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Jumbo Reverse Mortgage — Proprietary Reverse Loans for High-Value Homes
A jumbo reverse mortgage is a private, non-FHA reverse loan for homeowners whose property value exceeds the FHA HECM maximum claim amount — with proceeds available up to roughly $4,000,000 and no FHA mortgage insurance premium.
A jumbo or proprietary reverse mortgage is a private product for higher-value homes above the federally insured HECM lending limit. Because it is not FHA insured, terms, borrower age minimums, protections, and costs are set by the lender rather than by HUD. Comparing it to a HECM matters before deciding.
- ✓Jumbo (proprietary) reverse mortgages are private products, not FHA-insured HECMs, and are not backed by HUD or the federal government.
- ✓They exist because the FHA HECM maximum claim amount is capped at $1,249,125 for 2026 — value above that cap generates no additional HECM proceeds.
- ✓Program proceeds commonly reach about $4,000,000, with no FHA up-front or annual mortgage insurance premium.
- ✓Minimum age is 62 on most programs, with some products available at 55 or 60 in select states; you must still pay property taxes, insurance, any HOA dues, and maintain the home.
Written by
Simply Approved Mortgages Team
Licensed Loan Officers · NMLS# 2620881
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Complete the short request and a Simply Approved Mortgages Loan Officer sends back a written summary built from your own numbers: estimated payment breakdown, estimated cash to close, the loan structures that fit your file, and what documentation the file will need.
- Estimated monthly payment with taxes and insurance
- Estimated cash to close for your scenario
- Loan options your profile may fit
- Document checklist for your file
Takes about 3 minutes · Summary shown on screen and emailed to you
Illustration only, generated from the information you enter. Not a rate quote, lock, loan estimate, pre-qualification, offer, approval, or commitment to lend. Figures are subject to credit, income, asset and property review and full lender underwriting; binding numbers appear on your Loan Estimate.
Scenario summary
- Purchase price entered
- $412,000
- Down payment entered
- $20,600
- Estimated loan amount
- $391,400
- Estimated cash to close
- $14,300
- Programs reviewed
- 4
Sample layout with example figures — your own numbers replace these. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
What a jumbo reverse mortgage is
A jumbo reverse mortgage — the industry term is a proprietary reverse mortgage — is a privately underwritten reverse loan designed for homes worth more than the FHA program can serve. Like a HECM, no monthly principal and interest payment is required while an eligible borrower lives in the home as a principal residence; the balance grows with accrued interest and is repaid when the last borrower permanently leaves the home, sells, or passes away.
Unlike a HECM, a jumbo reverse mortgage is not insured by FHA and is not a HUD program. Simply Approved Mortgages is not affiliated with, endorsed by, or acting on behalf of HUD, FHA, or any government agency. Protections, disclosures, counseling requirements, and non-recourse language vary by product and are governed by the individual program's note and state law — read them before you sign.
Why the FHA cap creates the need for a jumbo product
FHA calculates HECM proceeds from the lesser of the appraised value or the annual maximum claim amount, which is $1,249,125 for 2026. A home appraised at $2,400,000 is therefore treated the same as a home appraised at $1,249,125 for proceeds purposes — the extra equity does nothing. Proprietary programs underwrite to the actual value, which is why they exist.
How proceeds are determined
- Age of the youngest borrower: older borrowers qualify for a higher percentage of value. This is the single largest driver.
- Appraised value: proprietary programs use the real appraised value rather than an FHA cap, subject to the program's own maximum.
- Expected interest rate: higher rates reduce the principal limit factor, so proceeds move with the market.
- Existing liens: any current mortgage must be paid off from the proceeds at closing. What remains is available to you.
Jumbo reverse vs. FHA HECM — the practical differences
- Value served: HECM proceeds stop at the FHA maximum claim amount; jumbo programs underwrite the full appraised value up to the program cap.
- Mortgage insurance: HECM charges an up-front and an annual FHA mortgage insurance premium. Jumbo programs charge none, though pricing is built into the rate and margin instead.
- Minimum age: HECM requires 62. Some proprietary programs open at 55 or 60, but only in states where that product is approved.
