Reverse Mortgage Funding
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About Reverse Mortgage Funding
Reverse Mortgage Funding LLC is one of the nation's top reverse mortgage lenders. RMF is a direct lender that offers Home Equity Conversion Mortgages to adults 62 and older and its own line of proprietary products, Equity Elite, to homeowners 55 and older, though some states may impose a higher age requirement. The company is an affiliate of Starwood Capital Group and offers a Price Match Program — if RMF is unable to match or beat a competitor’s pricing, the company will give you a $1,000 gift card.
Pros & Cons
- Price match program
- Several reverse mortgage options
- Free online instant loan calculator
- Equity Elite only offered in 24 states
- Higher upfront costs for some products
Reverse Mortgage Funding is a direct lender offering HECMs and other reverse mortgages nationwide. Its Price Match program and flexible loan options (including the unique Equity Elite mortgage) help set it apart from other lenders.
What is Reverse Mortgage Funding?
Reverse Mortgage Funding is a lender that specializes in Home Equity Conversion Mortgages for homeowners and homebuyers who are 55 or older (some states may have a higher age requirement). Through a reverse mortgage, you can borrow against the equity you have built up in your home. Reverse Mortgage Funding offers mortgage products to help you with cash flow in retirement, paying off debt, refinancing and buying a new home.
HECMs are reverse mortgages that are backed by the U.S. Department of Housing and Urban Development (HUD) and come with special requirements for borrowers. To see if you qualify, check out our reverse mortgage guide or apply for a quote from Reverse Mortgage Funding.
RMF also services the loans it originates, and the company currently oversees more than 75,000 loans. The company states it is dedicated to delivering excellent customer service and has a Customer for Life Commitment, which means that its team is there for you with personalized service from your application onward.
Reverse Mortgage Funding Equity Elite loans
Reverse Mortgage Funding states it created its proprietary line of Equity Elite reverse mortgages to help overcome specific limitations of HECMs. Equity Elite loans are specifically designed for people 55 and older (though age restrictions may vary by state).
According to RMF, Equity Elite reverse mortgages let people with higher-value homes access more equity and have a loan amount of up to $4 million. In addition, Equity Elite ZERO offers a lender credit to be applied toward most closing costs.
RMF advertises other benefits of Equity Elite, including a line of credit option in certain states that grows at 1.5% annually for seven years when left unused, lower upfront costs, no predefined maturity date and no penalties for prepayment.
Reverse Mortgage Funding rates and fees
Reverse Mortgage Funding does not list rates or fees on its website, but this is relatively normal in the industry because interest rates fluctuate daily. There are fees you can prepare for, such as an origination fee, a servicing fee and insurance fees. According to the RMF, most of the fees (other than the government-required reverse mortgage counseling) can be financed with your loan. This helps cut down on upfront costs.
Usually, your rates and fees depend on factors like:
- Current interest rates
- The value of your home
- Your age
- Your credit score
- The lender you choose
Reverse Mortgage Funding FAQ
Where is Reverse Mortgage Funding available?
RMF is currently licensed in all 50 states to offer HECM reverse mortgage loans.
Where are Reverse Mortgage Funding Equity Elite loan options available?
As of the time of publication, RMF offers its Equity Elite product in:
- North Carolina
- New Hampshire
- New Jersey
- New Mexico
- Rhode Island
- South Carolina
- Washington, D.C.
Does Reverse Mortgage Funding have loan requirements?
Yes, Reverse Mortgage Funding does have loan requirements. To be eligible for a HECM, you must meet the requirements set by the federal government:
- All borrowers must be 62 or older.
- The home must be your principal residence and meet U.S. Department of Housing and Urban Development (HUD) standards on property type and condition. You may be able to use your reverse mortgage to pay for any repairs needed to meet these standards. Vacation homes or rental properties are not eligible.
- Eligible property types include single-family homes, two-to-four unit properties, manufactured homes meeting certain criteria, condominiums that are approved by the Federal Housing Administration (FHA) and townhouses. Co-ops do not qualify.
To be eligible for Reverse Mortgage Funding’s Equity Elite mortgage, you must meet the following requirements.
- All borrowers on the home’s title must be at least 55 years old, though some states may require a higher age requirement.
- You must live in your home as your primary residence for the life of the reverse mortgage. Vacation homes or rental properties are not eligible.
- You must own your home outright or have at least 50% equity in your home.
- Eligible property types include single-family homes, two-to-four unit properties in which you occupy one unit, manufactured homes meeting certain criteria, condominiums that are FHA-, Fannie Mae- or RMF-approved and townhouses.
Are Reverse Mortgage Funding’s interest rates fixed or variable?
Reverse Mortgage Funding offers both fixed and variable interest rates. If you choose a fixed rate, you receive a single disbursement.
How can I use funds from Reverse Mortgage Funding?
You can put the funds you get from Reverse Mortgage Funding towards whatever you want. This includes consolidating debt, health care expenses, buying a new home and completing renovations.
What is the Reverse Mortgage Funding Price Match Program?
Reverse Mortgage Funding’s Price Match Program states that iI the company cannot match beat a competitor’s pricing, it will give you a $1,000 gift card.
What is the Reverse Mortgage Funding Customer for Life Commitment?
Reverse Mortgage Funding’s Customer for Life Commitment is the company’s statement that its loan officers and teams will be with you through every step of the reverse mortgage process. The company services the loans it originates and states it is dedicated to providing service throughout the life of your loan, including refinancing your loan at a later date.
Is Reverse Mortgage Funding a good lender?
Overall, Reverse Mortgage Funding is a good option if you’re shopping for a flexible reverse mortgage. It has licensed loan specialists in all 50 states that provide customized, personal service, and its Price Match program, Customer for Life Commitment and selection of loan options give it a leg up over the competition.
If you’re receiving Medicare or Supplemental Security Income, consult with a tax professional to learn whether a reverse mortgage will affect these programs for you. It’s also smart to request quotes from several companies and compare them before making a decision.
Reverse Mortgage Funding Reviews
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I have no complaints with the lending process. My loan officer was knowledgeable and that portion was fine. It is the servicing with whom I have an issue. They refuse to answer questions and violate the contract. My mother's mortgage documents stated clearly that she was to pay her taxes and insurance. I paid the taxes in the discount period only to be informed that the servicing area paid the taxes. This has totally screwed my planning up as my mother had died and I am attempting to refinance the mortgage through a different provider. They breached the contract and their reason was "we wanted to take advantage of the discount period." NO. That is my responsibility, not yours. Servicing only give you the run around.
Maybe because it is a reverse mortgage and they know they can take advantage of seniors. They placed an unnecessary insurance policy on my property, after assuring me that they would not, for twice the cost of a regular policy plus the interest that they charge. Won't remove it. I can't contact them by phone, email, or online (as I refuse to accept their cookies). I am at a loss as to where to go with this rip off.
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Reverse Mortgage Funding Company Information
- Company Name:
- Reverse Mortgage Funding
- 1455 Broad Street
- Postal Code:
- United States
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