• Question
  • Jumbo reverse mortgage limits

    Asked by someone from New York, NY on 10/16/2013

    Regarding jumbo reverse mortgages, our house' value is $7,000,000 and the mortgage is $2,100,000. If I was 62 and mu spouse 70, would I be able to get a reverse mortgage for the full amount?

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  • Categories: Private or Jumbo Options, Reverse Mortgages

Answers

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  • It doesn't sounds like a Jumbo Reverse mortgage is a viable option with the numbers you provided. Jumbo reverse mortgages do have lending limits. Offhand I believe the maximum home value is close to $5M. Secondly this is a proprietary product offered by Generation Mortgage and I do not believe they are offering this product in the state of New York. Jumbo reverse mortgages are subject to higher fees and also do not allow you to access the same percentages of your home value that a traditional reverse mortgage does. For example at age 62 you might qualify for roughly 50% of your appraised value, where with a Jumbo it would be closer to only 25-30%.

    My apologizes for the late response as I had to do some research.

    If you still have questions, or would like us to help you evaluate your situation, we can do that as a free service to you. Feel free to call us at (Toll Free) 888-411-RETIRE (7384).

  • Login to rate this answer:   Answered on 10/23/2013
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.