San Diego-based Plaza Home Mortgage
has introduced a proprietary reverse jumbo mortgage program that will offer refinance loan amounts of up to $4 million.
The new fixed-rate loans will not require Federal Housing Administration mortgage insurance and will not set minimum or maximum draw amounts. The program covers a variety of properties including single-family home, residences with two to four units and condominiums, and it can also be used to refinance seasoned home equity conversion mortgages (HECMs) to jumbos or jumbos to HECMs.
The new program is available through Plaza’s Wholesale channel in California and Hawaii. The company did not say if it will be rolled out into other markets.
“Plaza’s new Reverse Jumbo mortgage program will enable brokers to address the income and refinancing needs of seniors and aging baby boomers in high cost housing markets in California and Hawaii,” said Mark Reeve, vice president of reverse mortgages at Plaza Home Mortgage. “Over time, we expect to expand the program to a number of other select high cost markets and to add adjustable rate and purchase options.”