Navigating the many finance options available, especially in retirement, can be a daunting task. However, a recent piece from Forbes noted that jumbo reverse mortgage products could be a great alternative financing option.
"Homeowners can now obtain a reverse mortgage in New York and other states up to $4 million," wrote Melissa Cohn, EVP at Family First Funding LLC Private Client Group and a member of Forbes’ real estate council, according to Reverse Mortgage Daily.
"Until recently, we were limited to loan limits of approximately $700,000. The increase in reverse loan limits is a huge benefit to senior homeowners who live in high-value homes."
It's all about providing options for seniors who aren't able to tap into their home's equity. Thanks to increased loan limits jumbo products allow seniors to potentially tap into hundreds of thousands of dollars more than they previously could, according to the report.
"Also advantageous is the ways in which a loan’s proceeds can be used, further solidifying that seniors in more particular financial situations can access additional financing for a number of tasks and/or obligations they may be faced with, she says," according to RMD.
To learn more about Cohn's take on jumbo reverse mortgage products, click here.