Enhanced Platinum Jumbo/Proprietary Reverse Mortgage Program

The landscape of the reverse mortgage market has undergone significant changes over the years, particularly in the jumbo and proprietary reverse mortgage segment.  Before the market crash around 2009/2010, various jumbo reverse mortgage programs were available.  However, these programs vanished in the wake of the market downturn.

The first jumbo reverse mortgage program took over half a decade to reemerge, marking a cautious yet pivotal step in recovering this market segment.  Conservative loan amounts and stringent underwriting guidelines initially characterized these revived programs.  This cautious approach reflected the market’s hesitancy and the need to rebuild trust and stability in these financial products.

Despite these initial limitations, a growing interest in jumbo and private reverse mortgages became evident.  As investors observed the renewed demand for these products, the industry began to buzz with anticipation of new program announcements.  This resurgence indicated a revitalization of the jumbo and private reverse mortgage market, suggesting a promising future with more flexible and diverse offerings to meet the evolving needs of borrowers.

Introducing: Platinum Jumbo Reverse Mortgage Program

Introducing the Platinum Jumbo Reverse Mortgage

The Platinum Reverse Mortgage is a jumbo loan in that it will lend to much higher loan limits than the HUD Home Equity Conversion Mortgage (HECM), but it’s not just a jumbo loan because it has other welcome features as well.

In addition to much higher property values, the Platinum Program will also work with FHA and FNMA-approved and Warrantable condominiums under a limited review process.

That means if your condominium is not FHA-approved, you may be eligible for our Platinum reverse mortgage!

Platinum Jumbo Features

The Platinum Jumbo reverse mortgage program offers several distinct features that set it apart from traditional reverse mortgage options:

  1. No Mortgage Insurance Premiums: A standout feature of the Platinum Jumbo is the absence of upfront or annual mortgage insurance premiums.  This can significantly reduce the overall cost of the loan.
  2. Fixed Rate Loan with Flexible Disbursement: The program offers a fixed-rate loan.  Borrowers have the flexibility to take less than the full amount available.  However, it’s important to note that any funds not taken initially will not be available later, so decisions regarding the disbursement amount should be made carefully.
  3. Servicing Fee Options: The loan includes options for a servicing fee and a no servicing fee, each with different rates.  This allows borrowers to choose the option that best suits their financial situation.
  4. Income and Debt Considerations: Borrowers can use the reverse mortgage proceeds to meet income requirements or pay off debts to qualify for the loan.  This feature can be beneficial for those looking to improve their financial standing.
  5. Appraisal Requirements: Only one appraisal is required for properties valued up to $2,000,000.  The underwriting process also includes a desktop collateral analysis, streamlining the appraisal process.
  6. Eligible for Refinances and Home Purchases: The program allows refinances and home purchases.  In purchase transactions, sellers and interested parties can contribute up to 6% towards closing costs.
  7. High Loan Limits: The Platinum Jumbo offers loans up to $4,000,000 without a cap on property values, catering to borrowers with high-value properties.
  8. Non-Recourse Loan: Like HECM loans, the Platinum Jumbo is a non-recourse loan.  This means the borrowers or their heirs are not personally liable beyond the property’s value securing the loan.

These features make the Platinum Jumbo reverse mortgage program a versatile and potentially advantageous option for eligible borrowers, especially those with high-value properties or specific financial goals.

Platinum Highlights

  • Borrower Age 55
  • Minimum Home Value – $350,000
  • No Maximum Home Value
  • Maximum Loan Amount – $4,000,000
  • Purchase Allows Seller/Interested Party Contributions to 6%
  • Condominiums – FHA and FNMA approved or warrantable under Limited Review Process
  • Choice of full or partial cash-out disbursement at closing
  • No Upfront or Annual Mortgage Insurance Premium (MIP)
  • Non-Recourse Protection

Platinum Features 2018's Highest Jumbo Loan-to-Values

AGE Cash Benefit with $1,000,000 Home ValueCash Benefit with$2,000,000 Home ValueCash Benefit with $3,000,000 Home Value
Depending on your age, property type and interest rate, you can realize up to 10% more in loan-to-value over other jumbo products. Use ARLO calculator to get your instant quote! (Link provided below)

Eligible Property Types

  • Single-family residence.
  • Two- to four-family residences whereby the borrower(s) occupy one of the units.
  • Townhomes (attached and detached).
  • Maximum of 20 acres.
  • Planned Unit Development (PUD).
  • Condominium (FNMA approved, FNMA warrantable projects under a Limited Review process or FHA approved).
  • Site condominium.
  • Solar Lease with UW approval (attorney approval is not required)

Credit Requirements

  • Minimum credit score is 640 for all borrowers.  (middle score)
  • If two (2) borrowers are on the loan, both must have a minimum of 640.
  • If a borrower only has 2 credit scores, the lowest will be used.
  • If a borrower only has 1 credit score, that is what we
  • No scores due to lack of credit = NOT ELIGIBLE

platinum reverse mortgage

Introducing proprietary and jumbo reverse mortgages, including the Platinum Reverse mortgage, represents a significant advancement in the market, offering valuable options for a broader range of borrowers.   These programs are particularly beneficial for those with higher-valued homes or properties like condominiums that, despite being excellent projects, did not meet HUD’s approval criteria.

One of the key advantages of these programs is the increased availability of funds.  In some instances, borrowers can access more substantial sums compared to what was previously available, particularly under the HUD program.  This expansion is a welcome development for those whose needs were not fully met by the more traditional, HUD-centric offerings.

The Platinum Reverse mortgage, in particular, stands out for its ability to cater to specific borrower requirements, especially for those with higher-value properties.  Its introduction into the market is a positive sign, indicating a growing recognition of the diverse needs of reverse mortgage borrowers.

More choices and options in the reverse mortgage market are always beneficial.  They provide borrowers the flexibility to tailor financial solutions to their unique situations.  The Platinum Reverse mortgage is a testament to this progress, offering a valuable financial tool to help borrowers meet their specific needs and goals.