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  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR
  • FLOWERS AND ME
  • More
    • HOME
    • JUMBO REVERSE MORTGAGES
    • REVERSE MORTGAGE FAQ
    • IS IT RIGHT FOR ME?
    • PROS-CONS-CLOSING COSTS
    • WHAT ARE THE SAFEGUARDS?
    • WHAT IS HECM COUNSELING?
    • MANUFACTURED HOMES
    • FIRST TIME HOME BUYERS
    • PURCHASING WHAT NOT TO DO
    • FINDING THE RIGHT LOAN
    • POOR CREDIT -WE CAN HELP.
    • VA HOME LOANS
    • DOCUMENTS-UNDERWRITING
    • ADVISORS MORTGAGE INFO
    • CONTACT US
    • MORTGAGE LOAN ORIGINATOR
    • FLOWERS AND ME

EN

  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR
  • FLOWERS AND ME


Helpful Information ~ Reverse Mortgage Long Island.com

Call for info: 888-843-9797 or 631-804-9044

Jumbo Reverse Mortgages

FOR HIGHER VALUE HOMES

The proprietary JUMBO Reverse Mortgage program called HOME SAFE has a minimum home value starting at $500,000.  The maximum loan amount is $4,000,000 and covers homes valued up to $10,000,000.  This is an incredible program for higher value homes as it enables borrowers to tap into more of their home equity.  


For many retirees, home equity is one of their greatest assets. Homeowners – age 62 and older – with higher-end properties have turned to proprietary “jumbo” reverse mortgages to unlock this valuable source of housing wealth and for a variety of reasons. 


The majority of reverse mortgages available on the market today are Home Equity Conversion Mortgages (HECM), which are insured by the Federal Housing Administration. While many American retirees have successfully utilized these products, conventional HECMs are not always practical for high-end homes.


Here are three reasons to CONSIDER a jumbo reverse mortgage.


1. Your home value is greater than $970,800---
FHA insures HECM reverse mortgages on properties valued up to $970,800, so the maximum amount of loan proceeds you may be eligible to receive from a HECM is capped. If your home exceeds the $970,800 lending limit, you may be better served by a “jumbo” reverse mortgage loan.


2. You can access more funds.
Proprietary jumbo reverse mortgages, which are not FHA insured, are privately insured by the companies that offer them. These products are often called “jumbo” loans because they allow borrowers to access significantly higher loan amounts compared to traditional HECM reverse mortgages. The best part? There is NO up-front or ongoing mortgage insurance premium!


3. You may tap into your equity from a higher-end condo.
Retirees living in condominiums may also take advantage of reverse mortgages, however, not all condos are FHA-approved to be able to utilize the HECM program.  A unique feature of jumbo reverse mortgages is that condos appraised for $500,000 or higher do not require FHA approval so they could be potentially eligible for a Home Safe jumbo loan. There is still an approval process for condos.  Your condo will be required to complete paperwork to obtain condo approval.  


How to Qualify for a HOME SAFE Jumbo Reverse Mortgage:

* The homeowner must live in the property as their principal residence at least 6 months per year and continue to maintain their property charges including property taxes, homeowner's insurance, HOA fees, and maintain their home. If the homeowner does not meet these loan obligations, then the loan will need to be repaid.  

* Much like the HECM program, the jumbo reverse mortgage has several safeguards in place to protect borrowers. One safeguard is reverse mortgage counseling which is required so that borrowers understand the program as well as their obligations on the loan. 

* Borrowers are required to undergo a financial assessment to ensure their ability to comply with the loan terms and also have adequate funds left over each month after expenses. 


HomeSafe® for Purchase – Right-Size Your Home for Retirement

The HomeSafe® for Purchase is ideal for borrowers who are looking to relocate or right-size to a new home. It allows borrowers to increase their buying power when purchasing a home while eliminating monthly mortgage payments.   


