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

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The Good

  • Proprietary Reverse Mortgage: EquityElite
  • Responsiveness
  • Only Reverse Mortgages

Proprietary Reverse Mortgage: EquityElite

The company has its own reverse mortgage loan called Equity Edge which comes with benefits not found in traditional HECM programs:

  • 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 Edge Zero can eliminate almost all lender closing costs

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, the amount of personal documents needed is alarming, and having a company that is responsive is key. RMF is quick to respond, safe, and update you throughout the process of getting a reverse mortgage.

Only Reverse Mortgages

Reverse Mortgage Funding only focuses on reverse mortgages. It is licensed to perform HECM, H4P, and its unique reverse mortgage: EquityElite. This company understand the industry and can point you to what best fits your situation.

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.

The Bottom Line

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. 

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