Jumbo Reverse Mortgages are also known as Proprietary Reverse Mortgages which are designed and offered by financial institutions for senior homeowners having high value homes. They offer higher amounts than is offered from HECM reverse mortgages.
Administered by private companies and financial institutions, Jumbo reverse mortgage loans have more flexibility in terms to what they offer to the borrowers. Unlike HECM and Home Keeper reverse mortgage loans, Jumbo reverse mortgage loans have no limit on the maximum amount that can be borrowed from the lender. Therefore, it is best suited for those who live in homes valued at or over $600,000.
If you want to benefit from professional assistance before proceeding with this type of loan, then you can contact Reverse Mortgage Group. They have experienced professionals and counselors that provide information that you must know before you apply for this type of loan. Along with that, they have developed a very informative website (http://www.reversemortgageloansplus.com) wherein you can seek information about not only one loan product but about all reverse mortgage loan products with latest information.
Get in touch with them to know how you can get the maximum amount from the lender against your home equity!
Monday, March 21, 2011
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Home | Thank You | About Reverse Mortgage Group | Reverse Mortgages | Pros vs Cons | Fixed Rate vs Adjustable Rate | How You Can Use the Money | Reverse Mortgage Glossary | Frequently Asked Questions | Reverse Mortgage Calculator | Reverse Mortgage Articles | Contact Reverse Mortgage Group | RMG NEWS : Origination Volume Up 25% in FY 2009 | RMG NEWS : Legislation Update | More Realtor Education Needed to Increase HECM For Purchase Volume | Reverse Mortgage Volume in Canada Sees Big Boost from Lower Rates | RMG NEWS : The FHA Steps Up In Times Of Need |
1 comments:
Benefits of taking out a reverse mortgage loan have been explained in an excellent way in this article. These are indeed very beneficial to the retired persons in the country who do not hold substantial retirement funds but who hold adequate equity in their homes. Here, the lender pays the homeowners money on a regular basis or on a lump sum basis. These loans are very flexible in the sense that the homeowners can use these funds for whatever purpose they want. However, taking out a reverse mortgage loan implies that you lose out equity in your home and moreover different charges associated with a reverse mortgage loan are also quite high.
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