“You must master a new way to think before you can master a new way to be.”
– Marriane Williamson
FORBES: FINDING YOUR RIGHT MORTGAGE PRODUCT
– THE JUMBO REVERSE MORTGAGE –
Many Americans find themselves in unique financial situations that require seeking out alternative forms of financing to more traditional, forward mortgage loans.
Fortunately, there are numerous financial products available beyond the traditional solutions that can help individuals in these situations more efficiently and strategically.
In a new piece on Forbes, Melissa Cohn, EVP at Family First Funding LLC Private Client Group, talks about the jumbo reverse mortgage as one of these alternative solutions.
“Homeowners can now obtain a reverse mortgage in New York and other states up to $4 million,” Cohn writes as a member of Forbes’ real estate council. “Until recently, we were limited to loan limits of approximately $700,000. The increase in reverse loan limits is a huge benefit to senior homeowners who live in high-value homes.”
According to Cohn, proprietary reverse mortgage options provide a new way for those seniors who live in homes with values beyond the lending limit currently applied to more traditional Home Equity Conversion Mortgage (HECM) loans, to tap into their home’s equity.
“With increased loan limits, senior homeowners can potentially access hundreds of thousands of dollars more than previously allowed,” she says.
“Now, borrowers have the ability to tap into their home’s equity and put it to work any way they want, giving them more control over their assets, investments and cash flow. Proceeds are tax-free and no monthly mortgage payments are required.”
Cohn also highlights the many ways the loan’s proceeds can be used.
“Funds can be used for any purpose, such as buying a second home or condo, paying for medical or in-home care expenses, paying for home improvements or limiting the need to take excessive distributions from their investment portfolio. No mortgage insurance is required.”
Improve Your Retirement with a Jumbo Reverse Mortgage
If you’re a senior who owns a home with a notable amount of equity, a proprietary jumbo reverse mortgage may be a viable option to help you tap into that equity, diversify your investment strategy and improve your retirement.