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 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.

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 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.