- Property types: HECM requires FHA-approvable property, including FHA condo approval. Several jumbo programs accept non-FHA-approved condos, which is a common reason borrowers choose them.
- Draw options: HECM offers a growing line of credit, term, and tenure payments. Jumbo products vary: many are lump-sum fixed-rate closings, and only some offer a line of credit.
- Insurance backstop: HECM's FHA insurance guarantees the borrower's line of credit and the non-recourse protection. Jumbo protections come from the private lender and the note terms, not the federal government.
Obligations that do not go away
A reverse mortgage of any kind is still a mortgage lien on your home. You must keep property taxes and homeowners insurance current, pay any HOA or condo dues, maintain the property in good repair, and continue to occupy the home as your principal residence. Failing to meet these obligations can make the loan due and payable and can lead to foreclosure. Extended absence from the home, including a long-term care stay beyond the program's allowance, can also trigger repayment.
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Counseling, heirs, and the payoff
Independent reverse mortgage counseling is required on FHA HECMs and is required or strongly encouraged on most proprietary programs; many lenders will not proceed without a counseling certificate. When the loan becomes due, heirs typically may repay the balance, refinance the home, or sell it and keep any remaining equity. Whether the loan is non-recourse — meaning the debt cannot exceed the home's value at payoff — depends on the specific program's terms and applicable state law, so confirm it in writing for the product you are offered.
Rates, proceeds, and program parameters shown anywhere on this site are illustrative and not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate or program disclosure. Consult a tax advisor about how loan proceeds interact with your situation and a benefits advisor about needs-based programs such as Medicaid or SSI.
How proprietary jumbo reverse mortgages differ from an FHA HECM
A jumbo reverse mortgage is a private, non-FHA loan product, so it is governed by each lender’s own program rules rather than HUD’s HECM regulations, with a few consumer protections still applying at the federal level.
| What it is | How it actually works | Published by |
|---|---|---|
| Not FHA-insured | Jumbo, or proprietary, reverse mortgages are not insured through FHA’s Home Equity Conversion Mortgage program and are not subject to HUD’s HECM claim amount limits or FHA mortgage insurance premiums. | Lender program guidelines (vary by investor) |
| HECM claim amount ceiling comparison | FHA HECMs are capped by a nationwide maximum claim amount set annually by HUD; proprietary jumbo products exist specifically to serve homes valued above that ceiling. | U.S. Department of Housing and Urban Development, Handbook 4000.1 |
| Minimum age requirements | Proprietary reverse products set their own minimum borrower age, which some programs set below the HECM’s statutory minimum age of 62 and others set at or above it. | Lender program guidelines (vary by investor) |
| Counseling is not federally mandated the same way | HUD-approved reverse mortgage counseling is a federal requirement for HECMs; proprietary products are not bound by that same federal counseling mandate, though many lenders require it as a condition of their own program. | U.S. Department of Housing and Urban Development, Handbook 4000.1 |
| Non-recourse structure varies by lender | HECMs are non-recourse by federal regulation, meaning the borrower or estate never owes more than the home’s value at repayment; proprietary programs may or may not offer the same non-recourse protection, and that term is set by the individual lender’s note. | Lender program guidelines (vary by investor) |
| Reg Z disclosure still applies | Reverse mortgages secured by a dwelling remain subject to Regulation Z’s reverse mortgage disclosure requirements regardless of FHA insurance status. | Consumer Financial Protection Bureau, Regulation Z (12 CFR 1026) |
| Property eligibility | Proprietary programs commonly accept higher-value single-family homes, condominiums, and sometimes properties that would not meet FHA condominium approval, subject to each lender’s own property standards. | Lender program guidelines (vary by investor) |
| Occupancy requirement | Like a HECM, proprietary reverse mortgages generally require the property to be the borrower’s primary residence. | Lender program guidelines (vary by investor) |
Program parameters above are published by the agencies and enterprises named in the right-hand column and can change. They describe program rules, not an offer; eligibility, terms, conditions, and availability vary by borrower, property, lender, loan program, and state, and all loans are subject to lender underwriting and approval.
