Jumbo lending isn’t just on the upswing for traditional U.S.
home loans. It’s also being revived for seniors who want to borrow against the
equity in their houses through reverse mortgages. VanDyk Mortgage is proud to introduce
a powerful new jumbo reverse mortgage that allows you to maximize home equity:
the HomeSafe reverse mortgage. Now, individuals age 62 or older
who either own or are looking to purchase a property
that’s valued at $1.5 million or more can access more of their home equity for long-term retirement planning.
HomeSafe offers these unique advantages over a Home Equity
Conversion Mortgage (HECM):
·
Loan amounts of up to $2.25 million—significantly higher than a HECM allows
·
No mortgage insurance premium
·
No initial disbursement limitation—they take the full amount at closing
·
Condominiums appraised at $500,000 or more do not require FHA approval
·
If they’re buying a house or condo, seller concessions and lender credits are
allowed
HomeSafe
offers a competitive fixed interest rate and a lump-sum draw. You
can use the proceeds in a variety of ways—for example:
·
Pay off existing mortgage debt, to eliminate monthly mortgage payments* and
improve cash flow
·
Buy a house or condo in an upscale area or active lifestyle community
·
Pay for home improvements
·
Cover medical or in-home care expenses
·
Refinance an existing reverse mortgage to access a larger pool of funds
For older Americans with expensive homes, staying in the house and getting a jumbo reverse mortgage may be a better option than selling investments. Selling assets that have increased in value may result in capital-gains taxes, while income drawn from a reverse mortgage is tax free.
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