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Jumbo Reverse
Mortgage Loan

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

At Fairway, we are committed to helping you find the right home loan 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 $822,375—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. He may be able to borrow more funds with a jumbo reverse mortgage than a HECM reverse mortgage because the home value amount he is borrowing against is its full appraised value, not the $822,375 maximum he would face with a HECM reverse mortgage.

NOTE: Story is for illustration purposes only. The persons depicted herein are fictional and any resemblance to actual persons is a coincidence.

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. 


To learn why cash may be a better option than sitting on a ton of home equity in retirement, watch this brief explainer video.

Which Jumbo Reverse Mortgage is right for me?

Fairway offers several options for jumbo reverse mortgages. We encourage you to contact us, and one of our Reverse Mortgage Planners will be happy to help you to understand your product options and provide guidance based on your specific needs and goals. 

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