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Reverse Mortgage Funding

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LAST UPDATED: November 6th, 2020

Reverse Mortgage Funding (RMF) focuses solely on reverse mortgages to assist borrowers in purchasing/refinancing their home, paying off debt, and preparing for retirement. The company, founded in 2012, is based in New Jersey and serves all states except Hawaii and New York.

If you are nearing retirement, Reverse Mortgage Funding will help educate you on their different reverse mortgage loans and match you with one of its many reverse mortgage loan options.

To see what others are saying about their experience, check out the Reverse Mortgage Funding reviews below.

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The Good

  • Proprietary Reverse Mortgage: Equity Elite
  • Responsiveness
  • Diverse Reverse Mortgage Options
  • Attainable Eligibility

Proprietary Reverse Mortgage: Equity Elite

The company has its own reverse mortgage loan called the Equity Elite. It comes with added benefits not found in traditional HECM loan programs, such as:

  • The minimum age is 60 rather than 62
  • There is no limit to the proceeds you can take in the first 12 months
  • Qualifying condominiums include FHA-approved, Fannie Mae-approved, or RMF approved
  • May have lower up-front costs
  • Up to $4 million can be borrowed
  • Equity Elite Zero can eliminate almost all lender closing costs

If any of these added benefits appeal to you, consider reaching out to Reverse Mortgage Funding since it is the only lender that offers all of these specialty loan benefits.

Responsiveness

When many companies in this industry struggle with staying in contact, being transparent, and updating you, Reverse Mortgage Funding doesn't.

The Reverse Mortgage process is intimidating and often confusing to navigate since it is so different from a regular mortgage loan. Reverse Mortgage Funding is quick to respond, safe, and updates you throughout the process. If you are feeling nervous to enter a reverse mortgage, then Reverse Mortgage Funding will be a great company to help educate and match you with the right loan.

Diverse Reverse Mortgage Options

Reverse Mortgage Funding only focuses on reverse mortgages, meaning that it understands the industry better than many of its competitors and can point you in the right direction. It offers various reverse mortgage loan options that other lenders do not have. Its current loan options include:

  • HECM annual adjustable rate loan
  • HECM monthly adjustable rate loan
  • HECM fixed rate loan
  • Reverse Mortgage for Purchase (H4P) loan
  • Equity Elite loan

If you are looking for specialty reverse mortgage loan options then Reverse Mortgage Funding is a great company to look into.

Attainable Eligibility

The eligibility requirements for Reverse Mortgage Funding are fairly standard in comparison to other mortgage lenders).To see if you are an eligible homeowner that would qualify, checkout the general requirement below:

  • Must be 62 years old (the Equity Elite loan only requires 60 years of age)
  • Must be the primary residence of the home (no rentals or vacation homes)
  • Must have 50% equityin your home
  • Must meet with a HUD reverse mortgage counselor before applying
  • Must prove that you can meet financial loan obligations (homeowners insurance, maintenance, taxes and fees)

The Equity Elite loan offers more flexible eligibility requirements for borrowers that do not meet the eligibility requirements above.

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The Bad

  • EquityElite: Non-Borrower Risks

EquityElite: Non-Borrower Risks

Unlike the FHA-backed HECM program, Equity Edge does not have protections in place for a non-borrowing spouse or other residents to stay in the home past the maturity event. Most would be able to pay the loan by selling the home, but if there is lots of depreciation in the home, there is a chance you will not be able to pay it back fully. If the non-borrower is unable to pay the loan in full when the borrower dies, he or she is evicted upon foreclosure.

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The Bottom Line

We highly recommend Reverse Mortgage Funding if you are looking for a reverse mortgage loan. Reverse Mortgage Funding's flagship product Equity Edge allows for more borrowers to qualify for a reverse mortgage and has the added perks of lower up-front and closing costs and more flexibility with payout timing and amounts.

Plus, this is one of the few lenders endorsed by the American Bankers Association, which holds a high standard for businesses and productivity.

To see what others are saying about their experience, check out the Reverse Mortgage Funding reviews below.

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