Reverse Mortgage Funding expands payment options on proprietary reverse product

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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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Think about catastrophe bonds, PE firm investment wipeouts, and the mortgage. product mix. Click here to register for an upcoming educational webinar presented by Reverse Mortgage Funding LLC (RMF).

Reverse Mortgage Funding announced Monday that it expanded the payment options on its proprietary reverse mortgage – the Equity Elite – to include term payments.. Previously, Equity Elite borrowers could withdraw up to $4 million in their home’s equity in a lump sum only at closing.

More Choices for Older Homeowners Seeking home equity options NEW YORK (May 22, 2018) – Three top reverse mortgage companies announced the imminent availability of new propriety loan. more New Proprietary Reverse Mortgage Products Coming to Market

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.

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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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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.