What is Equity Elite®?
Many older homeowners and homebuyers use reverse mortgages as a financial tool to tap into the equity in their homes to gain more financial flexibility.
Because traditional reverse mortgages or Home Equity Conversion Mortgages (HECMs) have certain limitations, the innovators at Reverse Mortgage Funding LLC (RMF) created their own proprietary reverse mortgage product — Equity Elite®. Specifically designed for homeowners age 62 and older†, this lower-cost reverse mortgage option allows borrowers to tap into more funds potentially. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.
At a minimum, to be eligible you must be 62 years of age or older†; you must have a certain percentage of equity in the home; and the house must be your principal residence.
Why Equity Elite®?
Equity Elite® offers many benefits that are not found with a traditional reverse mortgage. It has potentially lower up-front costs and allows for loan amounts of up to $4 million‡, depending on home value. Plus, more condo owners and buyers can qualify.
A reverse mortgage is a great way to access your home's equity to supplement your income, establish a "rainy day fund" or meet other financial goals. And with its flexible repayment option, it offers homeowners greater control over their finances. As with any home-secured loan (or mortgage), you must meet your loan obligations, keep current with property taxes, insurance, and maintenance.
How much can you receive?
The amount that is available generally depends on four factors: your age, the current interest rate, the appraised value of the home, and lending limits. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, and maintenance.
Equity Elite® has some powerful advantages over other types of home equity-based loans
- Available to borrowers 62 years of age and older†
- Higher-value homes can access more equity
- Maximum loan amount of up to $4 million dollars‡
- More condos can qualify
- Equity Elite® ZERO offers a lender credit to be applied toward most closing costs§
- No up-front or ongoing mortgage insurance premium, which can mean lower closing costs than a traditional reverse mortgage§