Yes, there are non-are non-FHA reverse mortgages.
There are private jumbo reverse mortgages that go up to $4 million, meaning that jumbo borrowers can borrow up to around 50% of the value of the home, around $2 million.
And there are private reverse mortgages that will lend against condominiums that do not meet FHA qualifications, for example, if too many of the condo units are rentals.
These are non-FHA, proprietary loans. They do not charge the large up front mortgage insurance fee nor the monthly mortgage insurance fee. Instead, they charge a higher interest rate.
Such loans are typically available if at least one of the borrowers is age 60. However, if the husband is 60 and the wife is 58, the wife will not inherit the benefits of the reverse mortgage if her husband dies before her.
Sincerely,
James Robert Deal
Real Estate Attorney & Real Estate Managing Broker
James@JamesDeal.com
PO Box 2276 Lynnwood WA 98036
Law Office Line: 425-771-1110
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KW Everett Office Line: 425-212-2007
Fax: 425-776-8081
I help buyers, sellers, brokers. Flat fee payable at closing.
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