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
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.)
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|
(You'll never owe more than the home is worth when the loan is paid)
|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.
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.
To learn more, please contact me today.
HECM Loan Specialist, NMLS #21059
Call 815-703-4745 | firstname.lastname@example.org
Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523
Reverse Mortgage Purchase Program Larry was a great help in helping my mother purchase her new home using the reverse mortgage purchase program. Part of my mother's income comes from French pensions and needed additional verification/proof which was not easy - but Larry was readily available to help simplify the process and explain the details. I would definitely recommend using Larry for anyone looking into getting a reverse mortgage. He is straightforward and trustworthy. Thanks again!
Olivier D — Mar 14, 2018
Patience & Professionalism Larry helped us through every step of the process with patience and professionalism. He answered all our questions. In addition, Larry is very kind and understanding. We are so happy that he was recommended to us by our nephew and financial advisor.
Tom & Jean C — Sep 26, 2018
I Give Larry 10 Stars! We looked at the reverse mortgage as a way to help increase our monthly income. We initially looked at selling our home but decided we really wanted to stay in our home. We were given Larry’s name by a Realtor and the rest is history. There were challenges that needed to be overcome, but Larry helped us through everything. I would recommend him to anyone. I give him 10 Stars!!
Tim & Carol M — Mar 5, 2019