HomeSafe® for Purchase - A Great Solution

A HomeSafe for Purchase may be used to purchase a primary residence without having to waste the cash flow associated with traditional financing as a portion is provided as proceeds through the reverse mortgage jumbo. This allows home buyers age 62+ to purchase a home and obtain a reverse mortgage in a single transaction. The HomeSafe for Purchase can eliminate costs, hassle, and time and makes it easier for retired homeowners to relocate. It also increases the buyer’s purchasing power by allowing the lender to finance a portion of the sales price! HomeSafe for Purchase helps homeowners with these goals:


  1. Many want to RELOCATE to be closer to family members
  2. Many need to DOWNSIZE to homes to match their needs
  3. Many want to UPSIZE to their dream home for retirement


The HomeSafe is a non-recourse loan and the borrower or their heirs have no personal liability for repayment of the loan and can never owe more than the loan amount or appraised value, whichever is lower. There are no prepayment penalties, however, on the fixed rate HomeSafe, a borrower cannot redraw prepaid funds.With any financial decision, it is important to carefully consider your options. The right financial advisor can guide you to a great decision that works for you and enhances your financial goals.  Advisors Mortgage is here to assist in answering any and all of your reverse mortgage questions. 



STEPS TO GETTING A JUMBO REVERSE MORTGAGE

What are the steps to getting a Reverse Mortgage? Preparing for Your Reverse Mortgage Financial Assessment Have you decided that you are ready to apply for a reverse mortgage? Before you complete your application, you will first you will need to take a few preliminary steps beginning with a mandatory financial assessment to make sure you are financially able to meet your loan obligations.To get ready for the financial assessment, speak to a reverse mortgage specialist to learn how the assessment will be conducted and what is required of you. 


Gathering the paperwork

To move the process along, it’s helpful to gather all of the proper documents together in one place before you meet with a loan originator and sign an application. Online documents can be used for signing also. You will need to locate and document financial records.

  1. Proof of income. Collect pay stubs, W2 forms and if you’re retired, any other documentation of income in retirement. This could include documentation for Social Security (if you’re collecting it), pension details, or 1099 forms for any contract work.
  2. Asset information. You will be required to provide information from checking and savings accounts, independent retirement accounts (IRAs) or any other investment accounts you may have. 
  3. A list of all of your debts derived from a credit report.  This includes mortgage information, auto loans, personal loans, credit card debt, and anything else with payments as well as collection accounts. (If you pay more per month on a particular account, we will consider only the required monthly amount).
  4. Real Estate taxes and homeowner's insurance: Gather these documents so they will be ready when needed.


Reverse mortgages tend to be a complicated mortgage product, and at times it can seem overwhelming. We try to make it easy to understand in a world of complexities.  Every potential borrower has a right to have their questions and concerns answered.  And that exactly what we'll do!


For answers on the most frequently asked questions about reverse mortgages, click below or contact Advisors Mortgage.

888-843-9797 or 631-804-9044


reverse mortgage faq-click here

Financial Assessment - a Good Thing

Additional Information

Safety through financial assessment

Advisors Mortgage follows the same Financial Assessment qualifications on Jumbo Reverse Mortgages as with the FHA HECM product. There must be a certain amount of residual income left for borrowers to access for their needs after their monthly  expenses are paid (property charges such as taxes, home insurance, HOA fees, flood insurance where applicable, and monthly expenses on a credit report).   


The financial assessment is a safety measure which serves the borrower’s  interest. Because borrowers are still required to pay property taxes, insurance, HOA fees, and various other payments that apply to their home, the assessment and documentation helps ensure that borrowers do not  end up in a poor financial situation as a result of the loan.


For more information, contact Advisors Mortgage.  The jumbo reverse mortgage proposal is a free, no obligation proposal.  Please either call the numbers provided or complete the contact form below to receive free reverse mortgage or jumbo reverse mortgage information.   (Note: All jumbo and commercial loans are arranged through third party providers).

