Unlock more of your high-value home’s equity—and expand your options in retirement
At Fairway, our goal is to help you explore financing options that align with your goals and financial situation. For homeowners with properties valued above typical lending limits—often $1 million or more—a jumbo reverse mortgage may offer an alternative to a traditional Home Equity Conversion Mortgage (HECM).
What is a Jumbo Reverse Mortgage?
A jumbo reverse mortgage is a loan designed for homeowners with higher-value properties who want to convert a portion of their home equity into available funds. Like other reverse mortgage products, repayment of the loan balance is typically deferred until a later time, such as when the borrower moves out of the home or the property is sold.
Borrowers also have flexibility in how they manage the loan balance. While monthly principal and interest payments are not generally required, voluntary payments can be made at any time if desired. As with any mortgage, borrowers must continue to maintain the home and remain current on property taxes and homeowners insurance.
A jumbo reverse mortgage can also be used to finance the purchase of a new home.
Frequently Asked Questions
How do you qualify for a jumbo reverse mortgage?
Jumbo reverse mortgages are generally intended for homeowners age 62 or older who own higher-value properties and have sufficient home equity. Eligibility can vary depending on the specific loan program and lender requirements. To learn whether a jumbo reverse mortgage may be an option for your situation, consider speaking with a Fairway retirement mortgage specialist.
What is the interest rate on a jumbo reverse mortgage?
Interest rates for jumbo reverse mortgages vary based on the lender, the specific loan product, and whether the loan has a fixed or adjustable rate. In some cases, rates may differ from those associated with federally insured reverse mortgage programs. One difference is that jumbo reverse mortgages typically do not include mortgage insurance premiums. To learn more, reach out to a Fairway retirement mortgage specialist.
What is the largest reverse mortgage available?
Jumbo reverse mortgages are designed for higher-value homes and may allow borrowers to access larger loan amounts than traditional reverse mortgage programs. Depending on the program, loan limits can reach up to approximately $4 million. Funds may be received as a lump sum or accessed over time through other options.
Who does jumbo reverse mortgages?
A number of lenders across the United States offer jumbo reverse mortgage products. At Fairway, we provide several reverse mortgage loan options, including jumbo reverse mortgages, to help homeowners explore financing solutions that align with their needs.
Let’s start a conversation
Our experienced team of Reverse Mortgage Planners will help you to understand the Jumbo Reverse Mortgage loan, so you can make an informed decision about whether it is the right financial solution for you.