Jumbo reverse mortgages (a.k.a. Proprietary) are a great option for homeowners age 55 and older with home values greater than $1,000,000, or for homeowners that may not qualify for the FHA reverse mortgage (HECM). They allow borrowers to access up to $6 million worth of home equity without having to follow FHA guidelines regarding loan size.
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A reverse mortgage for purchase is a type of reverse mortgage that allows seniors age 62 or older to purchase a new principal residence by using the loan proceeds from the reverse mortgage on their current residence.
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A standby reverse mortgage line of credit is a good option for taking funds if you have no mortgage or a small mortgage. It provides the borrower with the flexibility with regards to how they want to draw on their credit line and is available as long as a borrower is making the home their primary residence.
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Independence Reverse Mortgage Solutions