A proprietary reverse mortgage, often called a “Jumbo Reverse”, is a non-FHA reverse mortgage originated by a private lender, that often has more flexible guidelines and different features than an FHA insured reverse mortgage. Here are a few ways “Jumbo Reverse mortgages can be used… Since FHA uses a limited maximum value in calculating the possible loan amount, homes whose value exceed that FHA Lending Limit can often benefit from a “Jumbo Reverse”. Under a “Jumbo Reverse”, they can qualify for much higher lending limits - that result in much higher loan amounts - than for FHA insured loans. “Jumbo Reverse” mortgages are also available to borrowers as young as 60, versus FHA’s limit of borrowers 62 or older. Jumbo Reverse mortgages are also often used by affluent owners of high value homes to enhance their financial and retirement planning. Many Financial Advisors find that Jumbo Reverse Mortgages can be useful in stabilizing or strengthening their client’s financial future, by slowing the withdrawal rate from investment accounts… or helping their clients avoid selling investments in a down market. While FHA reverse mortgages have a cap on the proceeds that can be paid out at closing, “Jumbo Reverses” typically allow any and all available funds to be drawn as soon as the day of closing. Finally, “Jumbo Reverse” mortgages don’t have the cost, or protection of FHA mortgage insurance, so they have closing costs much, much lower than an FHA Reverse Mortgage closing costs…and are often just a fraction of the cost to close a traditional refinance. To find out more, call a C2 certified reverse mortgage specialist today. Reverse Mortgages, Pasadena California 🏠 You can also find us here – SMPL Mortgage - smplmortgage.com BorrowSmartReverse - https://borrowsmartreverse.com/ SMPL Education - smpleducation.com Instagram - https://www.instagram.com/johnthompson_mortgageexpert/ Twitter - https://twitter.com/3MinuteMortgage Facebook - https://www.facebook.com/mortgageloansLA/ Linkedin - https://www.linkedin.com/in/johnthompsonlender/ 🏠 About us – As a leading residential mortgage broker based in Southern California, we are dedicated to providing our clients and partners with comprehensive education and guidance. Our focus on financial wellness and mortgage-specific knowledge enables us to deliver unparalleled support and expertise to individuals seeking to make informed decisions about their finances. To achieve this, we offer a range of educational resources, including live classes and virtual sessions via Zoom, as well as an On-Demand format for convenient access to information. Our commitment to education and personalized service sets us apart as a trusted advisor and valued resource in the mortgage industry. As we look to the future, we recognize the importance of utilizing digital tools and platforms to reach a wider audience and provide even greater value to our clients. We remain dedicated to our mission of empowering individuals and helping them achieve their financial goals, and look forward to continued growth and success. Our Founder John Thompson, Certified Reverse Mortgage Professional, Mortgage Advisor, FOUNDER Throughout his career, John has been passionate about helping clients design and implement a mortgage plan that helps them achieve life goals. At SMPL Mortgage, the entire team is dedicated to that very ideal. Entering the Industry in 1991, John began his career at the bottom, gathering and inputting client data for analysis. This early hands-on knowledge of the mortgage process, from the “ground up” gives him an insight that many in the industry never receive. An Alumnus of the University of Southern California, John earned a degree in International Finance. As an entrepreneur both in the mortgage industry and other businesses, John gained valuable “real world’ experience and perspective. This combination of education and experience make John and his Team uniquely qualied to understand, advise and relate to clients’ goals and needs today and in the future. John soon discovered that most client interaction was essentially teaching around nance and life. He teaches groups, companies and individuals about money and life and how simple decisions impact every area, intentional or otherwise. In 2007, he was invited to join the faculty of the National Institute of Financial Education, a non prot with the goal of “Simple, Fast and Fun” financial education for all. 🏠 Channel tags - #financialplanning #reversemortgage #SMPLMortgage