The CashKeeper Jumbo Reverse Mortgage
Now available in California, Arizona, Florida and New Jersey
(Applicable to Retail and Wholesale Channel)
Sun West Mortgage Company, Inc. has rolled out its proprietary Jumbo Reverse Mortgage Program, The CashKeeper, in additional states. You can now originate in California, Arizona, Florida and New Jersey. Look for more states in the next 30 days.
The new program provides financing for loan amounts higher than the maximum limit set by the Federal Housing Administration (FHA) for the Home Equity Conversion Mortgage (HECM) program.
Important program features:
- Loan amounts up to $2,175,000 Loan amount is based on interest rate, home value, and age of the youngest borrower or eligible non-borrowing spouse.
- Minimum Property Value is $400,000.
- No Mortgage Insurance Premiums (MIP).
- Minimum qualifying FICO score is 660 for all the borrowers.
- Fixed rate loan, and available rates are 6.25%, 7%, and 7.5%.
- Borrower has the option to take entire loan proceeds either as lump sum or in the form of monthly term payments.
- 1-4 units, Planned Unit Developments (PUDs), Site Condominiums and FHA or CPM (Fannie Mae) approved Condominiums allowed.
- Must be Owner Occupied Primary Residence
- Purchase or Refinance
- Non-recourse (will never owe more than your home is worth).
*The loan amount calculated above is for a 91 year old borrower at 7.5% interest rate and a property value of $5,000,000. The amount is after reducing the principal limit factor based on property value.
To obtain information on any reverse mortgage products, access the Origination Calculator through sunsoft or click here.
For any additional questions on the program, please email Sun West's underwriting scenario desk at uwscenarios@swmc.com or call our Underwriting Hotline at (800) 241-7113.
Sun West Mortgage Company, Inc.
6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884
This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.
