Jumbo Reverse Mortgage

Equity Elite Reverse Mortgage | aka Equity Edge

Equity Elite Reverse Mortgage
Equity Elite Reverse Mortgage

The Equity Elite Reverse Mortgage was initially called Equity Edge Reverse Mortgage.  This unique portfolio reverse mortgage was a ground breaking product when it hit the market in roughly July of 2018.  Later in 2018 (or perhaps 2019) the investor that offers this product changed the name from Equity Edge to Equity Elite.  It is available for use to mortgage brokers and lenders alike that partner with the investor.

****As of March 31, 2020, this program is suspended due to corona virus****

****HOWEVER, if you’re interested, email us. This will return, PLUS we have other options that are virtually the same.

Email us at Info@ReverseMortgageLoanAdvisors.com.

What Makes the Equity Elite Reverse Mortgage Unique?

This post is not being written to offer basic reverse mortgage information, but to highlight the Equity Elite and Equity Edge Reverse Mortgage programs.  However, the most basic requirement for a regular reverse mortgage is that you have to be aged 62 or older to get this type of loan.  This reverse mortgage program allows people to take advantage of a reverse mortgage at age 60 and 61.  Now, all of the sudden, the point of entry is younger, which allows more homeowners to enjoy the benefits of reverse mortgage.  There was LITERALLY only one investor that allowed homeowners to do a reverse mortgage before age 62.  However, in 2019 another investor entered the market so now there are two.

The Equity Elite also allows homeowners to borrow MORE money than they can with an FHA insured reverse loan.  There are also other benefits that go along with this program when compared to a FHA Reverse Mortgage. We talk more about that below.

More questions? Want a free info kit? Contact us  Info@ReverseMortgageLoanAdvisors.com or call (714) 271-8524

Complete List of Equity Elite / Equity Edge Reverse Mortgage Benefits:

Reverse Mortgage Age 61
Reverse Mortgage Age 61
  • Available to people at age 60 and 61 (and older of course)
  • Can be used for condominium projects that have HOA’s that AREN’T FHA approved
  • These loans have lower costs than FHA Reverse Mortgages
  • The 2020 Max Claim Amount for FHA is $765,600 (not the case for Equity Elite)
  • It’s maximum loan amount is $4,000,000 or higher on an exception basis (vs max loan amount of $400k – $574k for FHA)
  • There is no up front mortgage insurance premium (vs 2% of the appraised value for FHA)
  • This loan also does not have an ongoing mortgage insurance premium
  • Equity Elite Zero (and other variations) means ZERO closing costs in some instances (***see notes)
  • Is also non recourse just like the FHA version of a reverse mortgage

More questions? Want a free info kit? Contact us  Info@ReverseMortgageLoanAdvisors.com or call (714) 271-8524

Equity Elite and Equity Edge Limitations

  • A more conservative percentage of appraised value is loaned (amount discussed below)
  • CAN have a higher interest rate, but A LOT of options are available
  • Appraised values greater than $2,000,000 require a second appraisal ALWAYS
  • It’s not available in EVERY state at this time (will discuss below)
  • This can’t be done on a manufactured home or co-op (FHA can be done on manufactured home, but not a cooperative)
  • Can have credit score limitations whereas FHA’s version has ZERO credit score requirements (talk to an advisor if you have lower credit scores).
Equity Edge Reverse Mortgage
Equity Edge Reverse Mortgage

More questions? Want a free info kit? Contact us  Info@ReverseMortgageLoanAdvisors.com or call (714) 271-8524

What States Is the Equity Elite Reverse Mortgage Approved In (as of February 2020)?

When this product was first launched in 2018, it was only available in California.  However, the investor that offers this program has been quickly expanding their state licensing footprint.  As of now, the program is available in; AZ, CA, CO, CT, DC, FL, GA, IL, MA (restrictions apply in MA), MI, MT, NV, NJ, NM, OH, OR, PA, RI, SC, TX, UT, VA, & WA.  Keep in mind that in TX and UT, it’s only available for folks age 62+ (due to state law).

More questions? Want a free info kit? Contact us  Info@ReverseMortgageLoanAdvisors.com or call (714) 271-8524

What Percentage of the Appraised Value is Available for Equity Elite?

The percentage of the appraised value you can borrow (AKA Jumbo Reverse Mortgage Loan to Value) is different for every age bucket.  Further, the amount you get increases slightly with each passing year AND varies depending on the interest rate you and your loan officer select.  For example, at age 60 you can borrow anywhere from 27.8% to 39.3% of the appraised value.  At age 61 you can borrow anywhere from 28.7% to 40.2%.  Finally, it caps out a age 90 where you get anywhere from 50.6% to 62.00% of the appraised value.  While it IS more conservative compared to the FHA reverse mortgage, it IS also much better than when it first came out.  When Equity Edge / Equity Elite was first launched, you could only borrow about 20% to 50% of the appraised value.  Not sure if we’ll see more enhancements, but we’ll keep this site updated accordingly.

Reach out to us with any question, to get pre approved, or to get your free reverse mortgage info kit. If you do email us, please also include your telephone number.

More questions? Want a free info kit? Contact us  Info@ReverseMortgageLoanAdvisors.com or call (714) 271-8524

***Notes – for the no cost version of this program, it’s unlawful for the lender to pay for the counseling.  The lender can cover ALL other costs, just not counseling.  Counseling only costs about $125.00 -$150.00 and can often times be paid at closing.

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