Jumbo Reverse Mortgage Loan

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Jumbo Reverse Mortgage Loan

Unlock more of your high-value home’s equity—and open the door to possibilities in retirement.

How Much Do You Qualify For?
At Fairway, we are committed to helping you find the right Reverse Mortgage Loan in New England  for your unique situation. If you are aged 62+* and are looking to take out a Reverse Mortgage on a high-value home (e.g., a home worth over a $1 million), a Jumbo Reverse Mortgage offers some distinct advantages over a traditional Home Equity Conversion Mortgage (HECM), the most common type of Reverse Mortgage. (*Some proprietary products may be available as early as 55 years of age.)

What is a Jumbo Reverse Mortgage?

It is a home loan that allows older homeowners to access a portion of the equity they have in a high-value property and allows them to defer repayment to a later date.
As a borrower, you have the option to repay as much or as little of the loan balance each month as you would like, or you can make no monthly mortgages payments at all. Of course, you must still maintain the home and pay homeowners insurance and property taxes, just like a traditional mortgage.

What are key advantages of a Jumbo Reverse Mortgage (over a Traditional HECM Reverse Mortgage)?

Access More Equity

Your age, the lending limits, the interest rate, and the appraised value of your home all factor into how much money you would be able to receive with a reverse mortgage.

With a traditional HECM reverse mortgage, the home value limit that can be borrowed against is currently capped at $970,800—whereas that limit on a jumbo reverse mortgage can extend into the millions of dollars.

For example, let’s say Harold owns a home that is worth $1.5 million. With a Jumbo Reverse Mortgage Loan, he may be able to borrow against the full appraised value of the home, not the FHA maximum of $$970,800 as he would with a HECM Reverse Mortgage Loan.

Avoid Paying a Mortgage Insurance Premium (MIP)

Jumbo Reverse Mortgages often have no mortgage insurance premium (MIP), which can reduce the overall loan costs.

With a HECM Reverse Mortgage, the FHA requires that the borrower pays both an initial and ongoing mortgage insurance premium (MIP), which helps make it a non-recourse loan. A non-recourse loan means if the balance on the loan exceeds the home value at the time the home is sold, neither you nor your heirs will be responsible for paying the deficit. This feature on a HECM Reverse Mortgage Loan is guaranteed by the FHA.

While most Jumbo Reverse Mortgages are non-recourse loans, no Jumbo Reverse Mortgages Loans are insured by the FHA.

Less Restrictive Qualifications for Condos

Unlike a HECM Reverse Mortgage, with a Jumbo Reverse Mortgage, condos do not necessarily have to be FHA-approved.

Did You Know?

A Jumbo Reverse Mortgage can also be used to finance the purchase of a new home.

Curious About What You May Qualify For?

An accurate estimate requires a bit of personal information. Please fill out the following form and we will call you to talk through the numbers.

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This site is not authorized by the New York State Department of Financial Services. No mortgage loan applications for properties located in the state of New York will be accepted through this site. Copyright©2026 Fairway Independent Mortgage Corporation (“Fairway”) NMLS#2289 http://nmlsconsumeraccess.org/EntityDetails.aspx/company/2289. MA Loan Originator License #MLO1439499. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. Fairway is not affiliated with any government agencies. These materials are not from HUD or FHA and were not approved by HUD or a government agency. Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Opportunity.