For those who are 60 and older, you may already be familiar with the HUD insured FHA adjustable rate reverse mortgage products that have been around for a while.  New statistic claim states 68% of baby boomers plan to use their home equity for their retirement income.  This ideal consumer now has a choice when it comes to Reverse Mortgages.  The original R.M. product and the new Jumbo Reverse Mortgage program; both are presumably the same, except the J.R.M’s don’t have the limits like government funded secured reverse mortgages.  The new J.R.M. is owned by banks, mortgage companies, and private companies and they are not a federally backed security.  However, they offer for the first time a new fixed rate mortgage, some offer the loan with no closing costs, as well as  some offer a guarantee of a growth rate of 9% on the line of credit annually.  A product that is ideal for those baby boomers that are already in a reverse mortgage, and would like to refinance out of the adjustable rate to a fixed one.  The other big advantage of using a J.R.M is that it locks in your home’s equity value at current market prices.  This could potentially help those who plan on retiring soon, secure their futures in our current declining market, and (remember it’s harder to get a loan with no job, the downside to retiring).  If you are turning 62 this upcoming year, it pays to look into a reverse mortgage.  It allows you to plan for emergencies or have the money handy for that long-waited trip that’s been calling you.  Tap into your equity without having to sell your home and move.  If you do not need the money right away, no worries, lock in on the price of your home now and earn a growth of up to 9%.   Contact your favorite mortgage broker or anyone of us, The Super Uber-Bloggers at Coldwell Banker’s New RealEstateCompass.com   For another link to explain the Reverse Mortgage Loan Blog » Top 10 Reverse Mortgage Myths Dispelled at  http://reversemortgageloanblog.com/2007/09/12/top-10-reverse-mortgage-myths-dispelled/And also check out:  http://reversemortgagedaily.com/2007/05/28/non-fha-approved-brokers-able-to-originate-jumbo-reverse-mortgages/Andhttp://reversemortgagedaily.wordpress.com/2007/01/29/more-jumbo-reverse-mortgage-products-coming-soon/