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Tom Selleck Says, "You can get up to 4 million, tax free in a Jumbo Reverse." Is that possible?
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.
I'm The Guy Who Know's What Tom Is Talking About
Mark Allen Schmidt
Owner & Broker Remarkable Mortgage
720-206-4539 Contact Mark
NMLS 846014 CO LIC 100037582