Write More Business Than the HECM Alone with Equity Elite®

Posted: June 1, 2022

At Reverse Mortgage Funding (RMF), we offer an innovative lineup of Equity Elite® products to help you write more business than with HECMs alone. Your clients can go big or go small, but more importantly go home to the most suitable house, condo or 55+ community to spend their retirement years.

Equity Elite® offers big benefits for you and your eligible clients:

A larger market. Available on non-FHA-approved condos, including age-restricted communities, so you can expand the condominium market up to three times the HECM program.*

A bigger pool of borrowers. Designed for customers as young as age 55 in select states means more eligible borrowers.

More savings for more clients. No upfront mortgage insurance premiums mean lower costs, making this option attractive to more clients on a fixed income.

Not just jumbo amounts. Borrowers are eligible for loan amounts from as little as $50K up to $4MM to free up more home equity to help clients retire comfortably.

It’s time to take your business to the next level with a propriety product like no other. Call your Account Executive today to learn more.


*This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency
Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply.
Not applicable in all states; MA imposes a maximum loan amount of $2MM. Visit www.reversefunding.com/equity-elite for details.
Equity Elite Reverse Mortgage (“Equity Elite”) is Reverse Mortgage Funding LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Equity Elite is available to qualified borrowers who also may be eligible for FHA’s HECM program or are seeking loan proceeds that are higher than FHA’s HECM program limit. Equity Elite currently is available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state.
Upon a maturity event, any non-borrowing individuals with an ownership interest in the property, including non-borrowing spouses, will have a short period of time (for example, 30 days from a due and payable letter or an alternate time specified by the loan servicer if extensions are available under the circumstances) to purchase the property from the estate or, if the non-borrower inherits the property, pay the loan in full using any sources of funds available to them. Any non-borrowing individual, including a non-borrowing spouse, should have a plan to pay off an Equity Elite reverse mortgage upon the borrower’s death or any other maturity event. If the non-borrower is unwilling or unable to purchase the property or pay the loan in full, there is no protection for the non-borrower (including a non-borrower spouse) to maintain an interest in the home or to continue residing in the home past the maturity event and the non-borrower may be evicted upon foreclosure. The FHA HECM program has protections in place for certain non-borrowing parties, so a reverse mortgage applicant with certain non-borrowing parties should strongly consider a FHA-insured HECM loan (see HECM guidelines or ask an RMF representative for details).  Under the Equity Elite reverse mortgage loan program, a maturity and/or default event occurs when the last surviving borrower no longer lives in the home as his or her primary residence for at least 12 months, the property charges (including taxes, insurance, or any other property charges) are not paid, required repairs are not completed or the property is not maintained, or any other maturity and/or default event, as specified in the Security Instrument, occurs.