PATRICIA WHITLOCK

I get a number of reverse mortgage inquiries from owners of Long Island and New York City co-ops (and other higher-value properties), and 10 years or so ago I was able to offer jumbos through a couple of lenders. But even if we do see a product emerge in New York, I suspect it may not be available for co-ops. I have also seen interest from real estate brokers interested in purchase loans for non-FHA condos.

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In my area (Long Island, New York), because property values can be very high, a jumbo could offer a bigger line of credit for the owner of a multimillion-dollar property. But the HECM will always reign. Borrowers like the idea of government oversight and insurance, and I suspect HECM rates will always be lower than proprietary loan rates. Given the increased lending limit, current Principle Limits are adequate for most prospects in my area.