After John Dugan's speech about the dangers of propietary (Non-FHA) Reverse Mortgages, I decided to look deeper in to what Proprietary (also knows as Jumbo) Reverse Mortgages are available out there. I thought they were gone, but new products are sprouting ("Green Shoots.")
Before I say what's out there, first a caveat: These products are at VERY LOW LTV's (15-30) What that means is that they ONLY make sense at very high home values (Well over $1 million, maybe even $2 million.) I am not sure what other advantages they provide, but I am still learning as much about them as I can.
Bank of America offers a Jumbo product called "Platinum" but only in the following ten states AZ, CA, DC, DE, FL, GA, NC, SC, TX, & VA.
First Reverse offers a Jumbo Product. I know they are also geographically limited, but I am still working on finding out which states they allow.
Comments(0)