Reverse Mortgage Reality is proud to be the #1 Trusted Provider for seniors wanting a Jumbo Reverse Mortgage In Boca Raton, FL. Since 2008, we’ve helped seniors in Boynton Beach, Jupiter, Wellington, West Palm Beach, Delray Beach, Lake Worth and everywhere in between. But we don’t stop there. We also work with seniors in Miami, Orlando, Fort Myers, The Villages, Cape Coral and all across Florida(and the United States).
Here’s the type of folks we help…
- Seniors looking for Jumbo Reverse Mortgage information for themselves
- Family members looking at a reverse mortgage as an option for loved ones
- Trusted advisors like attorneys, CPAs, financial advisors and home health care agencies
At Reverse Mortgage Reality, we have an Education First model. Here’s how it works…
- First, we TEACH you about how a jumbo reverse mortgage in Boca Raton, Florida works.
- Next, we LEARN about your situation. Together, we figure out if a jumbo reverse mortgage(or traditional reverse mortgage) is an appropriate solution that will help you.
- Finally, IF a jumbo reverse mortgage is the right option for you, we’ll walk you through the process, hand in hand.
WHAT TO DO NEXT
No matter where you are in the information gathering process, we’ll be glad to help. Please call locally (888) 309 9705 or click below for a detailed proposal.
WHAT IS A REVERSE MORTGAGE?
A Jumbo Reverse Mortgage is a special program for seniors who are 60 or older and own high value homes. It allows you to take part of your home’s value(based on your age), in tax free cash, without requiring monthly payments.
We’ll go over “reverse mortgage basics” below; but first let’s talk about the unique characteristics of the Jumbo Reverse Mortgage.
- “Traditional” reverse mortgages cap your home value your $765,600. That means if you have a two million dollar home, you’d get the same amount of cash as a senior with a seven hundred dollar home. That isn’t great if you want to maximize the cash out of your home.
- Jumbo reverse mortgages don’t cap home values. So on that same two million dollar home, you might get between $800,000 and $1,300,000 depending on your age. To compare, with a traditional reverse mortgage, you’ll rarely get more than $450,000…even if your home is valued above $800,000.
- Jumbo reverse mortgages give you all of your cash up front. In most cases traditional reverses give you about 60% up front and then you have to wait 365 days for the additional 40%.
- The fees on jumbo reverse mortgages are significantly less than the fees on “traditional” reverses. There is NO origination fee and there’s NO mortgage insurance premium. Because this is less money in the reverse mortgage company’s pocket…you get more money in yours!
Now, there are many characteristics that both jumbo reverse mortgages and traditional reverses share. First, we’ll go over home ownership. You remain the full owner and you stay on the deed. With that said, we get paid back when you(or both you AND your spouse) pass away or sell your home. This is why you don’t get the ENTIRE value of your home, its because you aren’t selling it to the reverse mortgage company(it’s staying in your name). More on that later….
When you get a reverse mortgage, first, we pay off anything that’s owed on your home. This means a first or second mortgage, a HELOC, any sort of loan, taxes or judgments.
Next, if you qualify for extra money, we can give it to you in one lump sum(as long as you’re taking a jumbo).
By the way, if you don’t owe anything on your home you’ll just get all of your money in up front cash. Being “free and clear” does not disqualify you from a jumbo reverse mortgage in Boca Raton, FL.
Let’s learn more about how reverse mortgages work…
If you’d like a reverse mortgage calculator…below we’ll show you how much cash you can get and your options.
This stands for Home Equity Conversion Mortgage. A HECM is the most common type of reverse on the market today. It covers the above characteristics under “What is a reverse mortgage?”
The HECM is insured by the FHA and covered by “MIP”, which is a sort of federal insurance. MIP protects your heirs in case the market drops(think 2008).
In addition, HECMs cover homes up to a maximum value of $822,375. Yes, we can do HECMs for pricier homes, but oftentimes the Jumbo Reverse Mortgage works better(it gives you more cash with fewer fees).
✅ JUMBO REVERSE MORTGAGE
A jumbo is for homes who have higher values than $765,600. Being outside of the FHA, high value home owners can get more cash from a jumbo.
For example, a senior who’s home is worth $1,300,000 would be able to get FAR MORE CASH from a JUMBO Boca Raton, FL Reverse Mortgage than a traditional HECM.
This works because the jumbo would use the home value of $1,300,000 instead of the FHA limit of $822,375. Let’s say that a senior is able to take 50% of her home value; with a jumbo she’s taking $665,000 vs $422,187 with a FHA reverse.
Next, with a jumbo, she’ll be able to take the ENTIRE $665,000, vs getting 60% of the $422,187 up front and waiting a year for the additional 40%. Now, waiting a year sometimes isn’t a big deal. On the other hand, many high net worth seniors are leveraging their home to purchase other assets, so they need the entire amount of cash right away.
Despite being outside of the FHA, Jumbo Reverse Mortgages give the same “non recourse” protections to heirs that HECM’s give.
✅ REVERSE MORTGAGE FOR PURCHASE
A reverse mortgage(or HECM) for purchase is a unique tool that allows seniors to retire to their forever home while remaining financially stable. With a HECM for purchase, a senior will invest approximately 45-65% into their home with the reverse covering the rest. Furthermore, you’ll have no mortgage payments to pay for the rest of your life(you are responsible for paying property charges including taxes, homeowners insurance and hoa dues).
Here’s an example of how a reverse mortgage for purchase works. Phyllis is 68 and wants to move down from New York to Boca Raton to be closer to her grandchildren.
Phyllis finds a wonderful home by Lake Boca that she buys for $2,500,000. Because of her age, Phyllis invests just $1,304,000 into the home, and the jumbo reverse mortgage covers the remainder. And of course, Phyllis has no mortgage payments. She just has to stay current on her property taxes, homeowner insurance and HOA dues.
Phyllis is elated with her jumbo reverse mortgage; she’s got over a million dollars more in the bank AND she doesn’t have any monthly payments.
HOW REVERSE MORTGAGES HELP SENIORS
✅ Pay for Home Health Care to Age In Place
✅ Buy Your “Forever Home”…Just Like Phyllis
✅ Fund a Business
✅ Take Care of Family Members
✅ Aid In “Grey Divorce”
✅ Self-fund Long Term Care(by either buying a policy OR setting your own line of credit)
✅ Create Another Bucket of Money to Draw From
✅ Stop Drawing Down Retirement Accounts(and save the taxes too)
✅ Etc Etc Etc
The bottom line is, if you’re looking information, have a question or want a quote we’d be glad to help. At Reverse Mortgage Reality, we help folks all over Florida(and the country), but our hearts are in Boca Raton, FL. Jumbo Reverse Mortgage is a wonderful program for senior citizens, and we’re more than happy to walk you through the process hand-in-hand. For contact information…
CALL US AT (888) 309 9705 OR