Is 4 Million A Possibility?
Yes, with a Jumbo Reverse Mortgage. 4 million dollars is the upper limit of funds that are available in a Jumbo Reverse Mortgage. In order to qualify for 4 million a borrower would need a home worth somewhere around nine million.
Is That Money Tax Free?
Yes, the money is considered a loan by the IRS. Link to IRS Regs.
A Jumbo Reverse Mortgage Example
I asked the Jumbo lender, “tell me how people have used a Jumbo Reverse Mortgage.” The Lender replied, “In Southern California say a 70 year old couple bought their home 30 years ago for around $300,000. Now that home is worth about 1.4 million. They can get around $520,000. That’s life changing.”
Could you, a friend, or a client, benefit from a Jumbo Reverse Mortgage?
The Jumbo Reverse is a game changer in several ways. First, this is a loan designed for higher net-worth individuals who are interested in managing their home equity wealth.
Second, The Home Safe Jumbo is not an FHA loan. This is a Lender-offered loan, but it has similar features and the Non-Recourse protections of the FHA HECM.
Third, the Jumbo Reverse Mortgage costs about 20% of what a FHA Reverse Mortgage costs to originate.
This Loan Is Loaded With Astounding Possibilities
For Financial Advisors: Your clients should hear about this from you. That kind of money requires some serious wisdom and consideration.
For CPA’s And Accountants: Your clients will need your counsel and your creativity when it comes time to decide if this is good for them or not.
For Realtors: You need to know how to present the possibilities of using a Jumbo Reverse to purchase a premium property.
For Family Members: A Jumbo Reverse opens up opportunities for Legacy planning, for transferring wealth to new generations, and even for endowing charities.