Reverse Mortgages for Boomers going JUMBO

Imagine a proprietary reverse mortgage that would allow you to pay off your home loan, take out money for that once in a life time vacation, buy that boat, RV or car of your dreams, establish credit lines , buy a second home or use the money for all kinds of other expenses — all without any monthly payment obligations.

Sounds to good to be true ? What would you use the money for ?

Well according to Bank of America’s reverse-mortgage executive, Colin McCormick. It’s now fact and they just completed a pilot program in Arizona for their Senior Equity Maximizer jumbo reverse mortgage, and found that the No. 1 use of funds was to retire first mortgages.

The program is scheduled nationwide this year, probably to be introduced beginning in California and Florida.

Want to know what the terms the Bankers use mean ? Look here for the low down on Jumbo 101 .

read more | digg story

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