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Available to clients as young as 60*

Reverse mortgages are no longer reserved for homeowners and homebuyers over 62 years of age! RMF has reinvented the reverse mortgage, with a new product for your clients age 60* and older.

More Access to Funds

Your clients may be able to access even more equity—the maximum loan amount is up to $4 million.†

Lower Upfront Costs

Since there is no mortgage insurance premium or monthly servicing fees with Equity Elite®, now you can offer lower costs, both upfront and ongoing, to your customers who are sensitive to closing costs.

Lend on Non-FHA Approved Condos and Townhouses

Traditional HECM reverse mortgages require condominiums to FHA-approved. But with Equity Elite®, homeowners of non-FHA approved condos and townhouses can now access the benefits of a reverse mortgage. This unique feature allows you to tap into an underserved market and write more business.

Eliminate Almost All Closing Costs with Equity Elite®

For clients who are sensitive to the closing costs associated with reverse mortgages, Equity Elite Zero®—a sister product of Equity Elite®—has all the benefits but eliminates almost ALL 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.

Equity Elite® Line of Credit Option

Combining the powerful benefits of a HELOC and reverse mortgage into one versatile product. Featuring a reusable line of credit that grows# annually at 1.5% for 7 years, no prepayment penalties, no pre-defined loan maturity date, and more lenient income and credit score qualifications.

 

For American Homeowners Age 60+*

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 Equity Elite®, even more of your clients have access to their home equity.

Call 877-820-5314 to learn more!

 

 

 

Which one is right for your Clients?

Not sure if your clients should be considering a HECM or Equity Elite®?
This comparison chart can help you understand our products better. 

 

We are now accepting loans for FHA, FNMA & Equity Elite® approved condos.

With the new Equity Elite® product series, we now offer loans for non-FHA approved condominiums, as well as FHA and Fannie Mae-approved condominiums and townhouses.

 

Learn more

 

 

 

 

 

*Not applicable in all states; some states may impose a higher age requirement. 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.

‡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.

||Borrowers who elect a fixed-rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.

#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 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, access to funds in an Equity Elite loan with a line of credit feature 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 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 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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