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If you own a high-value home or condo, Platinum can help you unlock a substantial portion of your home equity with more flexibility, more available cash, and a low, fixed rate.

  • Pay off an existing mortgage and other debt, and eliminate monthly mortgage payments
  • Refinance an existing reverse mortgage to get more available cash
  • Generate a lump sum of tax-free income* to use any way you wish, such as home improvements or medical expenses
  • Buy a house or condo better suited for your retirement needs, such as an active lifestyle community

Platinum is a non-FHA (non-government) reverse mortgage program—competitive with many forward mortgages and HELOC programs.

Jumbo Platinum Tool FAQs

What is Platinum Mortgage?

The Platinum Mortgage is a proprietary reverse mortgage program for homeowners 62 and older. It allows you to borrow against the equity in your home without having to make any monthly mortgage payments.

How does Platinum Mortgage compare to a government-insured Home Equity Conversion Mortgage (HECM)?

The Platinum Mortgage is subject to all the same regulatory requirements as Home Equity Conversion Mortgages. Proprietary reverse mortgages can meet the needs of older homeowners whose properties are ineligible for Federal Housing Administration (FHA) financing—such as units in non-FHA-approved condominiums or some Planned Unit Developments (PUDs)—or if their home values exceed the FHA’s maximum loan limit, which is currently $726,525. Unlike the HECM, Platinum features low upfront costs and no mortgage insurance premiums, which can save you thousands over the life of the loan. Plus, there are no limits on your draw at closing—you can take the full loan proceeds.

How is this program “safe” for senior homeowners?

No matter what happens in the economy, how much money you receive, or how long you live in your home, you will not be required to make a mortgage payment. In addition, no matter what happens to your lender or your home’s value, the Platinum Mortgage is a non-recourse loan. A non-recourse loan is a loan agreement under which the collateral securing a loan is the ultimate source of repayment, and the lender cannot hold the borrower personally liable in the event of a default.

Who owns the home if I take a Platinum Mortgage?

You own the home and retain the same ownership and title that you have today. The lender puts a lien on the property, just as they would with a regular “forward” mortgage, which is paid off when you sell your property, or when the last borrower no longer lives in the home. Your heirs inherit the house, just as they would with any other mortgage, and can decide what to do to repay the loan balance.

I highly encourage all of my clients to educate themselves on a Reverse Mortgage – Sign up for my newsletter!

Call David Today

248.763.1438

Platinum features:

  • Loan amounts up to $4,000,000
  • Low upfront costs with no origination fee options
  • No mortgage insurance premiums
  • No monthly servicing fee
  • No draw limits—unlike a traditional HECM, you can take the full loan proceeds at closing
  • Expanded eligibility for condominium communities
  • Streamlined approval process

THE DAVID J. BLATT DIFFERENCE
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