What factors are considered in qualifying for a reverse jumbo mortgage?

FHA insured HECM's are limited to $625,500. Anything above that would be a portfolio product, and you would be subject to the individual lenders guidelines.. But for FHA, you just have to be 62 or older and be living in the home as your primary residence. You can only have one HECM at a time, and have enough equity to satisfy the requirement for your given age. Reverse mortgages are a good way to supplement your income in the retirement years, but keep in mind that nothing comes for free.. and with a reverse mortgage, it's no different.. you get a monthly payment, but your principal balance grows each and every month, and it will eat away at your equity.. if the property value keeps pace with your increased balance, you might be able to sustain your current equity levels.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Age and Equity. You can apply online at www.cobaltmortgage.com/jerrypotter

The age and the loan amount have to meet the requirements. The other folks have answered it well. If I can help I own Bayview Home Loans here in Tacoma. Take care,Kyle Stancato

o. See answer below that's correct info.FHA Lending limit is $625,500. Home values at or above that value would get the same proceeds. there is a jumbo non fha product out there but the LTV and rates makes it extremely unattractive. It might be of use on values above1.5 M. I would be happy to give you a quote for your Wash/ oregon Clilent.Steve McLean Reverse mortgage Advisor 360 293 9984 Bank of the Pacific.

How old you are -- How much the house is worth -- and how much you owe on it. Good Luck!!! In terms of negatives, there are pros and cons to all financing - Reverse mortgages have higher costs than normal financing instruments, but they are reasonable for what you are getting. This will be explained to you very well during the process - the required counseling is exhaustive and designed to make sure you understand what you are getting in to. These loans are not typically offered by all banks because of the education required - seek out a reputable, experienced REVERSE MORTGAGE Specialist in your area.

Do both owners need to be 62?