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Dan was incredible! He helped us achieve our goal of a 30 day close with time to spare. We would recommend Dan and Fairway to any of our friends. We could not be happier!
Brent E.Dan and his staff have made our refinancing super easy!! They have been nothing but courteous, professional and always prompt at returning our calls & emails. I would highly recommend Dan & Fairway Mortgage to others!
Joan L.Working with Dan Ventura was a pleasure. He made my wife and I feel comfortable during the entire process. We felt assured that Dan had our best interest in mind and we felt confident that he would do a great job for us. I would highly recommend Dan to anyone looking for a montage.
Allen L.Dan and the team at Fairway Mortgage exceeded our expectations every step of the way. They were confident, efficient, informative and a pleasure to work with.
Rebecca C.Dan Ventura and the team at Fairway are incredibly efficient, professional and competent. A mortgage is a huge decision and the service on such a transaction is very important. Fairway go above and beyond from start to finish. I would highly recommend them to anyone looking to secure financing.
Stephen B.No doubt the best mortgage company. Dan Ventura and staff are knowledgeable and extremely attentive. I refer them every opportunity I have. Buying, financing and refinancing are difficult and stressful...they take all the pain away.
Tracy D.Dan is great at keeping you updated and responding to your questions promptly. He also quickly solved any issues that came up, including taking care of a last minute snafu caused by another firm. Would use again and highly recommend.
Derek J.Dan was very helpful and made buying our first home a little less stressful by ensuring the whole mortgage process went smoothly from pre-approval through closing. He was always quick to answer questions and respond to our calls and emails.
Kathryn M.Dan from Fairway was amazing. He is very polite, friendly and professional. We were in a rush to close on our home and Dan was able to get it done. He also help us increase our credit scores so we could get a better rate. For anyone looking to buy a home Fairway is your best option for a mortgage.
James G.
Your age, the lending limits, the interest rate and the appraised value of your home all factor into how much money you’re able to receive with a reverse mortgage.
With a traditional HECM reverse mortgage, the home value limit that can be borrowed against is currently capped at $1,209,750—whereas that limit on a jumbo reverse mortgage can extend into the millions of dollars.
For example, let’s say Harold owns a home that is worth $1.5 million. With a Jumbo Reverse Mortgage Loan, he may be able to borrow against the full appraised value of the home, not the FHA maximum of $1,209,750 as he would with a HECM Reverse Mortgage Loan.
Jumbo reverse mortgages often have no mortgage insurance premium (MIP), which can reduce the overall loan costs.
With a HECM reverse mortgage, the FHA requires that the borrower pays both an initial and ongoing mortgage insurance premium (MIP), which helps make it a non-recourse loan. A non-recourse loan means if the balance on the loan exceeds the home value at the time the home is sold, neither you nor your heirs are responsible for paying the deficit. This feature on a HECM reverse mortgage loan is guaranteed by the FHA.
While most jumbo reverse mortgages are non-recourse loans, no jumbo reverse mortgages loans are insured by the FHA.
Unlike a HECM reverse mortgage, with a jumbo reverse mortgage, condos do not necessarily have to be FHA-approved.
