Property Values: Generally values of $1,800,000 or greater can exceed the standard HECM gross principle limit based on a claim amount of $625,500. This depends heavily on the age of the youngest borrower.


Program Qualifications: The WBM Jumbo Loan Program offers a fixed rate loan only that requires the borrower draw all available proceeds at the time of funding. All borrowers must be 62 years of age or older and be citizens of the United States of America. All states in the continental USA will be considered on a case by case bases.


Eligibility Requirements: Appraisals are ordered through a designated Appraisal Management Company (AMC): HUD regulations do not allow lender-direct appriaser contact.


Appraisal Requirements:

  • A new appraisal is required for both purchase and refinance transactions. All properties will require two (2) appraisals.
  • For purchase transactions, seller concessions are allowed only if the appraiser includes comparable sales that had seller concessions as part of the consummated transaction.
  • The underwriter must review both appraisals and address any discrepancies. All discrepancies must be reconciled. The underwriter will use either the lower of the two values or the average of them both (At underwriters Discretion).

Credit Requirements:

  • All borrowers will go through a review of income and asset verification. Credit scores may be used in determining borrowers qualification for the Jumbo reverse mortgage loan.

Income Documentation: The following income documents must be submitted for review:

  • Two years tax returns
  • 4506T authorization for UFA to verify tax returns
  • Social Security Awards letter to verify SS Income
  • Documentation of any “Other” income sources


Note: Other income includes alimony, child support, annuity, interest/dividend, military benefits, disability, pension, trust income, rental income, etc. that can be properly documented.


Expenses: Expenses include monthly obligations, property charges, and utilities; Monthly obligations are any recurring debts shown on the credit report that will not be paid off through the loan; Property charges consist of taxes, hazard insurance, flood insurance, homeowners’ association dues and assessments.