Why jumbo reverse mortgages exist at all
FHA’s HECM program is capped by a nationwide maximum claim amount that HUD adjusts annually. On a home worth well above that ceiling, a HECM only unlocks proceeds calculated against the capped claim amount, not the home’s full value, which leaves substantial equity on the table for owners of higher-value homes. Proprietary jumbo reverse mortgages were built to serve exactly that gap: private lenders extending reverse mortgage credit against home values above the FHA ceiling, using their own underwriting standards rather than HUD’s HECM rules.
What you give up by stepping outside the FHA program
The HECM program carries specific federal consumer protections built into its structure: a statutory non-recourse guarantee, mandatory HUD-approved counseling before application, and standardized principal limit factors published by HUD. Stepping into a proprietary jumbo product means those specific federal program guarantees no longer automatically apply — the non-recourse feature, if offered, is a contractual term set by that individual lender rather than a federal regulation, and counseling requirements are set by the lender’s own policy rather than a HUD mandate. This does not mean proprietary products are unsafe; it means the protections come from the specific lender’s contract and from general Regulation Z disclosure rules rather than from HECM-specific federal program design, and reading the note’s recourse language carefully is essential.
Who this product is actually built for
A jumbo reverse mortgage tends to make sense for an older homeowner whose primary asset is a high-value home, who wants to convert home equity into liquidity without selling, and whose home value comfortably exceeds the FHA HECM ceiling by enough that a HECM would leave meaningful equity unaddressed. It tends not to make sense for someone with a home valued near or below the FHA limit, since a HECM in that case typically offers the added federal protections of the HECM program without meaningfully sacrificing proceeds. Because these are lender-specific proprietary products, terms, non-recourse features, and eligibility vary significantly, making direct comparison across lenders essential before choosing one.
Check where pricing sits before you decide
Review current rate context, then start a request so your own credit, income, and property details drive the numbers. Illustrative only — not a quote or commitment to lend.
What underwriting reviews on a proprietary reverse mortgage
Reverse mortgage underwriting focuses less on income replacement and more on residual capacity to pay ongoing property charges.
| Type of income or evidence | How it is documented | Why it works for this product |
|---|---|---|
| Residual income and financial assessment | Income, assets, and credit history reviewed to assess capacity to continue paying property taxes, insurance, and maintenance. | Reverse mortgages still require a financial assessment to reduce the risk of tax and insurance default after closing. |
| Property tax and insurance payment history | Records showing timely payment history on the current or prior residence. | A pattern of tax or insurance delinquency is a key underwriting concern since those obligations continue after the reverse mortgage closes. |
| Property appraisal | Full appraisal establishing the home’s current value. | Determines the amount of proceeds available under the specific proprietary program’s principal limit calculation. |
Documentation requirements vary by lender, program, and file. The list above describes what underwriting commonly accepts, not a determination about your income or your approval.
Proprietary jumbo reverse mortgage versus an FHA HECM
The choice usually comes down to home value relative to the FHA HECM ceiling and how much you value the HECM’s federal program protections.
| Option | Usually the better choice when | What you give up |
|---|---|---|
| FHA HECM | Your home value is at or below the current FHA maximum claim amount and you want the HECM’s statutory non-recourse feature and mandatory counseling. | Proceeds are calculated against the capped claim amount, not full value, and FHA mortgage insurance premiums apply. |
| Proprietary jumbo reverse mortgage | Your home value substantially exceeds the FHA ceiling and you want proceeds calculated against a higher value. | No FHA insurance backing; non-recourse protection and counseling requirements depend on the individual lender’s program. |
A worked example: why value relative to the ceiling matters
Illustrative only. Not a quote, lock, offer, or commitment to lend; figures are round numbers used to show the method, and binding figures appear on your Loan Estimate.
A homeowner’s property is valued well above the current FHA HECM maximum claim amount published by HUD for the year. Under a HECM, proceeds are calculated using that capped claim amount, regardless of the home’s higher actual value. Under a proprietary jumbo reverse mortgage, the lender’s own principal limit calculation may apply to the full appraised value instead, though the resulting proceeds depend entirely on that lender’s specific program terms, which should be compared directly against the HECM alternative before choosing.
Illustrative only. Figures are examples used to show the arithmetic and are not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate.
