Maggie's Reverse Mortgage Blog : September 2014

HomeSafe Jumbo or Proprietary Reverse Mortgage Now Available

Jumbo Reverse Mortgages are Back!

Offered in these states initially: California, Hawaii, New Jersey & Florida

Reverse Mortgage for Purchase and Refinance of High Value Homes and Condos

 

The first proprietary or #jumbo reverse mortgage to come out since the housing crisis in 2008 is the HomeSafe program funded by Urban Financial of America.  I am fortunate to offer this program and all upcoming new reverse mortgages as a #California Reverse Mortgage Broker.  This is very exciting and we have been waiting for six years to offer additional products from the FHA insured #HECM reverse mortgage which has upper limits to the home value of $625,500 and restricts the amount of cash available at closing.  

Some of the features of the #HomeSafe program include:Jumbo Reverse Mortgage

  • High #reversemortgageloan amounts up to $2.25 million
  • Fixed interest rate only slightly  higher than the HECM fixed rate accrual
  • ZERO origination fee
  • No mortgage insurance premium
  • Full draw of all available proceeds at closing
  • #Condos above $500,000 appraised value do not require FHA approval
  • For #purchasereversemortgages, seller concessions and lender credits are allowed

For more information, contact:  Maggie O'Connell

NMLS #279499  383 Diablo Rd #220  Danville, CA  94526

By Maggie O'Connell

Comment balloon 0 commentsMaggie O'Connell • September 07 2014 01:11PM
HomeSafe Jumbo or Proprietary Reverse Mortgage Now Available
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Jumbo Reverse Mortgages are Back! Offered in these states initially: California, Hawaii, New Jersey & Florida Reverse Mortgage for Purchase and Refinance of High Value Homes and Condos The first proprietary or #jumbo… more