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 | email@example.com
Branch NMLS # 1404799
700 Commerce Drive, Suite 5055
Oak Brook, IL 60523
Easy Process and Friendly Service Larry was great to work with. He guided me through the process and was very specific about the information I needed to provide so that I was prepared each time we met. He came to my home for all of our meetings and that was very convenient for me. Larry was aware that I needed to get my loan closed as soon as possible and he made sure the underwriters were aware of that. When it was time for me to close, I asked Larry to be there since I trusted him and wanted his support. He was there as promised. Closing was easy and straighforward and everything went the way I expected. I am very pleased with Larry and would recommend them highly.
Rhonda T — Oct 19, 2015
Totally Committed to Service and the Custome Going through the hoops for a reverse mortgage was a task. I found Larry McAnarney and he was beyond professional in his willingness to cover every nuance, foresee any possible problems, and SUPER follow through after approval. I can't reommend this service highly enough.
Shaun K — May 22, 2015
Clone Larry! When we met Larry McAnarney, it did not take long to feel comfortable. There was no high pressure feeling; he answered our questions and put us at ease. Larry was great! Our Hud counselor, and the gentleman who did our closing were very good, too. Only one problem.....we should have done it sooner. Larry gets SIX stars. Bernice and Dave
Bernice & Dave L — Oct 28, 2014