A REVERSE MORTGAGE MAY LET YOU
stay in your home
while gaining financial peace of mind
"Do you ever find yourself short of cash? Would it help if you didn't have to pay a monthly mortgage? Do you want/need to make home repairs or improvements? Would you feel more financially secure if you had access to money you could use if needed?" If you answered "YES" to any of these questions, reverse mortgage may be the solution for you!
Enjoy Financial Peace of Mind in Your Golden Years...
Getting olders can have its challenges. Between increased life expectancy, economic changes, health issues and divoice, many seniors find themselves struggling financially and falling short of their retirement dreams.
Now homeowners aged 60 or older may be able to improve their cash flow by paying off their current mortgage, getting a lump sum of cash, or even establishing a line of credit, back by their homes equity, with a reverse mortgage.
Two Different Reverse Mortgage Programs
We offer Regular Reverse Mortgage, also known as The Home Equity Conversion Mortgage (HECM) and Jumbo Reverse Mortgage two different reverse mortgage programs to meet your needs.
Both and Jumbo Reverse Mortgage share the following features:
- Both loans require no monthly payment. You are responsible for property taxes and home insurance.
- Both loans are due when you sell or leave the home.
- You can use proceeds from either reverse mortgage anyway you want.
Jumbo Reverse Mortgage is an expanded program from the regular reverse mortgage program. It is designed for borrowers with high-value homes to access more of their home equity than they would with a regular reverse mortgage (HECM).
The main difference between a Regular Reverse Mortgage (HECM) and a Jumbo Reverse Mortgage is the maximum loan amount. The maximum amount a homeowner can borrow with a Regular Reverse Mortgage is $726,525. With Jumbo Reverse Mortgage, it allows homeowners to get as much as $4,000,000 based on age and home value.
Jumbo Reverse Mortgages have both adjustable and fixed interest rates. A Jumbo Reverse Mortgage doesn’t require monthly mortgage insurance premiums like a regular reverse mortgage does. So for those whose residence is worth more than a million dollars, you could have an ideal retirement lifestyle with a Jumbo Reverse Mortgage.
The process of getting either of these two different reverse mortgage loans is the same.
Click here to learn the steps to apply and obtain a reverse mortgage.
Regular Reverse Mortgage Vs. Jumbo Reverse Mortgage
Here are the key differences between a Jumbo Reverse Mortgage and a Regular Reverse Mortgage (HECM):
|
Jumbo Reverse Mortgage |
Regular Reverse Mortgage (HECM) |
| Age |
At least 60 years-old |
At least 62 |
| Maximum Loan Amount |
Up to $4 Million |
Up to $726,525 |
| Loan Disbursement |
Lump Sum Disbursement or Equity Line |
Monthly, Lump Sum, Equity Line or Combination |
| Rates |
Slightly higher interest rate with no mortgage insurance required |
Slightly lower interest rate with Mortgage insurance required |
John Alma Hanson is a mortgage loan originator for Community West Mortgage. John has over 30 years experience in mortgage loans. He has helped thousands of people obtain mortgages best suited to their needs. As a senior citizen, he is committed to offering a solution for seniors who have a financial need to improve their quality of life. By utilizing a Reverse Mortgage, he makes it possible for America’s seniors to continue to own and live in their homes, maintain a quality lifestyle or improve upon a plan for their estate.
