Reverse Mortgage Funding
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(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, will help educate you on their different loans and match you with one of its many .
To see what others are saying about their experience, check out the below.
Top Ranked Companies
The Good
- : Equity Elite
- Responsiveness
- Diverse Options
- Attainable Eligibility
: Equity Elite
The company has its own called the Equity Elite. It comes with added benefits not found in traditional 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 closing costs
If any of these added benefits appeal to you, consider reaching out to since it is the only that offers all of these specialty benefits.
Responsiveness
When many companies in this industry struggle with staying in contact, being transparent, and updating you, doesn't.
The process is intimidating and often confusing to navigate since it is so different from a . is quick to respond, safe, and updates you throughout the process. If you are feeling nervous to enter a , then will be a great company to help educate and match you with the right .
Diverse Options
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 that other lenders do not have. Its current include:
- annual adjustable rate
- monthly adjustable rate
- fixed rate
- for Purchase (H4P)
- Equity Elite
If you are looking for specialty then is a great company to look into.
Attainable Eligibility
The eligibility requirements for are fairly standard in comparison to other ).To see if you are an eligible that would qualify, checkout the general requirement below:
- Must be 62 years old (the Equity Elite 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 counselor before applying
- Must prove that you can meet financial obligations (, maintenance, taxes and fees)
The Equity Elite offers more flexible eligibility requirements for borrowers that do not meet the eligibility requirements above.
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
We highly recommend if you are looking for a . 's flagship product Equity Edge allows for more borrowers to qualify for a 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 below.
