All home owners on title must be 62 or older and occupy their home as their primary residence. Eligible property type: Single family residence and condominiums or townhomes over $500,000 in value. 2nd homes & investment properties are not eligible.
How much money do I qualify for?
That exact amount is determined by all of these factors: Age of borrowers, Appraised home value, existing mortgages and other liens, credit score, and a financial assessment.
Can I use the money I receive anyway I want?
Yes, after all existing mortgages and other liens are paid in full. After that the balance of the JUMBO reverse mortgage money is yours to use without any strings attached. We suggest you spend it with caution and make it last a very long time.
Do I have to make any monthly principal and interest payments?
No, that is the best part. There are no monthly principal and interest mortgage payments required. The JUMBO reverse mortgage is not required to be repaid until the last borrower on title sells moves or dies and there is no pre-payment penalty for any partial payment or full repayment. The borrower must continue to pay all property related fees, taxes and insurance. Home must be principal residence and be maintained in good condition.
Who gets my house when I die?
Your heirs do. They choose to either sell or keep the house and pay off the reverse mortgage balance.
Who pays my property taxes & home owners insurance?
You do. You still own your house 100%. So you are required to pay your property taxes & insurance and stay current. If applicable HOA fees must be paid as well.
Are there any JUMBO reverse mortgage closing costs?
Yes, loan origination fee and other normal closings costs, appraisal, title insurance, notary, etc.