How this applies in Florida and Colorado
Florida. Florida has a significant population of homeowners in higher-value coastal and waterfront properties where home values commonly exceed the FHA HECM ceiling, making jumbo reverse mortgages a relevant option; Florida homestead protections and property tax exemptions for seniors should also be reviewed against how the reverse mortgage’s tax-payment requirements interact with them.
Colorado. Colorado mountain resort communities and parts of the Front Range include homes valued well above the FHA HECM ceiling, making jumbo reverse mortgages relevant there as well; borrowers should confirm how a proprietary lender treats seasonal or secondary-home restrictions, since occupancy as a primary residence is generally required.
Simply Approved Mortgages LLC arranges residential mortgage loans in Florida and Colorado, so the two applications above are the ones we can act on for a consumer file. Business-purpose loan products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
How to evaluate a jumbo reverse mortgage
Because these are lender-specific products, comparison shopping and counseling matter even where not federally required.
- Confirm your home’s value against the current FHA HECM ceiling. Understand whether a HECM already reaches most of your equity or leaves a meaningful gap.
- Request proprietary program terms from multiple lenders. Principal limit factors, non-recourse provisions, and fees vary significantly by lender.
- Ask directly whether the loan is non-recourse. Do not assume this HECM feature carries over; confirm it in the specific loan’s note.
- Seek independent counseling even if not required. A HUD-approved reverse mortgage counselor can help you understand the tradeoffs even on a non-HECM product.
- Review the financial assessment results. Understand what residual income and payment history requirements the lender applied.
- Compare total proceeds against a HECM alternative. Run both scenarios before committing to the proprietary product.
- Review closing disclosures carefully. Confirm fees, servicing terms, and repayment triggers before signing.
Get a written summary of your options
Tell us the scenario you are working on and a Simply Approved Mortgages Loan Officer reviews it against real program guidelines, with no obligation.
Mistakes that cost people money on this
- Assuming a proprietary jumbo reverse mortgage is automatically non-recourse like a HECM.
- Skipping independent counseling because it is not federally required for this product.
- Not comparing proceeds against what a HECM would offer before assuming jumbo is better.
- Underestimating the ongoing requirement to keep paying property taxes and insurance.
- Failing to shop multiple proprietary lenders, whose terms can vary significantly.
Is this the right move for your situation?
The honest answer depends on the file. These are the patterns we see on both sides.
Usually a good fit when
- Your home’s value substantially exceeds the current FHA HECM maximum claim amount.
- You want liquidity from home equity without selling and have a stable ability to keep paying taxes and insurance.
Usually not the right move when
- Your home value is close to or below the FHA HECM ceiling, where a HECM likely serves you as well or better.
- You are not comfortable proceeding without the HECM’s statutory non-recourse guarantee unless the specific lender offers an equivalent term.
None of this is a determination about your file. A Simply Approved Mortgages Loan Officer can run your actual numbers and show you what your disclosures would say.
Qualifications & requirements
Jumbo Reverse Mortgage qualifications: what you actually need to qualify
| Requirement | Typical standard | Notes |
|---|---|---|
| Minimum age | 62 typical; 55 or 60 on select programs* | Earlier ages are only available where that specific product is approved. *Program and state dependent. |
| Maximum proceeds | Up to about $4,000,000 | Varies by program; the youngest borrower age and rate drive the actual figure. |
| Insuring agency | None - private program | Not FHA-insured and not a HUD program. Not affiliated with any government agency. |
| Mortgage insurance | No FHA up-front or annual MIP | Program cost is reflected in rate and margin instead. |
| Occupancy | Principal residence | Continuous occupancy is a loan condition. |
| Property types | SFR, PUD, many condos, some 2-4 unit | Several programs accept condos without FHA project approval. |
| Existing liens | Must be paid off at closing | Payoff comes from loan proceeds; remaining funds go to you. |
| Credit and income | Financial assessment required | Lenders verify willingness and capacity to pay taxes, insurance, and upkeep. |
| Counseling | Required or strongly encouraged | Independent reverse mortgage counseling certificate is standard before processing. |
| Draw structure | Lump sum on most programs; line of credit on some | Fewer payout options than an FHA HECM. |
| Monthly P&I payment | Not required while conditions are met | Interest accrues and the balance grows over time. |
| Repayment trigger | Sale, permanent move-out, or death of last borrower | Default on taxes, insurance, HOA, or upkeep can also trigger it. |
FHA HECM maximum claim amount of $1,249,125 for 2026 per HUD. Proprietary reverse mortgage parameters vary by lender and state; all figures illustrative.
