NEW JUMBO LOAN MORTGAGE PRODUCT

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Equity Elite


ACCESS MORE EQUITY



WITH LOWER COSTS

 

 

 

If you are 62 and older
with at least 50% in home equity,
complete the form below!


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 888-277-4496 to complete your request. You understand that you can revoke this consent at any time.

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Introducing Equity Elite Reverse Mortgage, an innovative new Jumbo Loan Product available exclusively from Reverse Mortgage Funding LLC (RMF) as the lender.

MORE CONDOS QUALIFY

Unlike traditional reverse mortgages, it’s available to owners and buyers of non-FHA approved condos.*

LOWER UPFRONT COSTS

Since there is no mortgage insurance premium, Equity Elite may have lower up-front costs than a traditional HECM.

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MORE ACCESS TO FUNDS

You may be able to access even more equity than with traditional reverse mortgages on the market. 

FOR AMERICAN HOMEOWNERS AGE 62+

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, more people have more access to their home equity.

Check Eligibility

HOW IT WORKS

Cynthia is 62 years old. Her 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, Cynthia and Daniel can drastically reduce that monthly payment, thanks to the reverse mortgage’s flexible repayment feature. (As with any mortgage, you must meet your loan obligations: keeping current with property taxes, homeowners insurance and keeping your home in good condition. (or good shape).
 

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 our products better.

  Home Equity Conversion Mortgage (HECM) Equity Elite from
Reverse Mortgage Funding LLC
Minimum age to qualify 62 62
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 $822,375 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 Equity Elite Zero offers a lender credit to be applied towards most closing costs

SEE WHAT FUNDS YOU MAY HAVE AVAILABLE

If you're a homeowner with a high value home who's at least 62 years old, with equity in your home, you may be eligible for this financial solution.

Check Eligibility

*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.

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 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.

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