Jumbo Loans Near You
Today, the two most popular types of equity conversion loans on the market are the Home Equity Conversion Mortgages (Insured by the FHA), and Jumbo, or proprietary equity conversion loans. The former you are most likely familiar with, having seen a number of television ads with celebrities touting the benefits of the equity conversion loans. However, jumbo equity conversion loans have returned in a big way.
The good news is that homeowners of higher-valued properties looking to incorporate their home equity in retirement-one that allows them to tap into considerably more of their home's value.
Jumbo equity conversion loans are designed for homeowners of higher-valued properties that exceed the federal lending limit, helping them access a larger portion of their home's value. Typically those over the age of 55 or 60 with significant equity in a higher-value home could be ideal candidates for a private jumbo equity conversion loan.
Contact me today to learn more or for an assessment of your unique situation.
Unique features of a jumbo equity conversion loan:
While Jumbo equity conversion loans have many similarities to the traditional equity conversion they are unique for a number of reasons. One of the most notable is that many jumbo equity conversion loans offer loan amounts as high as $4 million. In addition, property values are considered up to $10 million with some lenders. Another is that these private loans do not charge the significant FHA mortgage insurance premiums that are required on the traditional Home Equity Conversion Mortgage- one of the traditional equity conversion loans most significant closing costs and ongoing charges.
A jumbo equity conversion loan is a private or proprietary loan which means the loans terms, conditions, and guarantees are established by the lender versus the typical federally-insured equity conversion loan which is administered by HUD and insured by the Federal Housing Administration.
Here are some of today's jumbo equity conversion loans (features and benefits vary by the issuing bank and Jumbo loan product chosen).
- Loan amounts to $4,000,000
- Property Values to $10,000,000
- No first-year distribution limitations
- Flexible disbursement options