What you can do with this loan
Access equity in a home worth well above the FHA HECM maximum claim amount.
Eliminate a required monthly principal and interest payment on an existing mortgage in retirement.
Fund in-home care, home modifications, or long-term living expenses without selling the home.
Bridge the gap for a borrower aged 55 to 61 where a qualifying program is approved in that state.
Refinance an existing reverse mortgage on a high-value property into a larger private program.
Access equity in a condo that does not have FHA project approval.
Pros & cons — honest tradeoffs
Pros — Pros & cons
- +Serves home values far above the FHA HECM limit, where a HECM leaves equity untouched.
- +No FHA up-front or annual mortgage insurance premium.
- +No required monthly principal and interest payment while loan conditions are met.
- +Some programs open at age 55 or 60 rather than 62, where approved.
- +Many programs accept condos without FHA project approval.
- +Closing costs on some proprietary programs are lower than a comparable HECM because MIP is absent.
Cons / watch-outs — Pros & cons
- −Not FHA-insured — protections come from the private note and state law, not the federal government.
- −Fewer payout options; several programs are lump-sum only with no growing line of credit.
- −The loan balance grows over time, reducing the equity available to you and your heirs.
- −Property taxes, insurance, HOA dues, and maintenance remain your obligation, and default can lead to foreclosure.
- −Program availability is limited by state and by property type.
- −Proceeds may affect eligibility for needs-based benefit programs; independent advice is important.
Compare loan officer compensation on your mortgage quote
Loan officer compensation is part of the cost of a mortgage. On eligible residential loans, Simply Approved Mortgages generally uses 1.5% lender-paid compensation. Enter the compensation shown on another lender's Loan Estimate to see the difference in dollars.
Compensation difference on this illustration: $3,750.
How lower compensation can help you
When less compensation is built into pricing, there can be room for a lower interest rate, which may lower your monthly payment.
Depending on the rate you choose, pricing can sometimes include a lender credit toward third-party closing costs, so you may bring less cash to closing.
A lower rate means a lower monthly payment, which can lower your debt-to-income ratio and may help you qualify for more home on the same income.
As a mortgage broker we compare pricing from wholesale lenders instead of offering a single bank’s retail pricing.
Tip: On page 2 of your Loan Estimate, look at Section A, "Origination Charges." If the lender pays the loan officer, that compensation usually does not appear there as its own line; it is built into the interest rate. That is why comparing the rate and any lender credits side by side matters.
Already have a Loan Estimate from another bank or broker? Share it with a Simply Approved Mortgages Loan Officer, who will compare the rate, fees and credits side by side with options we can arrange. No cost to request a review.
Illustration only — not a quote, lock, offer, or commitment to lend; binding figures appear on your Loan Estimate. Lender-paid compensation is paid by the lender, not directly by you, and is part of the loan's pricing, so the loan is not free of costs. A lower compensation figure does not by itself guarantee a lower rate or lower closing costs; individual results vary by credit, loan type, property and market conditions. Residential lending in FL and CO only. Simply Approved Mortgages LLC · NMLS #2620881 · Equal Housing Opportunity.
Worked example
How this loan actually works — a full example
A 72-year-old homeowner owns a $2,300,000 primary residence with a $310,000 remaining mortgage. She wants to eliminate the monthly principal and interest payment and hold reserves for future in-home care.
Inputs
- Appraised value
- $2,300,000
- Youngest borrower age
- 72
- Existing mortgage balance
- $310,000
- FHA HECM maximum claim amount
- $1,249,125 (2026)
- Illustrative principal limit factor
- 43% of value*
Calculation
- 1HECM proceeds basis (capped at maximum claim amount)$1,249,125
- 2Illustrative HECM principal limit (43%)about $537,000
- 3Jumbo proceeds basis (actual value)$2,300,000
- 4Illustrative jumbo principal limit (43%)about $989,000
- 5Less existing mortgage payoff-$310,000
- 6Illustrative funds available after payoff (jumbo)about $679,000 before closing costs
Illustrative only — not a quote, lock, offer, or commitment to lend. Binding figures appear on your Loan Estimate.
