The Urban Financial jumbo reverse mortgage.
Urban Financial jumbo reverse mortgage product is designed to help senior homeowners that previously could not qualify for the program.
Introducing a new reverse mortgage program that allows your clients to maximize their home equity: The HomeSafe reverse mortgage, exclusively from Urban Financial of America, LLC (UFA).
HomeSafe offers a new option targeted toward people age 62 and older who either own or are looking to buy a higher-valued home. In certain instances, HomeSafe will afford them more loan proceeds and/or more loan proceeds up front than the FHA-insured Home Equity Conversion Mortgage (HECM) product does.
It will initially be available in California, Florida, Hawaii and New Jersey, and we plan to roll it out in other states as well.
HomeSafe offers these unique advantages over a Home Equity Conversion Mortgage (HECM):
- Loan amounts of up to $2.25 million—significantly higher than a HECM allows
- No mortgage insurance premium
- At the time of initial offering, the product has a ZERO origination fee
- No initial disbursement limitation—they take the full amount at closing
- Condominiums appraised at $500,000 or more do not require FHA approval
- If they’re buying a house or condo, seller concessions and lender credits are allowed
HomeSafe offers a competitive fixed interest rate and a lump-sum draw. Your borrowers can use the proceeds in a variety of ways—for example:
- Pay off existing mortgage debt, to eliminate monthly mortgage payments* and improve cash flow
- Buy a house or condo in an upscale area or active lifestyle community
- Pay for home improvements
- Cover medical or in-home care expenses
- Refinance an existing reverse mortgage to access a larger pool of funds