Gen Xers can now qualify for reverse mortgages with this lower minimum age requirement
BLOOMFIELD, NJ / ACCESSWIRE / September 1, 2021 / Reverse mortgage financing, LLC (RMF), one of the nation’s leading reverse mortgage lenders, today announced a significant enhancement to its proprietary reverse mortgage product, Equity EliteÂ®. The improvement lowers the minimum age of eligibility for homeowners applying for this reverse mortgage product from age 60 to age 55 in some states.
Members of Generation X, born between 1965 and 1980, will be between 41 and 56 years old this year. Gen Xers are preparing for retirement with record amounts of home equity, taking on the responsibility of caring for older children and aging parents, and often carrying the burden of costly debt. Meanwhile, Gen Xers are well positioned to take advantage of home equity conversion loans, as their generation’s net worth has rebounded more than any other generation since the Great Recession. Older people of this generation, aged 55 and over, can now qualify for reverse mortgages with Equity EliteÂ® from RMF.
âEquity Elite’s lowered age requirement means that approximately 2.7 million homeowners could now qualify for a reverse mortgage, according to market statistics,â said John K. Lunde, Founder and President of Reverse Market Insight. “We expect Gen X to increase the number of active reverse mortgage borrowers as they plan for retirement and are on track to owning more home equity than previous generations.”
RMF was one of the first reverse mortgage lenders to lower the minimum age requirement to 62 when it changed the requirement to 60 for its Equity EliteÂ® product. Specifically designed for those 60 and over, this lower cost reverse mortgage option allows borrowers to potentially leverage more funds than they could with a home equity conversion mortgage. In addition to lowering the minimum age requirement to 55 in 20 states, RMF plans to launch Equity EliteÂ® in even more states in the coming months. This market expansion allows RMF to offer financial planning options to Gen Xers approaching retirement.
âMarket research tells us that Gen Xers are experiencing a dramatic retirement savings shortfall, not to mention a decline in retirement plans. For many of these people, tapping into their home equity will be essential to supplementing their minimum retirement savings, âsaid Joe DeMarkey, head of strategic business development at RMF. âThis expansion presents a huge opportunity to educate early retirees about financing tools other than term loans. Our goal is to provide this population with options so that they can plan for a more financially secure retirement. ‘
Lowering the minimum qualifying age to 55 for reverse mortgages also benefits most, if not all, homeowners 55 and over in age-restricted communities. Newly qualified homeowners who meet the lowered age requirement now have the option of purchasing a new home in these exclusive retirement communities with an Equity Elite loan.
âResidents of age-restricted communities now have more financial flexibility to plan for retirement, from using a reverse mortgage to purchase a new home, to paying down debt. costly pre-existing or to cover health care bills and additional expenses, âsays David Peskin, President of RMF. “The nation’s largest home builders can now offer more financial products, like RMF’s Equity Elite, to help residents buy their new homes – a significant achievement for the industry.”
Exclusive product lowers the age requirement for Equity EliteÂ® Reverse Mortgages from 60 to 55 in the following states: Arizona, California, Colorado, Connecticut, Washington, DC, Florida, Georgia, Hawaii, Illinois, Michigan, Montana, New Jersey (lump sum and line of credit only), New Mexico, Nevada, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina and Virginia, and more states will be announced in the near future.
To learn more about reverse mortgage financing, please visit ReverseFunding.com.
About Reverse Mortgage Funding LLC
Founded in 2012, Reverse Mortgage Funding LLC (NMLS ID # 1019941) is one of the largest national issuers of GNMA reverse mortgages and a recognized industry thought leader. RMF focuses on the creation, acquisition, investment and management of Reverse Mortgages and Reverse Mortgage Backed Securities. The company is headquartered in New Jersey, offices in New York and California, and field offices in the United States. RMF is a wholly owned subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), a finance company specializing in the reverse mortgage industry. In 2020, RMIT became a member of Starwood Capital Group, a global private investment firm and agencyless mortgage innovator, helping to make the industry the success it is today. This relationship will provide RMF with the unique ability to develop new product lines and create strategic partnerships within the Starwood family of companies.
Not for consumer use. This material has not been reviewed, approved or published by HUD, FHA, or any government agency. The company is not affiliated with or acting on behalf of or under the direction of HUD / FHA or any other government agency.
Â© 2021 Reverse Mortgage Funding LLC, 1455 Broad Street, 2nd Floor, Bloomfield, NJ 07003, 1-888-494-0882. Company NMLS ID: # 1019941. For licensing information, visit: www.nmlsconsumeraccess.org. Arizona Mortgage Banker’s License # 0927682; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act; Loans made or arranged under license under California Financing Act; Georgia Mortgage Lender License Holder # 36793; Massachusetts Mortgage Lender License # ML1019941; Licensed by the New Jersey Department of Banking & Insurance; Chartered Mortgage Banker – NYS Department of Financial Services – State branch address 700 Corporate Blvd, Newburgh, NY 12550; Rhode Island Approved Lender. For California Consumers: For more information on our privacy practices, please visit https://www.reversefunding.com/privacy. Not all products and options are available in all states. Conditions subject to change without notice. Certain conditions and fees apply. This is not a loan commitment. All loans are subject to approval. L3968-Exp092022
THE SOURCE: Reverse Mortgage Funding LLC
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