Purchase market update
What buyers should know this month
30-Yr Fixed · national avg
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15-Yr Fixed · national avg
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2026 buying power
Conforming baseline: $832,750
FHA floor / ceiling: $541,287 – $1,249,125
Above the FHA cap
HECM proceeds stop at the $1,249,125 maximum claim amount for 2026.
No FHA insurance premium
Proprietary programs carry no up-front or annual FHA MIP.
Age 55+ in select states
Most programs require 62; some open earlier where approved.
Document Checklist for Jumbo Reverse Mortgage
Gathering these documents up front helps your Simply Approved Mortgages Loan Officer issue a stronger pre-approval and move Jumbo Reverse Mortgage to Clear-to-Close faster. Actual items required vary by scenario — your loan officer will confirm the final list.
Borrower Eligibility
- ✓Government-issued photo ID for all borrowers (age 62+ for FHA HECM; some proprietary jumbo reverse products allow age 55+)
- ✓Social Security card or ITIN
- ✓HUD-approved reverse mortgage counseling certificate (required for HECM; often required for proprietary reverse)
Financial Assessment
- ✓Income documentation (Social Security award letter, pension, employment, 1099-R)
- ✓2 months of bank statements
- ✓24-month property tax and homeowners insurance payment history
- ✓Credit authorization
Subject Property
- ✓Most recent statement on any existing mortgage (to be paid off at closing)
- ✓Current homeowners insurance declarations page
- ✓Recent property tax bill
- ✓HOA statement (if applicable)
Reverse-Specific Items
- ✓Non-borrowing spouse identification (for eligible non-borrowing spouse protections)
- ✓Trust or POA documentation (if title is held in a living trust)
- ✓FHA case number (HECM) or investor case file (proprietary reverse)
Educational checklist only. Not a commitment to lend and not a complete list of conditions. Documentation requirements are governed by agency guidelines (Fannie Mae Selling Guide, FHA Handbook 4000.1 incl. Update 18 (August 12, 2026), VA Lender's Handbook, USDA HB-1-3555) and individual investor overlays. Your Simply Approved Mortgages Loan Officer will provide your specific document list based on your scenario.
Credit Reports and Credit Monitoring for Jumbo Reverse Mortgage
Credit is one of the four underwriting buckets every lender reviews — and one of the few you can actively improve before you apply. Monitoring your credit throughout the process helps you catch errors, fraud, and score changes early, which protects your approval timeline and your rate.
Ordering Credit for Your Pre-Approval File
Once you sign your loan application (Form 1003) and disclosures, your Simply Approved Mortgages Loan Officer orders a tri-merge residential mortgage credit report (RMCR) from Equifax, Experian, and TransUnion. This is a hard inquiry, but FICO's model treats mortgage inquiries within a 45-day window as a single event, so shopping lenders during that window will not stack on your score.
- What we need from you: signed borrower authorization, government-issued photo ID, Social Security number (or ITIN), and current address.
- What the report shows underwriters: middle FICO score, open tradelines, minimum payments, late history, collections, public records, and recent inquiries.
- How long it's valid: 120 days for conventional loans and for FHA/VA/USDA (HUD guidelines, VA Lender's Handbook Ch. 4). Older reports must be re-pulled before closing.
- Rapid rescore: if a legitimate error is on your report, we can request a rapid rescore in 3–7 business days after you supply documentation from the creditor.
This link redirects to our third-party credit vendor's payment portal. You pay the report fee directly so we can pull your tri-merge credit report for your pre-approval file. A credit pull is required for underwriting; this is not a commitment to lend.
Review and Monitor Your Credit at MyITINCredit.com
Before we pull your file, review and monitor your credit at MyITINCredit.com. Their $1 promotional trial gives you tri-bureau visibility plus ongoing credit monitoring so you can catch changes, disputes, or new accounts as they appear — not after they've already delayed your loan.
- Verify accuracy: confirm names, addresses, SSN/ITIN, and every open account belong to you.
