To help you gain a more competitive edge in the market and write more business, we’ve extended eligibility for our Equity Elite® suite of products!
RMF research shows that broadening the eligibility to borrowers age 55+ in select states increases market opportunity by 2.7 million households today — that’s $848 billion in home value.
So how does it differ from a traditional reverse mortgage loan?
Reverse mortgages are no longer reserved for homeowners aged 62 and older. Equity Elite® offers reverse mortgages for borrowers age 55+ in select states.1
Additional housing options
This loan is available to owners and buyers of non-FHA-approved condos and homes in age-restricted communities.2
Access to more funds
With an Equity Elite® loan, borrowers can leverage more home equity, and have the potential to get approved for loan amounts up to $4 million.3
Lower upfront costs
Equity Elite® has no upfront or ongoing mortgage insurance premium, which can mean lower closing costs than a traditional reverse mortgage, saving clients money on the loan.
Call your Account Executive today to learn how you can expand your pool of qualified prospects! And don’t forget to ask about Equity Elite® ZERO, which offers a lender credit that may be applied to most closing costs.4
1 Available to borrowers as young as 55 in select states only. Higher minimum age requirements may apply. Visit www.reversefunding.com/equity-elite for details.
2This 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
3 Not applicable in all states; MA imposes a maximum loan amount of $2MM. Visit www.reversefunding.com/equity-elite for details.
4 With this pricing option, borrower receives a lender credit covering nearly all closing costs. There is a non-refundable independent counseling fee of approximately $125 on average, which the borrower pays directly to the counseling agency. Terms and conditions apply. Not available in all states.
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.