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.
Much appreciated blend of professionalism and cordialit Larry was a much appreciated blend of professionalism and cordiality. He was very thorough in the coverage of reverse mortgage issues and explained them with great clarity and patience. It was a good experience with a complicated matter.
Jeff R — Mar 17, 2016
Couldn't be Happier We recently closed our reverse mortgage with Larry McAnarney and couldn’t be happier. We don’t need the money, but Larry explained how we could set up a growing line of credit which could be used as possible future income, immediate liquidity, a long term care insurance hedge, and much more. We used this product as part of our retirement income planning strategy. Larry was very knowledgeable on all aspects of what we were trying to accomplish and very responsive to our needs and questions. He is highly recommended by us.
Jim & Marcia M — Jan 12, 2018
I Trust Larry I was very happy I chose Larry to help me with this loan. He was very helpful and answered all my questions. He answered all my concerns and I trusted him. I would recommend him to any one who needs or wants a reverse mortgage loan. I can call him anytime if I need to and I know he will answer my call.
Dorothy B — May 14, 2015