Convert your high-value home’s equity into retirement cash.
EquityPowerSM Jumbo Reverse Mortgage
EquityPowerSM Jumbo Reverse Mortgage is a proprietary, non-Federal Housing Administration (FHA) reverse mortgage program only offered by Nationwide Equities. EquityPowerSM is ideal for borrowers age 55+** with homes valued at $900,000 to $10M.
EquityPowerSM lets you borrow against your home equity without having to make monthly mortgage payments or mortgage insurance payments.* You must continue to pay property taxes, homeowners insurance, and for home maintenance expenses. Failure to pay these obligations will cause the loan to become due and payable and may lead to foreclosure.
The EquityPowerSM Difference
Higher loan limits
EquityPower can lend a significantly higher amount than the HECM allows.
No mortgage insurance
EquityPower does not require any upfront or ongoing mortgage insurance premium, saving you money.*
A smart choice
You still maintain ownership of your home and only need to follow the loan’s terms and pay your other payment obligations.*
Who is a Jumbo Reverse Mortgage for?
If you are at least 55** years old and outright own your home or have paid down a considerable amount on your home’s mortgage, you may be eligible for an EquityPower Jumbo Reverse Mortgage.
EquityPower is good for people who are looking to access the equity in their high-value home. This might help you clear credit card debt, pay for home improvements, pay medical bills, or contribute cash for an early retirement.
How is a Jumbo Reverse Mortgage different from other reverse mortgages?
With our EquityPower Jumbo Reverse Mortgage, you can access more of your home’s equity than with a standard HECM. While the HECM maximum claim limit is currently set at $970,800, with EquityPower lending limit is $6M. Some homes that are not FHA approved for HECMs, such as non-FHA-approved condominiums or some Planned Urban Development units, are eligible for EquityPower.
Like a HECM, you still own your home and don’t have to pay monthly mortgage payments. You also 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 my Jumbo Reverse Mortgage?
If you already have a Jumbo, refinancing your loan with EquityPower can help you in a number of ways. First, you may be eligible for higher loan amounts if your home’s value has increased.^
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.
How do I know if I qualify for a reverse mortgage?
Both you and your property have to qualify for a Jumbo Reverse Mortgage. Our expert loan specialists can help you understand the different reverse mortgages and work to find a loan that works for you. Call us today at 1-800-516-0822 or fill out our contact form and we can get you started.
Disclosures:
*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.
***Some states may require a higher age requirement of 60 or 62+.
***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 refinancing a reverse mortgage.
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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