New proprietary reverse mortgages are being offered by some lenders on homes up to a $4 million dollar value. Recently reported in Reverse Mortgage Daily, these non FHA endorsed loans follow similar guidelines to FHA endorsed reverse mortgages, but allow homeowners to access even more funds:
“As the industry eagerly awaits the introduction of new proprietary reverse mortgages, jumbo loan originators credit these products with helping borrowers in a variety of situations—some more predictable than others.”
Proprietary reverse mortgages have the potential to help people struggling to pay medical expenses or other unanticipated debts. It is important to note that these loans are currently available in only a few states. Feel free to contact me to see if this loan is available in your area.