Home Safe Resource - Download or Click NEXT at Bottom of PDF

Download PDF

Got questions? Free Reverse Mortgage Booklet. For a free reverse mortgage Comparison:

PLEASE PROVIDE THE FOLLOWING (THIS WEBSITE IS PROTECTED BY SSL, SO YOUR INFORMATION IS ENCRYPTED AND YOUR DATA PROTECTED):

  • Names of all borrowers  
  • Dates of birth for all borrowers
  • Address of property 
  • Type of home (1-4 family residence, condo, manufactured home)
  • Approximate value of home
  • Balances on any mortgages & equity loans
  • Are you behind on any federal debt?

Advisors Mortgage-888-843-9797 /631-804-9044

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Let us help you with all your mortgage needs.

Advisors Mortgage will provide a free consultation as well as free literature so you can learn the ins and outs of Reverse Mortgages.  Take advantage of this life changing tool called a HECM/Home Equity Conversion Mortgage.

If a Reverse Mortgage is not right for you, we can provide information on other mortgage products.

Advisors Mortgage Group, NMLS 1833015

3330 Park Avenue, Suite 1, Wantagh, New York 11793

888-843-9797 - 631-804-9044


  • HOME
  • JUMBO REVERSE MORTGAGES
  • REVERSE MORTGAGE FAQ
  • IS IT RIGHT FOR ME?
  • PROS-CONS-CLOSING COSTS
  • WHAT ARE THE SAFEGUARDS?
  • WHAT IS HECM COUNSELING?
  • MANUFACTURED HOMES
  • FIRST TIME HOME BUYERS
  • PURCHASING WHAT NOT TO DO
  • FINDING THE RIGHT LOAN
  • POOR CREDIT -WE CAN HELP.
  • VA HOME LOANS
  • DOCUMENTS-UNDERWRITING
  • ADVISORS MORTGAGE INFO
  • CONTACT US
  • MORTGAGE LOAN ORIGINATOR


ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3330 Park Avenue, Suite 1, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  -  Licensed by the New York State Department of Financial Services, Licensed Mortgage Banker. Licensed by the New Jersey Dept of Banking and Insurance, Licensed by the Florida Office of Financial Regulation, 

 Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act. ,

 Licensed by Texas Dept. of Savings and Mortgage Lending,  

 IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044

Website authorization by New York State Dept. of Financial Services is pending. Until this website is authorized, no mortgage loan applications for properties located in New York will be accepted through this site. This website is not sponsored by FHA or HUD or any government agency.  



“CONSUMERS WISHING TO FILE A COMPLAINT AGAINST A MORTGAGE BANKER OR A LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATOR SHOULD COMPLETE AND SEND A COMPLAINT FORM TO THE TEXAS DEPARTMENT OF SAVINGS AND MORTGAGE LENDING, 2601 NORTH LAMAR, SUITE 201, AUSTIN, TEXAS 78705. COMPLAINT FORMS AND INSTRUCTIONS MAY BE OBTAINED FROM THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.    A TOLL-FREE CONSUMER HOTLINE IS AVAILABLE AT 1-877-276-5550. THE DEPARTMENT MAINTAINS A RECOVERY FUND TO MAKE PAYMENTS OF CERTAIN ACTUAL OUT OF POCKET DAMAGES SUSTAINED BY BORROWERS CAUSED BY ACTS OF LICENSED MORTGAGE BANKER RESIDENTIAL MORTGAGE LOAN ORIGINATORS. A WRITTEN APPLICATION FOR REIMBURSEMENT FROM THE RECOVERY FUND MUST BE FILED WITH AND INVESTIGATED BY THE DEPARTMENT PRIOR TO THE PAYMENT OF A CLAIM. FOR MORE INFORMATION ABOUT THE RECOVERY FUND, PLEASE CONSULT THE DEPARTMENT’S WEBSITE AT WWW.SML.TEXAS.GOV.”



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