- Dispute errors: the Fair Credit Reporting Act gives you the right to dispute inaccurate items directly with the bureau — no charge.
- Address collections and charge-offs: a settled or paid collection can be documented in advance so it does not stall underwriting.
- Pay down utilization: credit-card balances reported below 30% of the limit typically produce the strongest scores.
- Avoid new credit: do not open new cards, finance a car, or co-sign for anyone from now through closing.
- Monitor continuously: credit monitoring alerts you to new inquiries, balance changes, and potential identity theft while your loan is in process.
MyITINCredit.com is a service operated by Simply Approved Corporation (a DBA of that entity), which is the parent company of Simply Approved Mortgages LLC. Simply Approved Mortgages may receive subscription revenue if you choose to enroll. Credit monitoring through MyITINCredit.com is optional and is not required to apply for or obtain a mortgage with us. Promotional pricing, trial terms, and monitoring features are set by MyITINCredit.com and subject to change.
Why credit monitoring matters during a mortgage — A single new collection, missed payment, or unauthorized inquiry can change your qualifying score or trigger additional underwriting conditions. Typical minimum scores* — Conventional 620, FHA 580 (3.5% down) or 500 (10% down), VA no HUD minimum (most lenders 580–620), USDA typically 640, Jumbo 680–740, Doctor Mortgage 680–700+, Non-QM/DSCR varies by program, ITIN 620–680 alternative credit. Investor and lender overlays apply; individual results vary. Not a commitment to lend.
Cost and payment tools
Run your payment, affordability, closing cost and refinance numbers
Monthly payment, affordability, closing costs, refinance break-even and early payoff, all on one screen. This page is not written for one state, so property tax, insurance and transfer or recording charges start at neutral placeholder assumptions rather than published averages — Transfer, documentary-stamp and recording charges are set by your state and county — enter your own figure, or open the state page for a sourced seed. Insurance and tax assumptions vary widely by state, county and property, so replace these starting values with quotes for your address. Every figure is an illustrative estimate, not a quote, lock, offer, approval, or commitment to lend.
Your inputs
Estimated result
- Down payment
- $20,000
- Loan amount
- $380,000
- Principal & interest
- $2,402
- Property tax
- $333/mo
- Homeowners insurance
- $167/mo
- Estimated total monthly
- $2,902/mo
Reference sources: Tax Foundation — property taxes paid as a percentage of owner-occupied housing value, NAIC — Homeowners Insurance Report, CFPB — Understanding your Loan Estimate.
Assumptions, methodology, and limitations
Principal and interest use the standard amortization formula on the loan amount you enter. This page does not target a single state, so the property tax and insurance fields start at neutral placeholder assumptions rather than published averages — replace them with figures for your own address, or open the matching state page for sourced seeds. Closing costs apply your state's transfer / documentary-stamp practice (0.00% of price used as the buyer-side seed) plus typical title, recording, appraisal, credit and prepaid escrow lines. Refinance break-even divides your entered costs by the monthly payment difference. Early payoff runs a month-by-month amortization with your extra principal.
These tools do not include mortgage insurance, funding or guarantee fees, HOA special assessments, flood or windstorm premiums, seller credits, lender credits, discount points, or county and municipal charges specific to your parcel. Statewide averages will not match any individual property. Figures are estimates only.
Illustrative only. Binding figures appear on your Loan Estimate, and terms vary by borrower, property, lender, program, and state.
Turn these estimates into real numbers
Send your scenario to a Simply Approved Mortgages Loan Officer and get a written summary back, or compare where rates sit today. Educational only — not a quote, lock, offer, approval, or commitment to lend.
Frequently Asked Questions
Answers written by licensed loan officers.
Ask SAM anything about mortgages
SAM is the Simply Approved Mortgages AI assistant. It answers general questions using the reviewed guides published on this site and links you to the primary government source. It is educational only — it does not quote a rate, payment, APR, approval or commitment to lend. A Simply Approved Mortgages Loan Officer reviews every scenario before any terms are confirmed.
Hi, I'm SAM — an AI assistant for Simply Approved Mortgages. I can explain loan programs, closing costs, DTI, down payments and which calculator or guide to use. I'm not a licensed loan officer, and nothing here is a quote, approval or commitment to lend.
