RMF’s Equity Elite Reverse Mortgage — designed for higher-value homes, condominiums and borrowers as young as 60* — is now available in the ReverseVision software for select states, in addition to RMF’s advanced loan origination system, Tango Reverse™
Bloomfield, N.J., March 12, 2019 — Reverse Mortgage Funding LLC (RMF), one of the nation’s leading reverse mortgage lenders and the #1 HECM-backed securities (HMBS) issuer for 20181, today announced that their proprietary product Equity Elite is now available in ReverseVision’s flagship loan origination system, ReverseVision Exchange (RVX).
Launched in summer 2018, Equity Elite — the industry’s only reverse mortgage available to borrowers as young as 60* years old — increases access to home equity for older homeowners and homebuyers who are not being served by the Home Equity Conversion Mortgage (HECM) program. Unlike the HECM, Equity Elite offers lending limits of up to $4 million, no mortgage insurance premiums, and the ability to lend on non-FHA approved condominiums and planned unit developments (PUD). More than just a “jumbo” loan, the product not only enables those with higher-value homes to access more home equity than is possible with a HECM, it also serves a broader scope of borrowers who are sensitive to higher up-front costs.
RMF-approved originators can now access Equity Elite through both the company’s loan origination system, Tango Reverse and ReverseVision RVX in select states.
“ReverseVision is committed to equipping our industry’s lending professionals with top-of-the-line technology delivering an exceptional experience to senior borrowers by matching them with financial products best suited for their retirement goals,” said President and CEO of ReverseVision John Button. “We are elated that Equity Elite has joined a growing list of proprietary products on our platform that support mortgage brokers’ needs.”
This past week, RMF also announced a reduction in origination fees and borrower closing costs on their Equity Elite loan solutions for its third-party origination (TPO) broker channel. Since pioneering their low-cost Equity Elite ZERO option — which eliminates almost all closing costs† and offers potentially lower interest rates than other available jumbo products — RMF is expanding their efforts by reducing or eliminating origination fees on most of their standard Equity Elite offerings for the TPO broker channel. They are further reducing borrower closing costs by implementing lender credits on a number of their Equity Elite loan offerings as well.
These recent product developments allow even more borrowers and originators to benefit from the Equity Elite product series. Explains Mark O’Neil, National Wholesale and Correspondent Sales Leader for RMF, “We are committed to continually enhancing our proprietary products to make Equity Elite as accessible as possible for our partners and their customers — that includes our recent reductions to origination fees and borrower costs. He added, “And by partnering with ReverseVision to offer Equity Elite in their flagship software, we are able to reach a much broader audience of loan originators and borrowers.”
Currently available to TPO partners in 17 states and the District of Columbia, RMF will be rolling out new program features for the Equity Elite product series and expanding to additional states in the near future. Originators who are interested in learning more about the Equity Elite product series or becoming an RMF partner can call 877.820.5314 or email TPO@reversefunding.com.
More information can also be found online at Partners.ReverseFunding.com.
About Reverse Mortgage Funding LLC
Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the fastest-growing reverse mortgage lenders in the industry, one of the nation’s largest GNMA issuers of reverse mortgages, and a recognized thought leader in the reverse mortgage business. A wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), the company’s focus is on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with corporate offices in New York, California and Michigan and field offices throughout the U.S. Learn more by calling 888-494-0882, visiting www.reversefunding.com, or following RMF on Facebook or LinkedIn.
ReverseVision, Inc. is the leading provider of technology and training for Home Equity Conversion Mortgage (HECM) origination. With nearly 10,000 active users, ReverseVision technology is used by 10 of the top-ten reverse mortgage lenders and supports more HECM transactions than all other systems combined. The company’s comprehensive product suite also includes HECM sales and education tools and a dedicated professional services team. ReverseVision partners with some of the finest and fastest-growing banks, credit unions and lending organizations in the United States to provide its HECM technology to brokers, correspondents, lenders and investors.
A three-time HousingWire TECH100™ company, ReverseVision has also been recognized in Deloitte’s Technology Fast 500™ listing. ReverseVision’s annual user conference, the only event of its kind in the industry, brings together more than 200 lenders, vendors and educators each year to advance HECM lending. The company continues to build on its technology’s pioneering capabilities with frequent enhancements aimed at boosting users’ HECM volume, workflow efficiency and data analysis capabilities.
For more information, visit https://www.reversevision.com.
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1Based on new whole loan issuance amounts, according to GNMA data.
*Not applicable in all states; some states may impose a higher age requirement. 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.
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 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 event, as specified in the Security Instrument, occurs.
NOT FOR USE WITH CONSUMERS.
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.
©2019 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: #1019941 (www.nmlsconsumeraccess.org). Arizona Mortgage Banker License #0927682; Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act; Loans made or arranged pursuant to a California Financing Law license; Georgia Mortgage Lender Licensee #36793; Massachusetts Mortgage Lender License #ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Rhode Island Licensed Lender; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905. Not intended for Hawaii and New York consumers. Not all products and options are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval. L2511-Exp032020