A jumbo mortgage that works in reverse

Loan designed for seniors with high-end homes

A new jumbo reverse mortgage option has finally surfaced for seniors with higher-value homes who have been seeking to tap more home equity than the federally insured FHA program can offer.

The Generation Plus Loan now available through Atlanta-based Generation Mortgage, targets owners over 62, with homes appraising between $500,000 and $6 million.

Unlike the popular Home Equity Conversion Mortgage (HECM) offered by HUD, the jumbo reverse mortgage requires no mortgage insurance but the interest rate on the program is higher.