Reverse Mortgage Funding expands payment options on proprietary reverse product Jessica Guerin is an editor at HousingWire covering reverse mortgages and the housing wealth space.
What makes jumbo reverse mortgages different. Larger funding limit: While traditional reverse mortgages limit borrowers to loans up to $679,650, jumbo reverse mortgages allow borrowers to borrow up to $6 million. The exact amount you can borrow depends on the value of your house, your age, and how much you currently owe on the home.
The Private Option . There is another alternative to the standard reverse mortgage that in many instances better meets the needs and goals of older homeowners – the private reverse mortgage. This is a private loan, usually from a family member, to the homeowner secured by a mortgage on the senior’s home.
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Proprietary Reverse Mortgage. Proprietary reverse mortgages are privately insured by the mortgage companies that offer them. They are not subject to all the same regulations as HECMs, but as a standard best practice, most companies that offer proprietary reverse mortgages emulate the same consumer protections that are found in the HECM program.
For more information on how reverse mortgages work, take a look at our recent blog, "How a Reverse Mortgage Works." Talk to a financial planner if you are at least 62 years of age and are considering a reverse mortgage. Consult with New American Funding and make the best decision with our team behind you.
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EQUITY ELITE REVERSE MORTGAGE Introducing Equity Elite Reverse Mortgage, an innovative new loan product available exclusively from reverse mortgage funding llc (rmf) as the lender. If you’re age 60 or older and own or are planning to buy a house or condo, Equity Elite lets you tap into more of your home’s equity, sooner rather than later.
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You can use one of Reverse Mortgage Funding’s mortgages to purchase a new home. This is one way that seniors can either move closer to family or downsize to a smaller house and get a reverse mortgage. You can also choose how you take the money out. Reverse Mortgage Funding’s Equity Edge Reverse Mortgage is for homes worth more than $700,000.
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on Proprietary Reverse Mortgages Proprietary reverse mortgages may not offer different payment options. If the proprietary product offers different payment plans, the lender may prohibit the borrower from changing the payment plan, or require the borrower to pay a fee to change plans. PROTCL 5.D.3.e Lender Establishment of the Monthly Payment.