Jumbo reverse mortgages have received yet another endorsement from a media outlet. This time it was Barron's who reported that jumbo reverse mortgage loans can be an option for seniors who have plenty of equity in their homes.
"Particularly for seniors who live in parts of the country with typically higher property values like New York or California, jumbo reverse mortgages can allow seniors the ability to access up to $4 million in loan proceeds to then apply to a wide variety of possible purposes, writes Barron’s retirement beat writer Neal Templin," according to Reverse Mortgage Daily.
According to Templin's article, gone are the days of reverse mortgages being seen as the last resort loan. In fact, financial advisors are now tailoring their advice to detail just how beneficial these loans can be for a financial portfolio.
"Financial experts began publishing research several years ago showing that the strategic use of reverse mortgages could help retirement portfolios better survive down markets or delay the claiming of Social Security benefits," Templin writes.
"Barry Sacks, a retired pension attorney who has published research on reverse mortgages, says retirees should follow a simple formula: If the market goes up, use the retirement account for income; if the market goes down, use the reverse mortgage."
To learn more about how jumbo reverse mortgages are becoming a popular draw for seniors, more so, seniors with large equity in their homes, click here.