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Beyond FHA LimitsLong Island home values often exceed the FHA lending limit for traditional HECM products. Proprietary reverse mortgages — also called jumbo reverse mortgages — unlock equity in higher-value homes without FHA caps.
The FHA HECM program has a maximum claim amount that caps how much equity you can access — regardless of your home's actual value. For Long Island homeowners with properties valued at $1 million, $2 million, or more, a standard HECM may only tap a fraction of available equity.
Proprietary reverse mortgages are private-sector products designed specifically for these higher-value properties. They allow homeowners to access significantly more equity, often with competitive terms and no FHA mortgage insurance premiums.
Access equity on homes valued well above the FHA limit — often up to $4 million or more depending on the program and lender.
Proprietary products don't carry the FHA upfront or annual mortgage insurance premium, which can mean lower overall costs on larger loan amounts.
Product features vary by lender — some offer lump sum only, others include line of credit options. Terms are often more customizable than standard HECM.
Unlike HECM products which are standardized under FHA guidelines, proprietary reverse mortgages vary significantly between lenders. Interest rates, available proceeds, disbursement options, and borrower protections all differ.
That's why the advisory conversation matters even more here. We evaluate multiple proprietary options to find the product that fits your specific situation — not just the one that's easiest to close.
Some proprietary products offer non-recourse protection. Some don't. Some allow line of credit access. Some are lump-sum only. We'll walk you through the differences clearly.
Let's explore proprietary options that match your home's value and your goals. No obligation — just clarity.
Book a Time With PerryOr call: 516-851-0696