Someone the other day asked me “How do I explain these loans to a client?”
There is an excellent article a few days old that asks an outstanding question. “Who needs a proprietary reverse mortgage not the usual HECM.”
Answer: A homeowner of an expensive home who wants more money out with no payments.
Here is a link if you would like more information on jumbo reverse mortgages: https://www.investopedia.com/mortgage/reverse-mortgage/proprietary/
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