Equity Elite Program

Equity Elite Program

Equity Elite Program
Proprietary reverse mortgages are loan programs offered by some lenders and are not FHA insured. They are not bound by county lending limits or standard FHA requirements but do have their own set of qualifications that differ from the FHA insured HECM program. They do have some of the same features as a standard HECM as they are a negatively amortizing, non-recourse loan with no required monthly mortgage payments

Equity Elite Program Can be used to refinance or purchase a new home valued up to 4 million.

  • Available to people as young as 60
  • Lower closing costs than a traditional HECM
  • No mortgage insurance premium
  • Can be used for some non FHA approved condo projects
  • Max loan amount is up to 4 million

Wondering how much you may qualify for or if this program is a good fit for you? Call us today at 503-427-1667 or Click Here to see if your eligible.

*Available in Oregon. Visit www.reversefunding.com/equity-elite for details.

†With this pricing option, borrower receives a lender credit covering nearly all closing costs. There is a non-refundable independent counseling fee of approximately $125 on average, which the borrower pays directly to the counseling agency. Terms and conditions apply. Not available in all states.

Equity Elite Program Reverse Mortgage (“Equity Elite”) is Reverse Mortgage Funding LLC’s proprietary loan program, and it is not affiliated with the Home Equity Conversion Mortgage (HECM) loan program, which is insured by FHA. Equity Elite 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. Equity Elite currently is available only for eligible properties in select states. Please contact your loan originator to see if it is currently available in your state. Visit www.reversefunding.com/equity-elite for details and additional disclosures

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Licensing

© 2019 Northwest Reverse Mortgage, LLC NMLS #1834787

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Contact Us

Northwest Reverse Mortgage
10121 SE Sunnyside Rd
Ste 300
Clackamas, OR 97015

Number:
(503) 427-1667

Hours:
MON-FRI 8AM - 5PM

Northwest Reverse Mortgage, LLC. NMLS 183-4787. Equal Housing Lender. Credit on approval. Terms subject to change without notice. Not a commitment to lend. Contents not provided by, or approved by FHA, HUD or any other government agency. All potential tax benefits should be verified with a professional licensed tax advisor. NMLS Consumer Access

At the conclusion of a reverse mortgage, the borrower must repay the loan and may have to sell the home or repay the loan from other proceeds; charges will be assessed with the loan, including an origination fee, closing costs, mortgage insurance premiums and servicing fees; the loan balance grows over time and interest is charged on the outstanding balance; the borrower remains responsible for property taxes, hazard insurance and home maintenance, and failure to pay these amounts may result in the loss of the home; interest on a reverse mortgage is not tax deductible until the borrower makes partial or full re-payment.