The multifaceted product — which is the industry’s only reverse mortgage to be available to borrowers as young as 60 years old — is geared towards:
With any reverse mortgage, the amount that one qualifies for is based in part on home value. However a traditional Home Equity Conversion Mortgage (HECM) caps the amount that one can borrow at a maximum home value of $679,650, putting those with higher-value homes at a disadvantage.
In contrast, Equity Edge was engineered to enable those who own or plan to purchase higher-valued homes to access more of their home equity. And unlike a HECM, there is no mortgage insurance premium, so Equity Edge can offer lower up-front costs. In addition, no FHA approval is necessary on condominium communities, so more condo homeowners and homebuyers will qualify for this new type of reverse mortgage.
Equity Edge will be available starting June 1 in California, Florida, New Jersey, Oregon and Virginia through RMF’s retail channels, and on or about July 1 through its third-party origination (TPO) broker channel. The product will be expanded to additional states over the next several months.
Equity Edge was created by the innovators at RMF to bring the financial benefits of a reverse mortgage to a wider group of borrowers, according to David Peskin, President of Reverse Mortgage Funding. Explained Peskin, “Our new product reflects RMF’s continued commitment to helping more homeowners enjoy a more secure, comfortable retirement. At RMF, we are reinventing reverse mortgages, making them better and more accessible. We really view proprietary product development as a core corporate initiative, and we will be dedicating significant resources to proprietary product development.” He continued, “This is just phase one of Equity Edge, we look forward to developing it further and making it available nationwide.”
About Reverse Mortgage Funding LLC
Established in 2012, Reverse Mortgage Funding LLC (NMLS ID #1019941) is one of the fastest-growing reverse mortgage lenders in the industry, one of the nation’s largest GNMA issuers of reverse mortgages, and a recognized thought leader in the reverse mortgage business. A wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), the company’s focus is on originating, acquiring, investing in, and managing reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with corporate offices in New York and California and field offices throughout the U.S. Learn more by calling 888-494-0882, visiting www.reversefunding.com, or following us on Facebook or LinkedIn.
Knowledgeable, Attentive, and Accommodating Knowledgeable, Attentive, and Accommodating. For me, Larry deserves 5 stars
Anita K — Feb 17, 2017
Reverse Mortgage for Purchase I just wanted to tell you that we were very happy purchasing our home using the reverse mortgage purchase program. Everything worked out perfect. Thanks again Larry
Ed & Rose S — Apr 24, 2018
Larry Has Knowledge, Expertise, and Patience Larry is the best! He walked me through the process, explained all of my options, and was always available to answer my questions, I had many of them. He has the knowledge, expertise, and the patience that I required to guide me through this process. I was fortunate that he was referred to me by my financial planner, and I think that anybody else he works with will feel the same way.
Phyllis J — Jan 22, 2019