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Fairway Reverse Mortgage’s product line includes Home Equity Conversion Mortgages (HECMs), HECMs for Purchase and proprietary reverse mortgages. It’s a national company with agents in all 50 states. The company provides free resources, including calculators and booklets, to help borrowers understand their options.
Fairway Reverse Mortgage is a reverse mortgage lender that offers proprietary reverse mortgages, HECMs and HECMs for Purchase. Its planners are available in major cities in all 50 states.
- Agents in all 50 states
- Several loan options
- Resources and calculators online
- Unclear rates online
- Unclear credit requirements
About Fairway Reverse Mortgage
Fairway Reverse Mortgage is a lender that offers several reverse mortgage products, including Home Equity Conversion Mortgages (HECMs), HECMs for Purchase, jumbo loans and proprietary reverse mortgages. Fairway serves as a mortgage broker and a direct lender.
The company is registered in all 50 states and has a U.S.-based headquarters in Wisconsin and Texas. On its website, Fairway Reverse Mortgage has a reverse mortgage calculator, reading materials to help you learn more about your options and a map search tool that lets you find a Fairway representative near you.
Fairway Reverse Mortgage requirements
Fairway Reverse Mortgage offers loans to anyone who fits the federally mandated requirements and passes all minimum credit and property requirements. Though Fairway Reverse Mortgage is not clear about what the credit requirements are, it does list the federally mandated requirements:
- Residents must be 62 years or older
- Residents must own the home outright (or most of it)
- The property must be a single-family home, an FHA-approved condo or a two- to four-dwelling unit
- Residents must not be delinquent on any federal debt
- Residents must receive counseling from a HUD-approved agency
To apply, submit your email on Fairway’s website or use the map search tool to find a Fairway Reverse Mortgage planner near you. Once you’re connected to a representative, the planner assesses your home equity and credit standing, then they’ll suggest a payment option based on your situation and present the fees involved. The planner assists you through the application process to make it quick and easy.
Fairway Reverse Mortgage rates
Overall, your reverse mortgage rates from Fairway depend on the type of loan you choose. A HECM, the most common reverse mortgage, has a fixed rate of 3.06% (4.06% APR) to 3.68% (4.68% APR). Adjustable rates range from 2.07% (2.00 margin) and 3.07% (3.00 margin).
The exact loan amount is determined by your age and interest rates at the time, as well as the sale price of the home. Interest rates can be fixed or adjustable. Other fees Fairway charges are loan origination fees, appraisal costs and other property transfer fees. These costs are usually about 2% to 3% of the total loan amount.
Fairway Reverse Mortgage FAQ
- Where is Fairway Reverse Mortgage available?
- Fairway Reverse Mortgage has headquarters in Madison, Wisconsin, and Carrollton, Texas, but it operates in major cities in all 50 states. Search the company’s website for an agent near you.
- What age do you have to be to work with Fairway Reverse Mortgage?
- One spouse needs to be 62 years or older. If you’re in Texas, both spouses need to be 62 years or older.
- Does Fairway Reverse Mortgage have a minimum credit score requirement?
- Typically, an average score of 620 or higher is required. Clients who want a reverse mortgage loan need to obtain an eligibility certificate by receiving counseling sessions from a HUD-approved agency.
Is Fairway Reverse Mortgage legit?
Fairway Reverse Mortgage offers every type of reverse mortgage, including HECMs, HECMs for Purchase and jumbo loans. The company has free reading materials and a reverse mortgage calculator online, but homeowners can also contact a representative in their state to discuss options. Fairway Reverse Mortgage doesn’t have information about rates on its website, so you’ll need to talk to a representative for more details.
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Fairway Reverse Mortgage Company Information
- Company Name:
- Fairway Reverse Mortgage
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