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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
  • KATHIE ADLER, ORIGINATOR
  • CONTACT US
  • 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
    • KATHIE ADLER, ORIGINATOR
    • CONTACT US

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
  • KATHIE ADLER, ORIGINATOR
  • CONTACT US

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 above with high-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 $1,089,300--
FHA insures HECM reverse mortgages on properties valued up to $1,089,300, so the maximum amount of loan proceeds you may be eligible to receive from a HECM is capped. (Of course, it's based on age and interest rates). If your home exceeds the $1,089,300 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 as these are not FHA loans!


3. You may tap into your equity if you reside in a condo.
Retirees living in condominiums may also take advantage of reverse mortgages. Borrowers with condos may receive single-unit approval rather than the entire condo applying for approval. Your condo will be required to complete paperwork and submit documents in order to obtain condo approval for your unit. 


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 pay property charges including property taxes, homeowner's insurance, HOA fees, and maintain their home.  

* 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 pay property charges and have adequate funds left each month after expenses. 


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

The HomeSafe® for Purchase is ideal for homeowners who are looking to relocate or right-size to a new home. It allows borrowers to increase their purchasing power while moving to a home that requires no 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. 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 that 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.  They can never owe more than the house is worth. There are no prepayment penalties  Note: Reverse purchase borrowers are required to move into the property within 60 days of closing.

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. Online documents can be used for signing also. What you will need:


  1. If you still work:  30 days pay stubs, W2 forms and if you’re retired, income documentation. If you are collecting Social Security, previous year's1099, current Social Security benefit statement for this year.
  2. If using asset information, provide information from checking and savings accounts, independent retirement accounts (IRAs), 401k's or any other investment accounts you may have. 
  3. A credit report will be pulled from three credit bureaus to determine if your installment and credit accounts have been paid on time.  
  4. Homeowner's insurance phone number of agent so we can obtain the declaration  page of your policy and payment status.


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.  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? You can receive a free reverse mortgage proposal and reverse mortgage information. Cl

What information is rquired to provide a reverse mortgage proposal? 


  • Names and address 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, judgments or liens
  • 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 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

3265 Merrick Road, 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
  • KATHIE ADLER, ORIGINATOR
  • CONTACT US

  • ADVISORS MORTGAGE GROUP, LLC.,  WE TAILOR LOANS TO MEET YOUR NEEDS -- Branch NMLS 1833015, 3265 Merrick Road, Wantagh, NY 11793 - Phone:  888-843-9797 or direct: 631-804-9044  - Licensing: CA: Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; FL; GA Residential Mortgage Licensee; NJ: Licensed by the New Jersey Department of Banking and Insurance; NY: Licensed Mortgage Banker –OH; PA; TX. www.nmlsconsumeraccess.org   
  • Kathie Adler, Residential Mortgage Loan Originator and Reverse Mortgage Specialist, NMLS# 65780
  • Branch office located at 3265 Merrick Rd., Wantagh, NY 11793 – Branch NMLS# 1833015 Equal Housing Opportunity 
  • IMPORTANT NOTE: FOR CONCERNS OR COMPLAINTS, PLEASE CONTACT: ADVISORS MORTGAGE GROUP, LLC.,  800-778-9044


  • “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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