What is a Jumbo LifeStyle Home Loan?
Today, the two most popular types of LifeStyle Home Loan Refinances on the market are the Home Equity Conversion Mortgages (Insured by the FHA), and Jumbo or proprietary reverse mortgages. The former you are most likely familiar with, having seen a number of television ads with celebrities touting the benefits of the ‘LifeStyle Home Loan Refinance’. However, jumbo LifeStyle Home Loan Refinances 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 LifeStyle Home 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. Those over the age of 60 with significant equity in a higher-value home could be ideal candidates for a private jumbo LifeStyle Home Loan Refinance.
Contact me today to learn more or for an assessment of your unique situation.
While Jumbo LifeStyle Home Loans have many similarities to the traditional reverse they are unique for a number of reasons. One of the most notable is that many jumbo reverse 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 mortgages do not charge the significant FHA mortgage insurance premiums that are required on the traditional Home Equity Conversion Mortgage- one of the traditional LifeStyle Home Loan Refinance’s most significant closing costs and ongoing charges.
A jumbo LifeStyle Home Loan Refinance is a private or proprietary loan which means the loan terms, conditions, and guarantees are established by the lender versus the typical federally-insured LifeStyle Home Loan Refinance which is administered by HUD and insured by the Federal Housing Administration.
Here are some of the features of today’s jumbo LifeStyle Home Loan Refinances (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
Please contact me anytime for an assessment of your unique situation and whether a Jumbo LifeStyle Home Loan is right for you.