Ask Sam AI provides general educational information only. It is an automated assistant, may be incomplete or out of date, and does not provide legal, tax or financial advice. Nothing it produces is a rate quote, APR, pre-approval, offer or commitment to lend. Never share a Social Security number, ITIN, date of birth, account number or password in chat. Simply Approved Mortgages LLC (NMLS #2620881) arranges residential mortgage loans in Florida and Colorado. Eligibility, terms, conditions and availability vary by borrower, property, lender, loan program and state, and all loans are subject to lender underwriting and approval. Equal Housing Opportunity.
Sources & Citations
- U.S. Department of Housing and Urban Development — HUD Home Equity Conversion Mortgage program
- Consumer Financial Protection Bureau — CFPB: reverse mortgage disclosures and considerations
- U.S. Department of Housing and Urban Development — HUD-approved housing counseling agencies
- Consumer Financial Protection Bureau — Regulation Z reverse mortgage disclosure rules
Sources: government and agency publications listed above. Simply Approved Mortgages LLC is not affiliated with, endorsed by, or sponsored by HUD, FHA, VA, USDA, or any government agency. Program rules change; the published source text governs.
Trusted government resources
These independent government resources can help you research mortgage programs, rates, and your rights before you apply.
HUD
HUD - Home Equity Conversion Mortgage (HECM) program
CFPB
CFPB - Reverse mortgages explained
FTC
FTC - Reverse mortgage consumer guidance
Simply Approved Mortgages is not affiliated with HUD, the CFPB, the FTC, the VA, or any other government agency. Links are provided for your independent verification.
How this page connects
Where this fits in the jumbo and high-balance lending library
This page sits inside our Jumbo and high-balance lending coverage.
What most readers open next
- Conforming loan limits by countyBecause the limit decides when a file becomes jumbo.
- Super jumbo financingBecause the tier above standard jumbo underwriting.
- Non-warrantable condo financingBecause many high-value condos fail agency project review.
Explore the full guide
Keep reading — the rest of the buying playbook
Each of these is a deep-dive on one piece of the purchase mortgage process. Bookmark whichever you need next.
Guide
Reverse mortgages
How reverse lending works overall.
Read the guide →Guide
FHA HECM
The FHA-insured reverse mortgage and its limits.
Read the guide →Guide
Reverse mortgage calculator
Estimate proceeds by age and value.
Read the guide →Guide
Jumbo loans
Forward financing above conforming limits.
Read the guide →Guide
HELOC
A revolving alternative for accessing equity.
Read the guide →Guide
Home equity loans
Fixed second-lien equity option.
Read the guide →Guide
Document checklist
What we will need to get started.
Read the guide →Guide
FHA HECM reverse mortgage
The federally insured reverse mortgage program this product compares against.
Read the guide →Guide
Reverse mortgage overview
General reverse mortgage mechanics.
Read the guide →Guide
Reverse mortgage calculator
Estimate potential proceeds.
Read the guide →Internal library
Related mortgage guides across our library
Follow the next relevant guide for your scenario.
Purchase mortgages
Buying a home
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Simplify Your Mortgage Journey with These Resources
Talk To A Loan Officer
A Simply Approved Mortgages Loan Officer will personally connect with you to walk through your options.
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Plain-language articles to help you understand the home loan process, save on closing costs, and make confident decisions.
7 things every first-time homebuyer should know before applying
From credit prep to down payment assistance, here’s how to walk into your first mortgage application with confidence.
Using your VA loan benefit: a step-by-step guide
Eligibility, the Certificate of Eligibility, funding fees, and how to maximize zero-down purchasing power.
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A line-by-line breakdown of the Loan Estimate and the fees that are negotiable versus fixed.
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Broker identification. Simply Approved Mortgages LLC is a mortgage broker and is not a direct lender. We arrange residential mortgage loans with third-party wholesale lenders and do not make the lender's final credit decision or fund the loan. We arrange residential mortgage loans in Florida and Colorado. Business-purpose mortgage products may be arranged in additional states only where permitted by applicable law and pursuant to applicable licensing requirements or exemptions.
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