What Are the Benefits of Proprietary or Jumbo Mortgages?
February 21, 2023
Non-FHA proprietary or so-called “Jumbo” reverse mortgages are distinctly different from the better known FHA-insured reverse mortgage. “Jumbo” reverse mortgage guidelines sometimes allow for more flexibility, and their features tend to appeal to more affluent senior homeowners.
The first difference is that unlike an FHA reverse mortgage, the lending limit for Jumbo reverse mortgages is higher, because the home covered by the loan is of higher value. That means a senior homeowner can qualify for much higher loan amounts above the FHA lending limit. You can also qualify for a “Jumbo” Reverse mortgage as early as age 55 in some areas… earlier than the minimum age for an FHA loan… but the younger you are, the less equity you’ll be able to borrow.
Another benefit to owners of these higher valued homes is that a reverse mortgage can help them build a more stable financial future. The extra cash flow that’s generated can help potentially slow the draw down from other investment accounts or avoid selling an asset prematurely because of a down market.
Finally, unlike FHA reverse mortgages where payouts at closing are capped, “Jumbo” reverse mortgages typically allow all funds to be drawn as soon as the closing date. To find out more about the benefits of a “Jumbo” reverse mortgage, call us today
Owen Coyle
I’m Owen Coyle, an 87 year young “Seasoned Citizen” living in Escondido California.
As of April 1, 2023 I’ll be starting my 23rd year as a Reverse Mortgage Specialist. I have no desire to retire, so as long as my health remains good, I’m planning on helping senior homeowners obtain Reverse Mortgages at least until I’m 90, and hopefully a few years beyond.
I absolutely have a passion for working with senior homeowners, improving their “Quality of Life” and giving them “Peace of Mind” by setting up Reverse Mortgages for them.
A Reverse Mortgage is not for every senior, but when “It Fits”, it can absolutely change their life for the better. When I meet with seniors, I always suggest that they include as many of their children as possible in our meetings. I always want to have the entire family “On The Same Page” and understand how the Reverse Mortgage will benefit their parents based on their particular situation and needs.
Most Reverse Mortgage companies do business by using the telephone, email or US Mail and use a notary to take care of the Reverse Mortgage “Application and Closing Documents”.
I do business “The Old Fashion Way”. I go to the seniors’ home and sit down with them at their kitchen table and talk with them “Face to Face”. I make sure that I answer all their questions and that the entire family understands how the Reverse Mortgage works.
I’m very concerned about how much “Misinformation” and “Misconceptions” about Reverse Mortgages there are out on the street, so I’m on a mission to get “The Truth” out to as many seniors as I can as I talk to them individually and through my Reverse Mortgage workshops and seminars.
Please call or email me (760-334-6155, owen.coyle@gmail.com) with the information that I need and I will prepare a "No Obligation Benefits Analysis" for you. This information will be used to create a computer printout that will show the approximate amount of money that will be available for you and the various payment options that will be available to you.
I’m Owen Coyle, an 87 year young “Seasoned Citizen” living in Escondido California.
As of April 1, 2023 I’ll be starting my 23rd year as a Reverse Mortgage Specialist. I have no desire to ret...
Read More »
I’m Owen Coyle, an 87 year young “Seasoned Citizen” living in Escondido California.
As of April 1, 2023 I’ll be starting my 23rd year as a Reverse Mortgage Specialist. I have no desire to retire, so as long as my health remains good, I’m planning on helping senior homeowners obtain Reverse Mortgages at least until I’m 90, and hopefully a few years beyond.
I absolutely have a passion for working with senior homeowners, improving their “Quality of Life” and giving them “Peace of Mind” by setting up Reverse Mortgages for them.
A Reverse Mortgage is not for every senior, but when “It Fits”, it can absolutely change their life for the better. When I meet with seniors, I always suggest that they include as many of their children as possible in our meetings. I always want to have the entire family “On The Same Page” and understand how the Reverse Mortgage will benefit their parents based on their particular situation and needs.
Most Reverse Mortgage companies do business by using the telephone, email or US Mail and use a notary to take care of the Reverse Mortgage “Application and Closing Documents”.
I do business “The Old Fashion Way”. I go to the seniors’ home and sit down with them at their kitchen table and talk with them “Face to Face”. I make sure that I answer all their questions and that the entire family understands how the Reverse Mortgage works.
I’m very concerned about how much “Misinformation” and “Misconceptions” about Reverse Mortgages there are out on the street, so I’m on a mission to get “The Truth” out to as many seniors as I can as I talk to them individually and through my Reverse Mortgage workshops and seminars.
Please call or email me (760-334-6155, owen.coyle@gmail.com) with the information that I need and I will prepare a "No Obligation Benefits Analysis" for you. This information will be used to create a computer printout that will show the approximate amount of money that will be available for you and the various payment options that will be available to you.
This material is not provided by, nor was it approved by the Department of Housing & Urban Development (HUD) or by the Federal Housing Administration (FHA). It is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice.
*There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.
