4 min read

Why Seniors Who Don't Qualify for a HECM Should Consider a Jumbo Reverse Mortgage

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For many seniors, the golden years bring a mix of opportunities and challenges, especially when it comes to financial security. Home Equity Conversion Mortgages (HECMs) have long been a popular choice for older homeowners looking to leverage their home equity. However, not everyone qualifies for a HECM. This is where a Jumbo Reverse Mortgage with Equity Access Group becomes an invaluable option. In this blog, we'll explore why seniors who don't qualify for a HECM should consider a Jumbo Reverse Mortgage.

Understanding the Basics of Jumbo Reverse Mortgages

Before diving into the specifics, it's essential to understand what a Jumbo Reverse Mortgage is. Unlike traditional reverse mortgages, which are backed by the Federal Housing Administration (FHA) and capped at FHA limits, Jumbo Reverse Mortgages are private loans that allow homeowners to access larger amounts of equity from higher-valued homes.

Key Features:

  • Higher Loan Limits: Jumbo Reverse Mortgages cater to properties that exceed the FHA's lending limits.
  • Flexibility: They offer more flexibility in terms of property types and homeowner associations (HOAs).
  • No Mortgage Insurance Premiums: Unlike HECMs, Jumbo Reverse Mortgages don't require mortgage insurance premiums.

Why Choose Equity Access Group for Your Jumbo Reverse Mortgage?

Equity Access Group stands out in the market for several reasons:

Expertise and Experience

With years of experience in the industry, Equity Access Group has developed a deep understanding of the unique financial needs of seniors.

Tailored Solutions

They offer customized solutions that are tailored to the specific financial situations and goals of each client.

Customer-Centric Approach

Equity Access Group is known for its customer-centric approach, ensuring that clients are fully informed and comfortable throughout the process.

Situations Where a Jumbo Reverse Mortgage is Ideal

High-Value Homes

If your home value exceeds the HECM limits, a Jumbo Reverse Mortgage can help you access more of your home equity.

Non-FHA Approved Condos

Owners of non-FHA approved condos, which are ineligible for HECMs, can benefit from a Jumbo Reverse Mortgage.

Larger Loan Amounts

If you require a larger loan amount than what a HECM can provide, a Jumbo Reverse Mortgage is an excellent alternative.

Comparing HECM and Jumbo Reverse Mortgages

While HECMs are more common, they're not always the best fit for everyone. Here's a comparison to help you understand the differences:

Feature HECM Jumbo Reverse Mortgage
Loan Limits Capped at FHA limits Higher loan limits
Property Types Limited More flexibility
Mortgage Insurance Required Not required
Loan Amount Based on FHA limits Based on home value



The Application Process with Equity Access Group

Equity Access Group simplifies the application process for a Jumbo Reverse Mortgage:

  1. Initial Consultation: Discuss your needs and eligibility.
  2. Customized Proposal: Receive a tailored solution.
  3. Application and Documentation: Complete the necessary paperwork.
  4. Appraisal and Approval: Your home is appraised, and the loan is approved.
  5. Closing: Finalize the loan and access your funds.

Benefits of a Jumbo Reverse Mortgage

  • Access to More Funds: Ideal for seniors with high-value homes.
  • No Monthly Mortgage Payments: Like HECMs, you don't have to make monthly mortgage payments.
  • Financial Flexibility: Use the funds for various purposes, including healthcare, home improvements, or living expenses.
  • Stay in Your Home: Continue living in your home while accessing its equity.


For seniors who don't qualify for a HECM, a Jumbo Reverse Mortgage with Equity Access Group offers a compelling alternative. It provides greater flexibility, higher loan limits, and tailored solutions to meet your unique financial needs. By choosing Equity Access Group, you're partnering with experts who prioritize your financial well-being and offer a seamless, customer-focused experience.

Remember, it's essential to consult with financial advisors and consider all your options before making a decision. A Jumbo Reverse Mortgage can be a powerful tool in managing your financial future, but it's crucial to understand all aspects of the loan.


Q: Can I still leave my home to my heirs with a Jumbo Reverse Mortgage? A: Yes, you can. However, the loan must be repaid, usually through the sale of the home, upon your passing or when you move out.

Q: Are there any income requirements for a Jumbo Reverse Mortgage? A: While there are no strict income requirements, lenders will evaluate your ability to pay ongoing property charges.

Q: Can I prepay my Jumbo Reverse Mortgage without penalties? A: Generally, yes. Most Jumbo Reverse Mortgages come with no prepayment penalties.



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