The Good and the Bad with Jumbo Reverse Mortgages If you’ve got a high value home, you’re in line for a jumbo reverse mortgage, a loan designed to allow homeowners of high value homes to tap into a greater amount of their home equity. The bad news: they’re a little scarce these days. With the economy the way it is, banks are wary of offering these loan possibilities; falling home values, the fact that jumbo reverse mortgages aren’t backed by the federal government, and the banks’ inability to resell these larger mortgages all make them difficult to come by. There’s still hope, however: sometime in 2009 a new Congress housing bill will raise the loan limits on typical reverse mortgages, making it possible to get the standard reverse mortgage with higher value homes that formerly required jumbo reverse mortgages.
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