By Steven Hyde, Founder, Hyde Funding · NMLS #391380. Reviewed October 26, 2026. Hyde Funding is a mortgage lender headquartered in San Diego, lending nationwide since 2015.
Short answer: A proprietary (jumbo) reverse mortgage is a private loan, not insured by FHA. It is designed for homes worth more than the HECM limit. Depending on the lender, it can offer larger amounts, no FHA mortgage insurance, condo flexibility, and in some states eligibility below age 62. Terms vary by lender.
No FHA insurance premium. Lender-specific age, property and payout rules. Non-recourse features are typical, but confirm the details in the loan documents.
Owners of higher-value homes, condo owners whose project isn’t FHA-approved, and borrowers who want a larger lump sum.
Rate, fees, available amount, line-of-credit features, spouse protections, and counseling requirements.
Many San Diego County homes, especially in coastal areas like Carlsbad, are worth more than the HECM limit, so it’s worth comparing a jumbo reverse mortgage with a HECM. See reverse mortgage San Diego.
No.
Some lenders allow it in certain states.
Not always. Compare it with a HECM.
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Steven Hyde, NMLS #391380 (NMLS Consumer Access). Equal Housing Opportunity. Reverse mortgage borrowers must live in the home as their primary residence, keep paying property taxes, homeowners insurance and HOA dues, and maintain the home, or the loan may become due. The loan balance grows over time. HECMs are insured by FHA. Hyde Funding is not affiliated with HUD, FHA or any government agency. This is general information, not a commitment to lend. Consult a financial or tax advisor.