Launched in summer 2018, Equity Elite – which is available to qualifying borrowers as young as 60 years old – increases access to home equity for older homeowners and homebuyers who are not being served by the Home Equity Conversion Mortgage (HECM) program.
Unlike the HECM, Equity Elite offers lending limits of up to $4 million, no mortgage insurance premiums, and the ability to lend on non-FHA approved condominiums and planned unit developments (PUD).
It’s more than just a “jumbo” loan, the company says in a release, as it not only enables those with higher-value homes to access more home equity than is possible with a HECM, it also serves a broader scope of borrowers who are sensitive to higher up-front costs.
RMF-approved originators can now access Equity Elite through both the company’s loan origination system, Tango Reverse, as well as ReverseVision RVX in select states.
This past week, RMF also announced a reduction in origination fees and borrower closing costs on its Equity Elite loan solutions for its third-party origination (TPO) broker channel.