Free Jumbo Reverse Mortgage Calculator
The jumbo reverse mortgage calculator estimates the loan amount that you may be able to receive from Mutual of Omaha Mortgage’s jumbo reverse mortgage, also known as the HomeSafe Reverse Mortgage.
Jumbo reverse mortgages are designed for homeowners who have a property that is worth more than the lending limit issued by the Federal Housing Administration’s (FHA) for a Home Equity Conversion Mortgage (HECM). As of 2024, the FHA lending limit for HECM loans is $1,149,825.
The HomeSafe Reverse Mortgage allows qualifying homeowners the ability to borrow up to $4 million.
How to Use the Free Jumbo Reverse Mortgage Calculator
Use this free jumbo reverse mortgage calculator in three easy steps:
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Enter your estimated home value
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Enter your remaining mortgage balance
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Enter the age of the youngest borrower
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Select the state you reside in
Jumbo Reverse Mortgage Calculator
The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a licensed reverse mortgage professional prior to relying on the results. This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Mutual of Omaha Mortgage does not guarantee any of the information obtained by this calculator.
What is a Jumbo Reverse Mortgage?
A jumbo reverse mortgage is a proprietary reverse mortgage loan offered by lenders such as Mutual of Omaha Mortgage that is not insured by the FHA like a traditional HECM reverse mortgage.
Jumbo reverse mortgages offer a higher lending limit than what borrowers are able to get with a federally backed reverse mortgage loan.
This still allows homeowners who live in states where housing prices tend to be higher than the FHA lending limit access to a reverse mortgage.
Borrowers who take out jumbo loans are still able to receive their funds as a lump sum, monthly payments, a line of credit, or a combination of those options.
How Do You Qualify for a Jumbo Reverse Mortgage?
The requirements for a jumbo reverse mortgage are similar to a traditional HECM loan, but there are some differences:
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Jumbo loans may be available to homeowners that are under 62 years of age. In some cases, homeowners who are as young as 55 years of age may qualify for a jumbo reverse mortgage.
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The home must be your primary residence.
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The home must be in good condition.
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You need to show that you will be able to pay the property taxes, homeowners insurance, and maintain the home.
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If you own a home that is not an FHA-approved property that would not be allowed with a traditional reverse mortgage, you may still be able to qualify for a jumbo loan.
Jumbo reverse mortgages do not require homeowners to pay a mortgage insurance premium, which is a requirement for HECM loans.
Is a Jumbo Reverse Mortgage Right for You?
If you are interested in a reverse mortgage but you are looking to borrow more than the FHA lending limit, a jumbo reverse mortgage may be the right choice for you.
To find out if you qualify, reach out to a reverse mortgage loan specialist by filling out your information here.
Disclaimer
The information provided by this calculator is for illustrative purposes only and accuracy is not guaranteed. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a licensed reverse mortgage professional prior to relying on the results. This calculator does not have the ability to pre-qualify you for any loan program. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Mutual of Omaha Mortgage does not guarantee any of the information obtained by this calculator.
