Jumbo Reverse Mortgages Made Easy
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Jumbo Reverse Mortgages Made Easy!
Homeowners who are of age 62 and over have gained a lot from the HUD (Home Equity Conversion Mortgage) or HECM despite the fact that the reverse mortgage program did go through a rough patch.
In order to sustain the program, the Department of Housing and Urban Development (HUD) had to make various moves that rendered the program a lot more difficult to qualify for and then reduced principal limits as well.
If you are a homeowner to a higher-valued estate, you may earn a bigger loan advance through a Jumbo Reverse mortgage ( which is a proprietary reverse mortgage program).
The Jumbo program reaps you a diverse range of benefits. It does not require continuous monthly payments, which makes this program even better. It holds reduced interest rates and lower principal limits.
You can also use a HECM to purchase a primary residence if you are able to use cash on hand to pay the difference between the HECM proceeds and the sales price plus closing costs for the property you are purchasing.
To learn more about this program: Call or email today for more details!