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Equity Elite®

Equity Elite®


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.


Check Eligibility


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§
How Does Equity Elite® Work? The process to obtain an Equity Elite® reverse mortgage is simple; but it's helpful to know what you can expect. Here's a reverse mortgage roadmap to help you along the ways.

Discover if you’re eligible for Equity Elite®


Borrower Profile

  • All borrowers on the home’s title must be at least 62 years old
  • The property must serve as your primary residence for the life of the reverse mortgage That means vacation homes and rental properties are not eligible
  • You must have a minimum equity of 50%
  • You’ll meet with a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor to make sure you fully understand and are comfortable with the reverse mortgage process and terms of your loan

Eligible properties

  • Single-family homes, or 2-to-4 unit properties with one unit occupied by you
  • Manufactured homes (built after June 1976) that meet HUD requirements
  • Condominiums that are FHA,|| Fannie Mae or RMF-approved
  • Townhouses

Financial requirements

  • You have the financial ability and willingness to meet your loan obligations, which include paying property-related taxes and insurance, and keeping up with regular home maintenance and repairs
*Borrowers who elect a fixed rate loan will receive a single disbursement lump sum payment. Other payment options are available only for adjustable rate mortgages.
Not applicable in all states; some states may impose a higher age requirement.
Not applicable in all states; MA imposes a maximum loan amount of $1.5MM. Visit www.reversefunding.com/equity-elite for details.
||This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.
#If part of your loan is held in a line of credit upon which you may draw, then the unused portion of the line of credit will grow in size each month. The growth rate is equal to the sum of the interest rate plus the annual mortgage insurance premium rate being charged on your loan. For the Equity Elite® (EE) loan option with a growth rate on a line of credit, there is a specific growth rate, such as 1.5% per annum (compounded monthly) applied to certain unused amounts, and a growth rate period, such as 7 years after the loan closes, as stated in the loan documents provided at closing. Also, the line of credit cannot exceed: (1) 75% percent of the original Principal Limit, plus (2) the growth of the available Principal Limit due to the growth rate.
This down payment range assumes closing costs will be financed into the loan. The information being displayed is for illustrative purposes only. Actual cash required may vary and is based on age of youngest borrower, interest rate, home value, and other factors. Please contact Reverse Mortgage Funding LLC (RMF) for details about credit costs and terms.
Equity Elite® Reverse Mortgage (“Equity Elite®”) is Reverse Mortgage Funding LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Equity Elite® is available to qualified borrowers who also may be eligible for FHA’s HECM program or are seeking loan proceeds that are higher than FHA’s HECM program limit. Equity Elite® currently is available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state.Upon a maturity event, any non-borrowing individuals with an ownership interest in the property, including non-borrowing spouses, will have a short period of time (for example, 30 days from a due and payable letter or an alternate time specified by the loan servicer if extensions are available under the circumstances) to purchase the property from the estate or, if the non-borrower inherits the property, pay the loan in full using any sources of funds available to them. Any non-borrowing individual, including a non-borrowing spouse, should have a plan to pay off an Equity Elite® reverse mortgage upon the borrower’s death or any other maturity event. If the non-borrower is unwilling or unable to purchase the property or pay the loan in


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By clicking "CALCULATE", you are providing your signature and express "written" consent to be contacted by or behalf of Reverse Mortgage Funding LLC, its affiliates and/or its agents (collectively Company) at the telephone, email or mailing address that you have provided for purposes of fulfilling this inquiry about reverse mortgages and/or the Company's products or services, even if you have previously registered on a "do not call" government registry or requested Company to not send marketing information to you by email and/or direct mail. You agree that the Company may use automatic telephone dialing systems and prerecorded voice messaging in connection with calls or texts made to the telephone number you provide even if the telephone number is assigned to a cellular or mobile telephone service or other service for which the called party is charged and are representing that you are the regular user of provided number. You understand that you are not required to consent to receiving autodialed calls or texts as a condition of any reverse mortgage and/or purchasing any Company products or services. If you do not wish to authorize Company to contact you in this manner, you can call 888-277-1567 to complete your request. You understand that you can revoke this consent at any time.