THE REVERSE MORTGAGE REINVENTED

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

60 IS
THE NEW 62

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 those 60 years of age and older.

MORE ACCESS TO FUNDS

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

LOWER UPFRONT COSTS

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

FOR AMERICAN HOMEOWNERS AGE 60+

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.

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HOW IT WORKS

Cynthia is 60 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, 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 our products better.

  Home Equity Conversion Mortgage (HECM) Equity Elite from
Reverse Mortgage Funding LLC
Minimum age to qualify 62 60
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 $679,650 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 can eliminate almost ALL lender closing costs

SEE WHAT FUNDS YOU MAY HAVE AVAILABLE

If you're a homeowner with a high value home who's at least 60 years old, with equity in your home, you may be eligible for this financial solution.

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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. 

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.

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 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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