Many older homeowners and homebuyers use reverse mortgages as a financial tool to tap into the equity in their homes to gain more financial flexibility.
Equity Elite is a low-cost reverse mortgage option—specifically designed for those age 60 and older†—that allows borrowers to potentially tap into more funds than is possible with a HECM.
As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.
Because traditional Home Equity Conversion Mortgages (HECMs) have certain limitations, the innovators at Reverse Mortgage Funding LLC (RMF) created and launched the Equity Elite reverse mortgage.
Equity Elite offers many benefits that are not found with a traditional HECM reverse mortgage.
By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.
An Equity Elite reverse mortgage is a powerful financial tool that allows you to turn some of the equity in your home into funds you can use as you choose. Like a traditional mortgage, a reverse mortgage is a home-secured loan; but unlike a traditional mortgage it is specifically designed for homeowners age 60† and older.
The process to obtain an Equity Elite reverse mortgage is simple; but it’s helpful to know what you can expect. Here’s a reverse mortgage roadmap to help you along the way.
The road to your reverse mortgage starts with education. You may have heard a lot from friends and family or even from television about what reverse mortgages are, but it's important to weigh all the pros and cons for yourself. An experienced loan specialist like the professionals at Reverse Mortgage Funding LLC (RMF) can provide you with the information you need to help you decide if a reverse mortgage solution is the right choice for you.
If you decide to move forward, you'll choose a lender and submit your application to them. The application includes some personal information, and a financial assessment will be conducted to make sure you'll be able to afford ongoing expenses like property taxes, insurance and home maintenance.
You'll meet with an independent reverse mortgage counselor who's approved by the U.S. Department of Housing and Urban Development (HUD)1, to make sure you understand all aspects of the loan.
Your home will be appraised by an independent appraiser, to determine the value. Then the appraisal and loan package will be sent to an underwriter for review and approval. The underwriter will make sure all the information in the package is correct, complete, and compliant with all applicable laws and regulations.
After your loan application is approved, you will sign your closing documents with a title officer or attorney (depending on your state's requirements).
Three days after closing, the loan funds are disbursed and you can access them according to the payment plan you selected. Your loan funds will first be used to pay off any existing mortgage on your home, a new lien (the reverse mortgage) is placed on the home, and you can use the remaining funds from your reverse mortgage however you choose.