FHA allows up to $600K.. There are lenders out there that offer a Non-FHA program; however they have higher rates and fees... Your best bet is to find a local mortgage broker who specializes in HECM's... but stay away from the big banks... it will save you a lot of frustration.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.comNov 5th 2012
There are reverse mortgage programs for jumbo mortgages, although the rates are higher than the FHA rates. This means you may get less equity out of the property than using the FHA HECM program. The FHA HECM does allow up to a maximum claim greater than $600,000 in many areas. Your best bet is to compare the FHA with the non-FHA reverse and see which product offers you the most equity. Call me for specific quote information. John Desmond 888-407-1592.Nov 5th 2012
No, the HECM program doesn't offer a Jumbo program. There's only one Jumbo Lender in the nation at this time, and the HECM works better then that program up to a value of 1.3M.The other Loan Officers are incorrect. The national lending limit for the HECM is $625,500.00, and that's a temporary limit. It'll decrease back to $417,000.00 when the increased lending limit expires and isn't renewed by Congress.Nov 5th 2012
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