Equity Elite

We’ve expanded eligibility for our innovative Equity Elite® suite of products to help you gain a more competitive edge in the market and write more business.

In fact, research shows that broadening eligibility to borrowers age 55+ in select states increases market opportunity by 2.7 million eligible households today, totaling $848 billion in home value.1
Now, you can expand your business even further with Generation X by offering flexible reverse mortgage options to customers searching for additional sources of funds as they approach retirement. Plus, with the greater market expansion, you can now serve more property owners in age-restricted communities.
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Available to Customers as Young as 55*

Reverse mortgages are no longer reserved for homeowners and homebuyers over 62 years of age! Equity Elite® is available to borrowers as young as 55 in select states. Higher minimum age requirements may apply.*
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More Access to Funds

Your customers aged 55 and older* may be able to access even more home equity with loan amounts available up to $4 million.†
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Lower Up-front Costs

Since there is no mortgage insurance premium or monthly servicing fees with our proprietary product, now you can offer lower costs, both upfront and ongoing, to your customers who are sensitive to closing costs.
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Lend on Non-FHA Approved Condos and Townhouses

Homeowners of non-FHA approved‡ condos and townhouses can now access the benefits of a reverse mortgage, including those in more age-registricted communities. 
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An Option that Eliminates Almost All Closing Costs

For customers who are sensitive to the closing costs associated with reverse mortgages, Equity Elite ZERO has all the benefits and offers a lender credit to be applied towards most closing costs.|| This products is ideal for borrowers who are open to taking less in proceeds in exchange for low up-front costs, and the additional expenses associated with financing closing costs.
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An Attractive Alternative to a Traditional HELOC

The Equity Elite® Line of Credit offers a reusable line of credit that grows at 1.5% annually for 7 years# and no pre-defined loan maturity date. The line of credit also has a draw period of 10 years, no prepayment penalty, more lenient income qualifications, and a lifetime interest cap 5% over the initial rate.
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Enhanced Term Disbursement Option

The Equity Elite® Term Option now offers a required minimum up-front draw of only 25% of the Principal Limit. Plus, the rate is now the same for any Term disbursement option—offering 24-120 months.

 

 

For Homeowners Aged 55 and older*

For a long time, traditional reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs), changed the game for homeowners who wanted to access the valuable equity they'd built up over time. But HECMs have limitations on who can borrow, how much and which properties are eligible. With our proprietary product, even more of your clients have access to their home equity.

Call 877-820-5314 Today to Learn How You Can
Reach More Customers than Ever Before with Equity Elite®



Which one is right for your Customers?

 

 

Home Equity Conversion Mortgage (HECM)

Equity Elite® from Reverse Mortgage Funding LLC

Minimum age to qualify

62

55*

Limit on amount of proceeds you can take in the first 12 months

YES

NO

Non-recourse feature

(You'll never owe more than the home is worth when the loan is paid)

YES

YES

How much can be borrowed?

Less than $970,800

Up to $4 million†

Mortgage Insurance Premium cost

Up-front and ongoing

NONE

Condominium eligibility

FHA-approved condominium communities only

Community can be FHA-approved, Fannie Mae-approved or RMF-approved–so more condos qualify, including age-restricted communities‡

Closing Costs

Lender closing costs apply

Zero option offers a lender credit to be applied towards most closing costs||

 

We are now accepting loans for FHA, Fannie Mae,
and RMF-approved condos.

With RMF's new proprietary suite of products, we now offer loans for non-FHA approved condominiums, as well as FHA and Fannie Mae-approved condominiums and townhouses.

Learn more

 

1Reverse Market Insight Research Data, June 2021.

*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.

†Not applicable in all states; MA imposes a maximum loan amount of $1.5MM. Visit www.reversefunding.com/equity-elite for details.

‡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.

||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.

#For the Equity Elite (EE) loan option with a growth rate on a line of credit, there is a specific growth rate, such as 1.5% per annum (compounded monthly) applied to certain unused amounts, and a growth rate period, such as 7 years after the loan closes, as stated in the loan documents provided at closing. Also, the line of credit cannot exceed: (1) 75% percent of the original Principal Limit, plus (2) the growth of the available Principal Limit due to the growth rate.

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 HUD, FHA’s HECM program or are seeking loan proceeds that are higher than HUD, 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 90 days 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 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, HOA dues or any other property charges) are not paid, required repairs are not completed or the property is not maintained, or any other maturity event, as specified in the Security Instrument, occurs.

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