Programs

HECM

• FHA (Federal Housing Administration) insured
• Minimum age 62¹
• NO monthly mortgage payment
• Occupy the property as your primary residence
• Need not own the property outright; however, substantial equity is required for the program to work to the fullest advantage
• Counseling required
• Property taxes, homeowners’ insurance, HOA (if applicable) paid by borrower
• Demonstrate ability to pay property charges and consumer debt
• Loan amount calculated using age, appraised value/max claim amount, and expected rate
• No pre-payment penalty
• Up Front Mortgage Insurance Premium
• Monthly mortgage insurance

Proprietary Jumbo

• Minimum age 55²
• NO monthly payment required
• Occupy the property as your primary residence
• Need not own the property outright; however, substantial equity is required for the program to work to the fullest advantage
• Counseling required
• Property taxes, homeowners’ insurance, HOA (if applicable) paid by borrower
• Loan amounts up to $4,000,000
• No pre-payment penalty

Jumbo 2nd Mortgage

• Minimum age 55³
• Behind a traditional mortgage only (continue to make monthly payment)
• NO monthly payment required
• Occupy the property as your primary residence
• Need not own the property outright; however, substantial equity is required for the program to work to the fullest advantage
• Counseling required
• Property taxes, homeowners insurance, HOA (if applicable) paid by borrower
• Minimum loan amount $50,000
• Fixed rate, lump sum distribution only
• Maximum home value is $10,000,000
• Loan amounts up to $4,000,000
• No pre-payment penalty

Purchase with a Reverse

• Follows either HECM or Jumbo guidelines
• Downpayment equals instance equity
• 6% seller credits allowed
• Gifts allowed