Loan, Mortgage

Jumbo Reverse Mortgage Loans

HomeSafe Jumbo Loans

HomeSafe Jumbo Loans are our proprietary, jumbo reverse mortgage, which is available for either single family homes or condos. HomeSafe allows borrowers 62 and older to maximize home equity or access more loan benefits. It is available for both refinances and purchase transactions. We offer HomeSafe Jumbo Loans across all of California, with a particular focus on the Chico, Walnut Creek, Paradise CA and Sacramento areas.

Features of a Jumbo Reverse Mortgage Loan

  • Maximum loan amount of $4,000,000.
  • Lower fees, with no mortgage insurance premium.
  • Fixed Rate, with zero origination fees.
  • Flexible terms and underwriting.
  • Required counseling and disclosures.
  • The borrower can own up to four other properties as long as they live in the subject property for the majority of any calendar year.

HomeSafe is only available when the borrower has requested loan proceeds in excess of the HECM limit of $625,500, or when the borrower does not qualify for the HECM but does qualify for the HomeSafe.

Jumbo Reverse Mortgage Loan Example #1

Mr. Smith is 82 years old and owns a $2,000,000 home in San Diego, Ca. He also owns three investment properties. He is ready to retire and travel, and is attempting to accomplish two things in order to do that: He desires to satisfy his $250,000 mortgage on his primary property, and would like to convert some of the equity in the home to available funds for future needs (“monetize”). His financial planner asks him to consider a reverse mortgage. After exploring his options he learns about the HomeSafe Jumbo product. With HomeSafe he can accomplish his goals. He moves forward and pays off his $205,000 mortgage at closing and has another $444,678.92 to use for future needs and wants.

Jumbo Reverse Mortgage Loan Example #2

Mrs. Jones, a 75 year old, owns a condo that is not FHA-approved. She wants to pay off debt and wants to use a reverse mortgage to do so.

Since her condo is not FHA approved, she applies for spot (only her unit) condo approval through the HomeSafe and is approved. She is thrilled to have a loan option other than the HECM, which was not available to her.

Jumbo Reverse Mortgage Loan Eligibility

The number of older Americans aged 65+ is projected to increase from 43 million to 2012 (12.9 of the population) to 84 million in 2050 (20.9% of the population). The projections indicate that there will be 92 million older Americans in 2060.

Apply for a Jumbo Reverse Mortgage Loan

If you are interested in learning more about jumbo reverse mortgage loans in Chico, Walnut Creek, Paradise CA, Sacramento or anywhere else in California, or to apply today, contact Tim Kemper at Guild Mortgage – Tim Kemper at (530) 624-6964, or request a reverse mortgage quote today!

Your next home loan is a phone call away!

Give Tim a call at (530) 624-6964