Jumbo (proprietary) home equity conversion loans

Why consider a jumbo home equity conversion loan?

Many homes around Seattle, Kirkland, Bellevue and the Eastside are worth more than the FHA HECM maximum claim amount ($1,249,125 for 2026, per HUD). A standard HECM can only count value up to that limit. A jumbo (proprietary) home equity conversion loan is offered by private lenders and may allow access to more equity on a higher-value home.

What may be different

• Terms vary by program and lender
• Some programs may accept more types of condos
• These programs are not FHA-insured, so protections and costs differ from a HECM
• Some jumbo programs may have different age requirements; ask Jason (a standard FHA HECM requires age 62+)
• May be used to refinance or to buy a home
• Fixed-rate or adjustable-rate options, including line-of-credit options, may be available depending on the program
• Lenders review credit, residual income and property tax and insurance payment history for all HECM and home equity conversion programs; your credit profile may affect whether a set-aside for taxes and insurance is required
• Borrower obligations are similar: live in the home, and pay taxes, insurance, HOA dues and upkeep

Stand-alone second home equity conversion loan

If you have a first mortgage with a rate you'd like to keep, a stand-alone second home equity conversion loan may let you access home equity without refinancing it. You keep making your regular first-mortgage payment; no monthly payment is required on the second home equity conversion loan. You still pay taxes, insurance and HOA dues and maintain the home. Eligibility, age and amounts depend on program guidelines; ask Jason what may be available for your Washington home.

Side-by-side comparison

Through NEXA Lending I can compare an FHA HECM, jumbo home equity conversion loan and second home equity conversion loan options for your home so you can see the differences in writing. There's no cost for the conversation.