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Jumbo Reverse Loans Revived for U.S. Seniors: Mortgages

Jumbo lending isn’t just on the upswing for traditional U.S. home loans. It’s also being revived for seniors who want to borrow against the equity in their houses through reverse mortgages.

Urban Financial of America LLC and American Advisors Group, among the five largest reverse-mortgage companies by volume, within the next two months will start loans for older borrowers whose homes are worth more than the $625,500 limit for debt backed by the Federal Housing Administration. The only firm that currently offers jumbo reverse loans, Generation Mortgage Co., said it may modify its program to remain competitive.