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The Choice Proprietary Reverse Mortgage is a private, non-FHA reverse mortgage provided by Smartfi and designed for homeowners aged 55+ (in most states) who want more flexibility and higher loan limits. With no required monthly mortgage payments and fewer restrictions than traditional FHA programs, Choice may be a strong option for refinancing or purchasing higher-valued homes.
The Choice Proprietary Reverse Mortgage is designed for homeowners who want fewer restrictions, lower upfront costs, and loan options beyond traditional FHA limits.
Choice offers loan amounts up to $4 million, making it a strong option for higher-valued homes. This flexibility allows homeowners to access more equity than is available through FHA-insured programs.
Unlike FHA HECM loans, Choice does not require mortgage insurance premiums. This can result in lower upfront costs and potential savings over the life of the loan.
In most states, the Choice program is available to homeowners as young as 55. This makes it an attractive option for those who may not yet qualify for FHA-insured reverse mortgages.
Choice may allow financing for certain non-FHA-approved condominiums and properties that do not meet standard FHA requirements. This opens up more possibilities when refinancing or purchasing a home.
No Required Monthly Mortgage Payments
Non-Recourse Loan Protection
Lower Upfront Closing Costs
No County Loan Limits
Purchase or Refinance Options
Primary Residence Ownership Retained
I had to get a shoulder replacement. It was going to be a major expense. The reverse mortgage has been amazing because I was recuperating and had no financial pressures. The people I worked with were amazing and made me feel totally comfortable. I couldn’t have been happier.
Northwest Reverse Mortgage was extremely knowledgeable and took the time to explain how the different reverse mortgage options worked. Their guidance helped us feel confident we were choosing the option that fit our situation best.
This was an important decision for our family, and the team was patient and always available to answer questions. Their clear communication and calm approach made the process much easier than we expected.
Everyone I worked with at Northwest Reverse Mortgage was professional and informative throughout the entire process. I felt comfortable and well-supported from start to finish.
You know how often you’ve conducted business with someone and that’s that, no more contact. I have contacted Jeff Foody several times since the close of my Reverse Mortgage and he and staff, (Madison and Breezy), are always there to answer questions. They follow-up, research and have always been welcoming and pleasant even after my transaction has closed. Have a question or concern, give him a call, he’ll answer and respond. Highly recommend NW Reverse Mortgage.
Jeff is excellent at explaining how a reverse mortgage can benefit you. I totally recommend him. I am a Realtor and this recommendation comes from personal experience and also when meeting with Jeff to assist my clients. Make these guys your first choice. So many Lenders do not truly understand the reverse mortgage and Jeff and his team ONLY do reverse mortgages.
Proprietary reverse mortgages work differently than FHA-insured programs, so it’s natural to have questions. These answers address some of the most common topics homeowners ask about when considering the Choice reverse mortgage.
Yes. You retain full ownership and title to your home with a Choice proprietary reverse mortgage. As long as the home remains your primary residence and loan obligations are met, you stay in control of your property.
No monthly mortgage payments are required with the Choice program. However, you may choose to make optional payments at any time to reduce the loan balance or preserve equity.
Loan amounts are based on factors such as the value of your home, the age of the youngest borrower, and current interest rates. Because Choice is a proprietary program, loan limits may be higher than FHA programs—up to $4 million in some cases.
Costs may include origination fees, appraisal fees, and standard third-party title and escrow fees. Unlike FHA HECM loans, Choice does not require mortgage insurance premiums, which can reduce overall upfront costs depending on your situation.
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