Take advantage of your home, take advantage of EquityPowerSM
Refinance Your Jumbo Reverse Mortgage
Refinancing your Jumbo or moving from a HECM to a Jumbo can allow you to access more of your home’s equity.
EquityPowerSM Jumbo Reverse Mortgage is only offered by Nationwide Equities. This proprietary, non-Federal Housing Administration (FHA) reverse mortgage is ideal for borrowers age 55+* with homes valued at $900,000 to $10M.
The EquityPowerSM Difference
Why should I refinance my Jumbo Reverse Mortgage?
If your home’s value has increased and you already have a Jumbo, you may be eligible for a higher loan with EquityPower. You may also be able to take advantage of different interest rate options. Our loan specialists can also help you determine what might have changed in your life (your home’s value, your age, or other factors) and whether you are now eligible to access even more of your home’s equity.***
How is a Jumbo Reverse Mortgage different from a HECM?
With our EquityPower Jumbo Reverse Mortgage, you can access more of your home’s equity than with a standard HECM. Under the HECM program, the max clain limit is currently set at $970,800, with EquityPower the limit is $6M, although homes can be valued at more than that amount. Some homes that are not FHA approved for HECMs may be eligible for EquityPower.
Like a HECM, you still own your home and don’t have to pay monthly mortgage payments. You need to follow the loan’s terms and pay your other payment obligations including property taxes, homeowners insurance and maintenance.**
However, unlike a HECM, you don’t have to pay a mortgage insurance premium, which can save you significant amounts of money over the long term.***
Why should I refinance from a HECM to a Jumbo?
Refinancing out your HECM to a Jumbo can help you tap into even more of your home’s equity, for any reason that you might need the extra money.**
How does a Jumbo Reverse Mortgage work?
A Jumbo Reverse Mortgage allows you to convert the equity in your home into cash. The amount of equity you can access is based on your age, the current interest rate, and your home’s value. Then, you are free to spend that money on what you want.
Will I still own my home?
Yes. Even when you have an EquityPower reverse mortgage, you own your home. You still have to follow the loan’s terms and pay property taxes, homeowners insurance and maintenance.**
Disclosures:
*Some states require a higher age requirement of 60 or 62+.
**Borrowers must follow the loan’s terms and continue to pay property taxes, homeowners insurance and maintenance, otherwise the loan will become due and payable and may lead to foreclosure. There are closing costs associated with a refinance. These charges can be financed into the loan or paid at closing. Contact us to speak with a loan specialist for more information.
***There are closing costs associated with a refinance. These charges can be financed into the loan or paid at closing. Contact us to speak with a loan specialist for more information
We work with you.
Our team is here to help you understand the reverse mortgage process and which lending option is the best for you.
Frequently Asked Questions
Have questions about reverse mortgages or the reverse mortgage process? See our Frequently Asked Questions.
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Senior Choice Group is a branch of the Nationwide Equities Corporation located in Nottingham, Maryland.
These advertisements and materials are not provided nor approved by the U.S. Department of Housing and Urban Development (HUD) or the Federal Housing Administration (FHA).
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