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
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
Wonderful Customer Service Customer service was top notch from beginning to end; any and all questions we had were answered or we were put in touch with someone who would be able to help us. Our representative Larry McAnarney helped each step of the way and never failed to get back to us in a timely manner.
Diane R — Jan 12, 2015
Step by step help along the way Larry McAnarney was recommended to me. Fortunately, I was able to contact him to assist me in securing a reverse mortgage. He talked to me in terms that I could understand which made my steps possible. He politely and patiently answered my questions and proposed some himself. There was always an update from him on progress or what I should be expecting. To have a person that is comfortable to have a conversation with is important to me. I felt that any question or comment I had was going to be received in a friendly and business like manner. After all the paper work was finished and the reverse mortgage was secured, he still phoned to check if I had questions. I have already recommended him to people who are retirement age, or to their families, in case this could be of assistance to their parents. Obviously, I have a high opinion of my experience.
Deanne R — Mar 31, 2015