Average Advantage Jumbo Reverse Mortgage Loan Customer Profile p>AAG’s implementation of proprietary jumbo loans stems from the company’s desire to expand into the most versatile financial solutions.
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.
Unlike HECM and proprietary reverse mortgage loans, which can be used for anything, funds acquired through single-purpose reverse mortgages must be used for a lender-approved expense, most.
These "proprietary" reverse mortgage options still maintain many of the consumer protections of the HECM program. Reverse mortgages, FHA-insured or not, must be non-recourse loans. But, of course, these proprietary products do not charge the initial MIP (2%) or annual MIP (0.5%).
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A jumbo reverse mortgage is a more straightforward name for a proprietary reverse mortgage that is backed by a private company. The principal difference with the standard HECM and a proprietary, or jumbo, reverse mortgage program is simply to make it possible to get more money out of a high value home.
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Currently, borrowers with very high home values can access at least one non-FHA reverse mortgage option. Several additional lenders, however, have said they will be offering private reverse mortgage products in 2014. If you are seeking a reverse mortgage, keep in mind that the HECM is just one type of reverse mortgage.
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AAG Introduces Proprietary Jumbo Reverse Mortgage Loan More Access, More Options with AAG Advantage Orange, Calif. ( September 10, 2015 ) – American Advisors Group (AAG), the leading reverse mortgage lender in the nation, is pleased to announce it has launched a jumbo reverse mortgage loan, called the AAG Advantage.
Proprietary reverse mortgages provide larger loan amounts than permitted under HECM programs. That’s because while HECMs are federally backed and can be offered by any lender approved by the.
Proprietary reverse mortgages. In many ways, a proprietary or "private label" reverse mortgage is very similar to what you get with an HECM, said Cook. Your loan is based on the equity you have in the home, and market rates set your interest. Even your options for receiving your funds are the same.