Equity Edge

THE REVERSE MORTGAGE REINVENTED

  

Introducing Equity Edge 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. 

 

 

 

 

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 Edge, more people have more access to their home equity. Since there is no mortgage insurance premium, Equity Edge may have lower up-front costs than a traditional HECM.

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 Edge? This comparison chart can help you understand our products better.

  Home Equity Conversion Mortgage (HECM) Equity Edge 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 Edge 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..

Equity Edge Reverse Mortgage™ (“Equity Edge”) 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 Edge 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 Edge 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 Edge 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 Edge 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.

L1914-Exp052019

 
 To learn more, please contact me today.

Larry McAnarney
HECM Loan Specialist, NMLS #21059
Call 815-703-4745 | lmcanarney@reversefunding.com

Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523

 

Verified Reviews

(62)

Highly Impressed Upon my initial conversation with Larry I was highly impressed along with his credentials. As I continued to work along with him in obtaining all the documentation Larry requested, he came across some huge hurdles regarding my financial situation, but managed to resolve ALL  and was able to successfully acquire a reverse mortgage for myself. I cannot thank Mr. McAnarney enough for providing me with a comforting financial lifestyle.  Larry truly left me with a lasting and positive impression while accomplishing all that he could for me.  Emotionally now, I can see the light at the end of the tunnel. If you are looking to take the next step to financial security and peace of mind, I highly would recommend the very ultimate and polished man in his field, Mr. Larry McAnarney.

Donna G — Apr 4, 2017

Quick Response I had questions about reverse mortgages and how they worked. Larry called and explained everything to us very well. He was quick responding back when I contacted him about some concerns I had while I was deciding to go ahead or not. I would recommend him to others, very polite and helpful. Was a pleasure working with him.

Gloria M — Apr 9, 2014

Very Thoughtful and Professional Larry is a very thoughtful and professional person. He carefully and with great patience took me through the process and gained my respect and trust. Always available and always following up, without the sales push and aggressiveness of other companies I talked with. Great person to work with and I highly recommend him      

Javier I — Feb 13, 2018

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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.

© 2017 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. NMLS Consumer Access: www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941
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Illinois Residential Mortgage Licensee; Arizona Mortgage Banker License #0927682; Georgia Residential Mortgage Licensee No. 36793, Originator License No. 40299; Kansas Originator License LO.0001032; Licensed by the New Jersey Department of Banking and Insurance; 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; Texas Mortgage Banker Registration in-state branch address 6044 Gateway East, Suite 236, El Paso, TX 79905 (Branch NMLS 1244676); Not intended for Hawaii and New York consumers.