Reverse Mortgage Funding Lowers Age Requirement to 55+ for Its Proprietary Reverse Mortgage Product, Fairness Elite(R)
Generation X members can now qualify for reverse mortgages at this lower age limit
BLOOMFIELD, NJ / ACCESSWIRE / September 1, 2021 /Reverse Mortgage Funding, LLC (RMF), one of the nation’s leading reverse mortgage lenders, today announced a significant improvement in its own reverse mortgage product, Equity Elite®. The increase lowers the minimum age for homeowners applying for this reverse mortgage product from 60 to 55 in certain states.
Generation X members born between 1965 and 1980 will be between 41 and 56 this year. Generation X are preparing for retirement with record amounts of home equity, taking responsibility for older children and aging parents, and often bearing the burden of expensive debts. Meanwhile, Generation X are well positioned to take advantage of home equity conversion loans, as their generation’s home equity has rallied more than any other generation since the Great Recession. Those belonging to the older segment of this generation, ages 55 and older, can now qualify for reverse mortgages with RMF’s Equity Elite®.
“Equity Elite’s lower age requirements mean that an estimated 2.7 million homeowners could now qualify for a reverse mortgage, according to market statistics,” said John K. Lunde, founder and president of Reverse Market Insight. “We anticipate that Generation X will increase the number of active reverse mortgage loan borrowers as they retire and are on their way to owning more home equity than previous generations.”
RMF was one of the first reverse mortgage lenders to lower the age limit of 62 when it changed the minimum age for its Equity Elite® product to 60. This lower cost reverse mortgage option is specifically designed for those aged 60 and over and allows borrowers to potentially raise more funds than would be possible with a home conversion mortgage. In addition to lowering the minimum age in 20 states to 55 years, RMF plans to roll out Equity Elite® in even more states in the coming months. This market expansion enables RMF to offer financial planning options to Generation X members who are about to retire.
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“Research shows that Gen X members have a dramatic shortage of retirement savings, not to mention a decline in retirement plans. For many of these individuals, using their home equity will be key to supplementing their minimal retirement savings.” says Joe DeMarkey, Strategic Business Development Leader at RMF. “This expansion offers a great opportunity to educate early retirees about financial tools outside of forward loans. Our goal is to give this population options so they can plan a financially more secure retirement.”
Lowering the age limit for reverse mortgages to 55 will also serve most, if not all, homeowners in communities with age restrictions over 55. Newly qualified homeowners who qualify for the retirement benefit now have the option to purchase a new home in these exclusive senior housing communities with an Equity Elite loan.
“Residents in communities with age restrictions now have more financial flexibility to plan their retirement, whether it be using a reverse mortgage to buy a new home, paying expensive pre-debts, or covering health bills and additional expenses,” says David Peskin . President of the RMF. “The largest home builders in the country may now be offering more financial products, such as RMF’s Equity Elite, to help residents buy their new homes – a significant achievement for the industry.”
The proprietary product lowers the age requirement for Equity Elite® Reverse Mortgages from 60 to 55 in the following states: Arizona, California, Colorado, Connecticut, Washington, DC, Florida, Georgia, Hawaii, Illinois, Michigan, Montana, New Jersey Total and Credit Line ), New Mexico, Nevada, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, and Virginia, with additional states to be announced in the near future.
To learn more about reverse mortgage financing, please visit ReverseFunding.com.
About Reverse Mortgage Funding LLC
Reverse Mortgage Funding LLC (NMLS ID # 1019941), founded in 2012, is one of the largest GNMA reverse mortgage issuers in the country and a recognized thought leader in the industry. RMF is focused on the sourcing, purchasing, investing in, and management of reverse mortgage loans and securities backed by reverse mortgage loans. The company is headquartered in New Jersey, with offices in New York and California, and branch offices in the United States. RMF is a wholly-owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), a specialist reverse mortgage finance company. In 2020, RMIT became part of Starwood Capital Group, a global private investment company and innovator in the no agency mortgage business that is helping lead the industry to the success it is today. This relationship will give RMF the unique ability to develop new product lines and forge strategic partnerships within the Starwood family of companies.
Not for consumer use. This material has not been reviewed, approved, or released by the HUD, FHA, or any government agency. The company is not affiliated with HUD / FHA or any other government agency, or acts on behalf of or on the direction of HUD / FHA.
© 2021 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: # 1019941. License information can be found at: www.nmlsconsumeraccess.org. Arizona Mortgage Banker License # 0927682; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged under a California Finance Act license; Georgia Mortgage Lender Licensee # 36793; Massachusetts Mortgage Lender License # ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Licensed Mortgage Lender – NYS Department of Financial Services – State Office 700 Corporate Blvd, Newburgh, NY 12550; Rhode Island Licensed Lender. For California Consumers: For information about our privacy practices, please visit https://www.reversefunding.com/privacy. Not all products and options are available in all states. Conditions are subject to change without notice. Certain terms and fees apply. This is not a loan approval. All loans require approval. L3968-Exp092022
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SOURCE: Reverse Mortgage Funding LLC
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