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Want to purchase a new home with your Reverse Mortgage payout? Recently, the FHA has made buying a home easier for seniors than ever before. Instead of buying a new home, paying closing costs, and then getting a reverse mortgage loan on the new property (plus additional fees), a Reverse Purchase Mortgage combines everything into one!
A jumbo reverse mortgage, also called a proprietary reverse mortgage, is a specialty reverse loan for homeowners with high-value homes that have a larger amount of equity to tap into. This applies to homes valued above the current Home Equity Conversion Mortgage (HECM) limit of $726,625.
A reverse mortgage is an agreement in which a homeowner abdicates the equity of their home in exchange for a lump-sum payment, fixed monthly payments, or a line of credit. If the homeowner is 62 years or older, this agreement allows the homeowner to remain living in their home while receiving monthly payments instead of paying off the mortgage.