Jumbo Reverse Mortgage

A "jumbo" proprietary reverse mortgage product is called the Cash Account and available to benefit homeowners living in higher-priced homes valued above the FHA and Fannie Mae lending limits.

The Simply Zero Cash Account™ eliminates all up-front costs. With the Simply Zero Cash Account, borrowers are required to draw 100% of their maximum available benefit at loan closing, Both products provide homeowners age 62 and older with the ability to convert their home equity into cash without having to sell their home or assume monthly payments.

The interest rate is based on the 6 month LIBOR index + 5% margin. The lifetime interest rate cap is 6 points over the initial annual percentage rate. There is no equity or appreciation sharing and no maturity fee. There is no prepayment penalty and proceeds and advances are not taxable. The loan is non-recourse so you would never owe more than the value of the property at the time the loan becomes due.

Find out how a Jumbo Reverse Mortgage can benefit you by calling toll-free 1-888-973-8377.

Till next time, have a blessed day..