We offer one of the widest available menus of Reverse Mortgage programs. Please contact us to go over these programs and find the one that is tailored to your specific scenario:
Traditional Adjustable Rate HECM - This is the most popular HECM (Reverse Mortgage) program. With it you may do the following: 1. Extinguish your current forward mortgage. 2. Establish a line of credit to be used at a later date 3. Obtain a tenure (monthly) payment to be received on an ongoing basis.
Fixed Rate HECM - To protect against rising interest rates you may get a fixed rate HECM. This loan does not offer a line of credit or tenure payments.
Jumbo HECM - With traditional HECM loans there are limits as to how much you can borrow. This loan product solves this problem for a number of high net worth borrowers. Generally this loan is for borrowers who have a home that is valued over $1,000.000.
Family Assistance HECM (FAMSAP) - In some cases, some borrowers have a hard time qualifying due to lower value of the home, extra repairs that need to be made to the home, etc. This makes for a shortfall at closing. The solution is a loan from a partner source that is secured by a family member. It can be used in conjunction with a fixed or adjustable rate program.
HECM for Purchase - In some cases a senior may want to downsize to a smaller residence or one with amenities that the current residence does not have. With this loan a borrower will take the proceeds from the sale of the current home a purchase a new home using a new reverse mortgage. No payments will be required while the senior is in the home. A fixed, jumbo or adjustable can be used in conjunction with this loan.
EquityEdge HECM - This program allows those who are 60 and above to qualify. This program may also allow you to borrow more money than a traditional HECM.
These loans offer numerous advantages for those who wish to enjoy financial independence, so take the time to talk to a lender and determine if a reverse mortgage loan is right for you!
Janus Mortgage Corporation is a mortgage broker licensed in the State of California, under the auspices of the California Bureau of Real Estate license number 02038085 and the National Mortgage License Registry NMLS Number 1690954, . All offers for loan programs are made for loans on California properties only.