Equity Elite Reverse Mortgage



Equity Elite® Reverse Mortgage

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AVAILABLE FOR
BORROWERS AGE 55+

Reverse mortgages are no longer reserved for homeowners aged 62 and older. Equity Elite® now offers reverse mortgages for 55+ borrowers in select states. Higher minimum age requirements may apply.*

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MORE ACCESS TO FUNDS

Say goodbye to reverse mortgage loan limits when you go with an Equity Elite® loan. You may be able to access even more of your equity than with traditional reverse mortgages on the market. 

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LOWER UP-FRONT COSTS

Those seeking lower up-front costs—Equity Elite® has no up-front or ongoing mortgage insurance premium, which can mean lower closing costs than a traditional reverse mortgage, saving you money on the loan.

FOR AMERICAN HOMEOWNERS AGED 55 & OLDER*

Traditional reverse mortgages, also known as Home Equity Conversion Mortgages (HECMs), changed the game for longtime homeowners who wanted to access the valuable equity they’d built up over time. But HECMs have limitations on who can borrow and how much. With Equity Elite®, there are fewer reverse mortgage restrictions, and more people have more access to their home equity.

Check Eligibility

HOW IT WORKS

Cynthia is 60 years old. She and her husband Daniel have recently moved into a luxury condo, but currently have a home equity loan that requires them to make burdensome monthly principal and interest payments.

By refinancing her existing home equity loan with a reverse mortgage Equity Elite® loan, Cynthia and Daniel can drastically reduce that monthly payment, thanks to the reverse mortgage’s flexible repayment feature. (As with any mortgage, she must meet her loan obligations, keeping current with property taxes, homeowners insurance and any homeowners association fees, and keeping her home in good condition.)
 

THE RESULT

 
  • Cynthia and Daniel are able to keep more money in their pockets each month.
  • They can be more financially prepared for the future.
  • They can avoid tapping into their savings and invested assets that are a source of income.

 

WHICH ONE IS RIGHT FOR YOU?

Not sure if you should be considering a HECM or Equity Elite®?
This comparison chart can help you understand which RMF product fits best for you.

  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 Upfront 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
Closing Costs Lender closing costs apply No mortgage insurance premium means lower up-front costs

SEE WHAT FUNDS YOU MAY HAVE AVAILABLE

If you're a homeowner with a high-value home who's at least 55 years old,* with equity in your home, you may be eligible to receive a reverse mortgage.

Check Eligibility

*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 $2MM. Visit www.reversefunding.com/equity-elite for details.

1Equity 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 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.

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