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.
Initially we were a bit hesitant and unsure Initially, my husband and I were a bit hesitant and unsure of seeking a reverse mortgage. Luckily, we were referred to Larry McAnarney by our finacial advisor and he explained in detail the whole concept. Larry was very professional and answered all our questions during the process. We would not hesitate to refer anyone to use Larry as their reverse mortgage consultant.
Dick & Dawn D — Jun 23, 2016
Professional and Knowledgeable Professional and Knowledgeable I am so glad you help me with my reverse mortgage. I could not have had a more professional and knowledgeable person to go over the details and answer my questions and concerns. I appreciate it very much. Thanks again
Dave R — Sep 28, 2018
Extremely Patient, Courteous, and Helpful My father recently concluded a reverse mortgage for which Mr. Larry McAnarney was the loan officer. I sat in with my father on several of the discussions to help him through the process. Mr. McAnarney was extremely patient, courteous and helpful. He answered all of our questions and went out of his way to make sure that my father understood his options and was comfortable. His conduct was very professional, while exhibiting genuine care for the elderly client whom he was serving. Both my father and I felt very confident about his knowledge, ethics and professionalism. I would recommend Mr. McAnarney to anyone considering the option of a reverse mortgage.
Jackie V — May 15, 2018