Jumbo Cash Accounts

For the house-rich among you, the Financial Freedom Cash Account is probably your best bet. Although it doesn’t offer the flexibility of the other two major loans, Financial Freedom’s reverse mortgage provides bundles of cash that HECM and Home Keeper only dream of. Here are some of its general characteristics:

There’s no maximum lending limit; in theory, you could get a cash account reverse mortgage on a $20 million mansion and expect to receive a pretty hefty amount.

Designed for homes valued at $359,651 or above (but is best when your home is worth at least $700,000).

Almost all homes will qualify, including some co-ops.

Interest rates and fees are usually higher than other loans.

There are three types of Cash Accounts — each with different costs involved — that may generate different available funds for you.

If reverse mortgages aren’t for everyone, then the Cash Account is for even fewer — rates and fees are higher, and there are some restrictions to the ways you can withdraw your money. However, if you own a high-priced home the tradeoff is probably worth it. Consult your counselor and financial planner about your Cash Account choices.