Based in San Diego Plaza Home Mortgage has launched a proprietary reverse jumbo mortgage program that offers refinancing loan amounts of up to $ 4 million.
The new fixed rate loans do not require Federal Housing Administration mortgage insurance or set minimum or maximum drawing amounts. The program encompasses a variety of properties, including single-family homes, apartment buildings with two to four units, and condominiums. In addition, experienced HECMs (Home Equity Conversion Mortgage) can be refinanced in Jumbos or Jumbos in HECMs.
The new program is available through Plaza’s wholesale channel in California and Hawaii. The company did not say whether it will expand to other markets.
“Plaza’s new reverse jumbo mortgage program enables brokers to meet the income and refinancing needs of seniors and aging baby boomers in high-cost California and Hawaii housing markets,” said Mark Reeve, vice president, reverse mortgage, Plaza Home Mortgage. “Over time, we expect to expand the program to a number of other select high-cost markets, adding adjustable tariff and purchase options.”