Reverse Mortgage Funding LLC (RMF) expands access to home equity beyond traditional HECMs — starting at age 60

Bloomfield, N.J.  Reverse Mortgage Funding LLC (RMF), one of the nation’s leading reverse mortgage lenders and the #1 HECM-backed securities (HMBS) issuer for 2017,1 today announced the launch of its groundbreaking proprietary product Equity Edge Reverse Mortgage to increase access to home equity for older homeowners and homebuyers.

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:

  • Homeowners and homebuyers with home values of $700,000 or more
  • Those who are looking for alternatives to traditional mortgages or home equity loans and prefer to have payment flexibility
  • An option for those who own or want to purchase a non-FHA-approved condominium

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.

Verified Reviews

(94)

Nervous in the Beginning Larry was very knowledgeable about the processing of the reverse mortgage. He answered all my questions in a way that I could understand each step of the process. I was nervous in the beginning but with Larry helping me step by step in understanding the process, I became very much at ease. I would be more than happy to recommend others who would want to do a reverse mortgage. Again, thank you Larry.  

Dorthie A — Feb 6, 2017

Larry was the Consummate Professional Larry was the consummate professional and helped to expedite this process. We had many questions and Larry always found time to answer all of them in promptly. He kept us apprised of the process and offered explanation of how our application could be viewed by underwriting. I highly recommend Larry and endorse the reverse mortgage. The process was very smooth and done in record time as we had requested. Many thanks.

Caryn U — Nov 23, 2015

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

Read More Reviews
memberships

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. RMF is a Licensed Mortgage Banker in the State of New York, but this loan originator and site are not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

© 2020 Reverse Mortgage Funding LLC, 1455 Broad St., 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Legal approval #L976-Exp042018, Company NMLS ID # 1019941. For licensing information go to www.nmlsconsumeraccess.org/?EntityDetails.aspx/?COMPANY/1019941. For California consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. Not all products are available in all states. Terms subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans subject to approval.
For additional licensing and disclosures please visit https://www.reversefunding.com     Where we lend    Terms of Use     Privacy

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.