Introducing Senior Lending's HomeSafe Jumbo Credit Line

When it comes to your retirement, we realize the road ahead can sometimes look challenging to navigate. That’s why Senior Lending is committed to helping retirees like you see a true path toward your retirement goals. Reverse mortgages are a common way of adding a source of income to your retirement funds. There are three kinds of reverse mortgages:

• Single-purpose reverse mortgage
• Jumbo reverse mortgage
• Home Equity Conversion Mortgage (HECM)

Jumbo and HECM reverse mortgages let you use your home's equity to get a line of credit you can use to fund anything you'd like, from vacations to medications. 

HECMs are the most common type of reverse mortgage, but they're not for everyone, especially people who have homes with a significant worth that extends past HECM limits. This limit varies by year but generally caps under $1 million. That's where the privately-insured jumbo or proprietary reverse mortgage comes in. 

To qualify for a jumbo reverse mortgage, you must:

• Be at least 62 years old.
• Use the home on your loan as your primary residence and keep up with insurance premiums, property taxes and home maintenance.
• Have paid off most or all of your mortgage.

Depending on the lender, there may be other requirements you must meet before you're approved. Since these loans are private, they can carry more stipulations than federally-insured HUD loans. Because of this, you'll want to ensure you fully understand the rules set forth by your lender before agreeing to it.