recent years, offering different rates, terms, and features thanks to further appreciation and the needs of senior homeowners. Today, senior homeowners hold a record $14.39 to $14.7 trillion in home equity according to the NRMLA/RiskSpan Reverse Mortgage Market Index. NerdWallet estimates the median savings of borrowers aged 65–74 is just $200,000 (median savings is used because the average savings is inflated by high-net-worth individuals).

What does that mean for you? More seniors have more equity in their homes than ever before, even though many do not have nearly enough in the bank to see them through their retirement years. The outlook for 2026 is strong because you can lock in your loan while values are high, and programs with growth features give you access to even more money in the future. With a little planning, you can make sure you have the funds you need by putting the equity in your home to work.

If you are considering a jumbo reverse mortgage, comparing lenders on 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. These are the details that will make the difference in your decision.

For a deeper look at how the jumbo market evolved, read my analysis published at Forbes.com.
Expert Insight from Michael Branson, CEO: “I’ve been originating jumbo reverse mortgages since these programs first came back after the 2008 crash. What I can tell you from two decades in this market is that today’s programs are nothing like the early versions. The rates are more competitive, the borrower protections are stronger, and for the first time we’re seeing line-of-credit options that didn’t exist even two years ago. If you’ve been waiting for these programs to mature, they have.”

Jumbo FAQs

Q.

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 $1,249,125, jumbo reverse mortgages can accommodate property values as high as $4 million. And by the way, you can still get the loan if your home is worth more than $4 million, you just will not receive any greater loan proceeds for a home of higher value. This makes the proprietary loans attractive to individuals with high-value homes who want to leverage more of their equity (and the remaining equity remains yours and/or your heirs when you pay the loan off).
Q.

What is the difference between a HECM and a jumbo reverse mortgage?

A HECM is federally insured by the FHA and follows standardized HUD rules, while a jumbo reverse mortgage is privately funded and follows lender-specific guidelines. HECMs include built-in protections such as non-borrowing-spouse safeguards, a growing line of credit, and lifetime payment options. Jumbo reverse mortgages allow higher loan amounts on higher-value homes but do not offer the same federal insurance or consumer protections.
Q.

What is the difference between jumbo and proprietary loans?

“Jumbo Loans” used to refer solely to a “large loan amount” that exceeded certain conventional or government guidelines (i.e., FNMA/FHLMC or FHA). Jumbo reverse mortgages are offered by private investors and are proprietary, so although the larger loans were still referred to as jumbo reverse mortgages, they were always proprietary. Today, those proprietary loans go far beyond just offering larger loan amounts. Some proprietary reverse mortgages are available on homes valued as low as $450,000, and they still benefit borrowers because of the other terms they may offer. So while the terms “jumbo” and “proprietary” reverse mortgages may be used interchangeably, they refer to the same non-HUD programs.
Q.

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 2026 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 49.7%. Based on this ratio, you could be eligible for a loan of approximately $994,000. To find out how much you could get, multiply your home’s value by the LTV percentage corresponding to your age from the chart.
Q.

Do I need a jumbo reverse mortgage if my home is worth $1.3 million?

For most homeowners, if your home is valued at or near the HUD lending limit, the HECM program usually makes more sense. But that isn’t always the case. A jumbo may make more sense at $1.3 million if your property does not qualify for FHA (such as a non-approved condo), if you need full lump-sum access at closing, or if you are under age 62 and eligible for a jumbo in your state. We recommend comparing the two options side by side using our free calculator before deciding, especially if there is no clear reason for one over the other (e.g., you need all funds at closing, your property is worth $2.5 million, you are only 57 years old, etc.).
Q.

What are the rates for jumbo reverse mortgages?

As with jumbo forward loans, proprietary loans carry higher rates. It’s important to note that even though you aren’t making a monthly payment, you still accrue interest, so you need to consider how that interest accrual affects you and your goals. That’s why we encourage you to visit our calculator to review the rates and fees for your circumstances. While the proprietary loans carry higher interest rates, a real positive is that they do not require you to pay mortgage insurance, so you save the 2% Up Front Mortgage Insurance Premium that HUD charges. Considering the HUD loans stop at $1,249,125, for jumbo loans with properties valued at or above this amount, that is a savings of $24,982.50 in fees just by not having to pay the mortgage insurance.
Q.

What is the maximum jumbo reverse mortgage?

The maximum jumbo reverse mortgage is typically $4,000,000. There are a number of products with varying loan-to-values, but most top out at $4,000,000.
Q.

Can you get a jumbo reverse mortgage line of credit?

Yes. In 2026, Jumbo Products will experience two exciting expansions, including expanded loan limits and the ability to use available proceeds as an open line of credit. (Previously, only a single lump sum disbursement was permitted.)
Q.

How does a jumbo reverse mortgage compare to a Home Equity Line of Credit (HELOC)?

Both allow homeowners to access equity, but they work very differently:

Feature Jumbo Reverse Mortgage HELOC
Monthly payments None required Required (interest + principal)
Age requirement 55+ (varies by state) Any age (18+)
Income/credit requirements Financial assessment (residual income) Strict debt-to-income ratio
Maximum loan amount Up to $4,000,000 Varies by lender (typically lower)
Non-recourse protection Yes, never owe more than the home’s value No, full recourse loan
Upfront costs Higher (no MIP, but closing costs apply) Low ($0–$500)
Risk if you can’t make payments No payments required (taxes/insurance still due) Foreclosure risk
Best for Eliminating payments, long-term cash flow, and aging in place Short-term needs with reliable income to repay

For retirees on fixed incomes, the biggest difference is payment obligation. A HELOC requires monthly payments that can increase as rates rise. A jumbo reverse mortgage eliminates that payment risk entirely, though the loan balance grows over time. Each has trade-offs, and the right choice depends on your income stability, how long you plan to stay in the home, and your comfort with each structure.

Q.

What are the disadvantages of a jumbo reverse mortgage?

A jumbo reverse mortgage has some disadvantages compared to the traditional Home Equity Conversion Mortgage (HECM). The first disadvantage is that the Federal Government does not insure the loan programs; therefore, the funds are not guaranteed to be available to the borrower if they elect a line of credit option. This disadvantage can be countered by opting for a fixed-rate lump sum to obtain all proceeds right away. The second disadvantage of jumbo reverse mortgages is that they typically have higher interest rates than the HECM program, which can lead to faster equity erosion.
Q.

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.
Q.

How long does it take to process 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 exceeds $2,000,000 (which requires 2 appraisals), I would advise you to plan for up to 60 days. In some cases, we can get all the third-party services to act quickly and close sooner.
Q.

What about my 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 the life of the loan. HUD has a process to do this, but the Life Expectancy Set Aside (LESA) can amount to tens of thousands of dollars.
Q.

Are jumbo reverse mortgages still non-recourse?

Yes. Jumbo reverse mortgages are non-recourse loans, meaning neither the borrower nor the heirs will owe more than the home’s value when it is sold, even if the loan balance exceeds that value.
Q.

Can you have more than one jumbo reverse mortgage?

No. You can have only one reverse mortgage at a 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, and where you are listed as living on your tax returns, etc.
Q.

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

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

Want to see how these numbers look for your home? The right choice isn’t about getting the biggest number. It’s about choosing the option that fits your home, your plans, and your comfort level with the protections available. If you want to compare both options side by side using real-time rates and current 2026 limits, you can get an instant quote here or call us Toll-Free at (800) 565-1722.