Jumbo Reverse Mortgages

For a long time, there has been little secondary market appetite for jumbo reverse mortgages, which many may refer to as proprietary reverse mortgages. That has changed. We now have multiple products available for home values between $500,000 and $6,000,000, with exceptions being made on a case by case basis above the $6 million mark. These loans will carry a higher interest rate than the traditional HECM, however they will allow for far greater loan proceeds at closing. With new product innovation, we have fixed rate lump sum draw options, monthly payment options for a specific term or even line of credit options. Below outlines all of our jumbo product offerings along with their features.

The best part about working with brokers is that we have options for your jumbo reverse mortgage solutions. With a direct lender, you would be stuck to their product offering. Not so with us. We are able to match you to the best product based on your needs, not the lenders.

Side by Side Comparison of Proprietary Products 

Product NameHomeSafe (Finance of America and American Advisors Group)Platinum (Longbridge Financial)EquityEdge (Reverse Mortgage Funding)HELO (One Reverse Mortgage)
Maximum Loan Amount$4 million$4 million$4 million$4 million
Payment Options» Lump Sum
» Monthly Term Payments (HomeSafe Flex)
» Line of Credit (HomeSafe Select)
Lump Sum OnlyLump Sum OnlyLump Sum
Minimum Age62626062
Special Features» Can be used for new home purchases
» Can lend to non-FHA condos
» HomeSafe Flex allows borrowers to take 60 percent of their funds upfront and access the remaining funds as payments over 5 years
» HomeSafe Second is a second lien that allows for borrowers to continue to make payments on their existing first while accessing equity.
» Can be used for new home purchases
» Can lend to non-FHA approved condos (individual condo review)
» Low upfront costs
» Streamline process for financial assessment.
» Can be used for new home purchases. Lender credits and seller concessions permitted
» Can lend to non-FHA approved condos and townhouses
» lower age qualification (60)
» Low upfront costs
» Non-borrowing spouses allowed
» Can be used for new home purchases
» Can lend to non-FHA approved condos
» Low upfront costs
» Accommodates properties with solar panels, within certain restictions
Restrictions» Condos that appraise for less than $500,000 must be FHA approved» Borrowers must have a minimum credit score of 640
» Non-borrowing spouses are prohibited
» Properties must be worth a minimum of $350,000
» Condos must be FHA approved, Fannie Mae Approved or RMF approved.
» No minimum property value, but borrower must qualify for at least $100,000
» Condos must be Fannie Mae approved
» Borrowers must have a minimum credit score of 640
» Non-borrowing spouses are prohibited
» Properties must be worth a minimum of $350,000
» Two appraisals are required if the property value exceeds $2 million
States Offered (that we broker loans)CA, CO, FL, ID, ORCA, CO, FL, ORCA, CO, FL, ORCA

Proprietary Reverse Mortgage Product Offerings

HomeSafe® by Finance of America and American Advisors Group

Because of our wholesale partnership with Finance of America Reverse LLC (FAR) and American Advisors Group (AAG), we are able to offer their proprietary reverse mortgage loan called HomeSafe®. HomeSafe® will help many of our clients unlock housing wealth, and leverage assets to meet their ongoing needs. As a jumbo reverse mortgage, HomeSafe® is specifically designed for borrowers with higher- priced primary homes. It is also designed for those with other situations that would not qualify under the HECM program.

HomeSafe Quick Facts

 Borrowers must be at least 62 years old
 Maximum loan amount is $4 million
 Fixed Rate has lump sum distribution ONLY
 No mortgage insurance premium
 Counseling and disclosures are required
 Used for single-family residences, 2-unit, or condominiums valued over $500K
 Available for both refinance and purchase transactions
 Financial Assessment underwrite performed on all applicants

HomeSafe Approved Counseling Agencies

Additional counseling agencies may be available.  A full list will be provided to you by one of our loan officers with your proposal package.

Please note that this list may change. Be sure to call for counseling using the list provided by your loan officer. Be sure you tell the counselor which product you are being counseled for. If you receive counseling for the wrong product, you will need to be re-counseled.

Platinum by Longbridge Financial

As the first broker approved by Longbridge, we have a relationship that allows for us to access their proprietary reverse mortgage.

Platinum Quick Facts

 Borrowers must be at least 62 years old
 Maximum loan amount is $4 million
 Fixed Rate has lump sum distribution ONLY
 No mortgage insurance premium
 Counseling and disclosures are required
 Used for single-family residences, 2-unit, or condominiums valued over $350K
 Available for both refinance and purchase transactions
 Financial Assessment underwrite performed on all applicants

Platinum Approved Counseling Agencies

Additional counseling agencies may be available.  A full list will be provided to you by one of our loan officers with your proposal package.

Please note that this list may change. Be sure to call for counseling using the list provided by your loan officer. Be sure you tell the counselor which product you are being counseled for. If you receive counseling for the wrong product, you will need to be re-counseled.

EquityElite by Reverse Mortgage Funding (RMF)

We are able to offer the EquityElite product due to our strong relationship with RMF wholesale. Similar to other proprietary products, EquityElite may offer more funds than would be available under the HECM, depending on home value.

EquityElite Quick Facts

 Borrowers must be at least 60 years old (the only product that allows borrowers to be younger than 62
 Maximum loan amount is $4 million
 All payment plans on adjustable rates. Full draw required on fixed rates.
 No mortgage insurance premium
 Counseling and disclosures are required
 Used for single-family residences, 2-unit, or condominiums
 Available for both refinance and purchase transactions
 Financial Assessment underwrite performed on all applicants

EquityElite Approved Counseling Agencies

Additional counseling agencies may be available.  A full list will be provided to you by one of our loan officers with your proposal package.

Please note that this list may change. Be sure to call for counseling using the list provided by your loan officer. Be sure you tell the counselor which product you are being counseled for. If you receive counseling for the wrong product, you will need to be re-counseled.

HELO by One Reverse Mortgage a Quicken Loans Company

If you’ve made it this far down on the page, it should be apparent that as a broker we have multiple products and companies that we work with. We’ve earned the trust of these major companies to be able to offer their products. One call to us will help guide you through the world of reverse mortgages.

HELO Quick Facts

 Borrowers must be at least 62
 Maximum loan amount is $4 million (loans over $3 million require a 5% haircut)
 Minimum property value of $350k
 Full draw, fixed rate loan.
 No mortgage insurance premium
 Counseling and disclosures are required
 Used for single-family residences, 2-unit, or condominiums
 6 month seasoning to refinance from any other reverse mortgage product
 Financial Assessment underwrite performed on all applicants

HELO Approved Counseling Agencies

  • List coming soon.

Additional counseling agencies may be available.  A full list will be provided to you by one of our loan officers with your proposal package.

Please note that this list may change. Be sure to call for counseling using the list provided by your loan officer. Be sure you tell the counselor which product you are being counseled for. If you receive counseling for the wrong product, you will need to be re-counseled.

With so many options available, it’s best to reach out to use directly to discuss your specific needs. We can be reached toll free at 1-888-888-4834 or you can apply online. If you wish to run a comparison, please use our reverse mortgage calculator. It currently doesn’t compare jumbo/proprietary products, but it will give you a very good idea as to what you would qualify for with a HECM reverse mortgage.