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:
- 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