The Choice Proprietary Reverse Mortgage
The Choice proprietary reverse mortgage is a private reverse mortgage offered through Smartfi Home Loans and is not FHA-insured. The Choice proprietary private reverse mortgage can be used by homeowners as young as 55 in most states for loan amounts up to 4 million and is not bound by county lending limits or standard FHA requirements. The Choice proprietary reverse mortgage qualifications and eligibility differ from the FHA-insured HECM program. Please call us or fill out the form below to learn more about this private reverse mortgage type.
The Choice proprietary reverse mortgage does have some of the same features as the FHA HECM program:
•No required monthly mortgage payments
As a reverse mortgage broker, we offer the Choice proprietary reverse mortgage in Oregon, Washington, Idaho, and California. If you live in or are considering moving to one of these states, reach out to us today for a custom snapshot of your options. Rates can change weekly and can affect your eligibility and benefit amount so it's important to get updated information often.
Choice proprietary reverse mortgages can be used to purchase or refinance a higher-valued home.
- Available to people 55 or older (in most states) on their primary residence
- Lower closing costs than a traditional HECM
- No mortgage insurance premium
- Can be used for some non-FHA-approved condo projects
- Max loan amount of 4 million
- No minimum property value
Compared to a HECM, Choice has low upfront costs and no mortgage insurance premiums, which can save clients thousands over the life of the loan. With similar borrower protections as the standard HECM and fewer restrictions, the Choice proprietary reverse mortgage may be the ideal fit for you.
Wondering how much you may qualify for or if this program is a good fit for you? Call us at 503-427-1667 to discuss or fill out the form here for an estimated loan snapshot:
Restrictions, terms, and conditions apply. We offer the Choice proprietary reverse mortgage in Oregon, Washington, Idaho, and California.
The Choice proprietary reverse mortgage is SmartFi Home Loan LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Choice is available to qualified borrowers who may also be eligible for FHA’s HECM program or are seeking loan proceeds that are higher than FHA’s HECM program limit. Choice currently is available only for eligible properties in select states. Please contact us to see if it is currently available in your state. Visit https://www.smartfihomeloans.com/proprietary-reverse-mortgage/ for details and additional disclosures.