News

New Reverse Mortgage Products in the News

The demand for innovation and alternatives to the FHA Home Equity Conversion Mortgage (HECM) continues to grow, and I’m excited to offer several new 3rd party loan products.

Some highlights:

  • Loans up to $6 Million. FHA HECM program limit remains at $679,650.
  • Dramatically lower closing costs
  • No FHA Mortgage Insurance premium
  • Condos $250k and higher are now eligible
  • Homeowners 60 and over

RMF EQUITY EDGETM

  • Condos $250k and above
  • Lower Closing Cost Option (just HUD Counseling and state stamps/fees)
  • No FHA mortgage insurance premium
  • Age 60 and above
  • Loans up to $6M
  • Fixed interest rate, with 3 Loan-to-value options

HOMESAFETM

  • Loans up to $4M
  • Condos above $500k
  • No FHA mortgage insurance premium
  • Fixed interest rate, with 3 Loan-to-value options

HOMESAFE FLEXTM

  • Borrowers can draw 60% of the loan proceeds upfront, then receive the remaining 40% in the form of monthly term payments spread out over a period of up to 5 years
  • Fixed rate that applies to the entire loan balance

All of these loan programs including the FHA HECM are non-recourse loans. Your clients cannot owe more than their home is worth when the loan is repaid.