Are you 55 years of age or older? If so, you have the option of accessing your current home equity without refinancing or additional monthly payments. A second lien preserves a low-rate existing first-lien mortgage, while improving your cash flow, all without the burden of a new additional monthly mortgage payment.

Our Jumbo Reverse Mortgage standalone second trust lien is available with combined loan amounts up to $4 million. This means your existing first trust loan plus your new second trust loan together cannot exceed $4 million dollars.

How does Jumbo Reverse Second Trust program work?

• Your property will require an appraisal by a licensed appraiser.  The available second trust loan amount will be determined by the appraised value and the age of the youngest borrower minus your current existing first trust loan amount up to a maximum of $4 million combined.
• Credit scores are not required for this program.  
• Qualifications are geared toward retirees and seniors living on fixed incomes. Standard residual income figures apply in the same manner as they do with our standard Jumbo Reverse.  
• Real estate taxes, homeowners insurance, HOA fees and condo fees, as applicable, should be paid on time over the past 24 months but eligibility provisions are available, subject to underwriter review, for homeowners that have had difficulty in this area.  
• Your new Reverse Second Trust will not have a required monthly mortgage payment similar to our first trust Jumbo Reverse Mortgage program.  However, you will still be required to pay any applicable real estate taxes, homeowners insurance, HOA and/or condo fees.

What are the advantages of a Jumbo Reverse Second Trust over a first trust Jumbo Reverse refinance?

• Lower cost option: Depending on market conditions, the Jumbo Second Trust program will have lower origination costs the majority of the time, thereby making it potentially more attractive as an equity access tool.
• This program option will also allow you to keep your existing first trust in place. Accessing your home equity in this manner will allow you to more efficiently manage your equity usage in combination with monthly cash flow requirements by allowing you to continue with your existing first trust monthly mortgage payment and amortization, with no additional monthly principal and interest payment required on the new second trust loan.

Our new Jumbo Reverse Standalone Second Trust Mortgage loan is only available to eligible homeowners in the State of Florida. Please contact us today to learn more about our Jumbo Reverse Second and determine if it makes sense for you. 

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