Choosing a Reverse Mortgage Product

We offer several Reverse Mortgage products, and our experts can help you choose the best one for you.

Product Comparison* HECM HECM for Purchase Jumbo Equity Elite** Equity Elite Zero**

Minimum age to qualify
(at least one borrower must meet the age requirement)

62

62

62

60

60

Are there limits on the amount of money I can access in the first 12 months?

Yes

Yes

No

No

No

Borrowing cap
(Maximum Claim Amount)

$726,525

$726,525

$4 million

$4 million

$6 million

Do I have to pay a Mortgage Insurance Premium (MIP)?

Yes

Yes

No

No

No

Do condos qualify?

FHA approval required

FHA approval required

Fannie Mae
or Freddie Mac approval required

FHA or
Fannie Mae approval required

FHA or
Fannie Mae approval required

Is the loan federally insured?

Yes

Yes

No

No

No

Is the loan "Non-Recourse" (I'll never owe more than the home value at payback time)?

Yes

Yes

Yes

Yes

Yes

*This material is for educational purposes only and has not been reviewed, approved or issued by HUD, FHA or any government agency. The organization is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.  All information listed is subject to change without notice. Only a licensed mortgage loan officer can quote rates and terms. As with any mortgage, you must meet your loan obligations, keeping current with property taxes, insurance, maintenance and any home owners association (HOA) fees. Repayment is required once you sell the home or no longer live there as your primary residence.

Equity Elite Reverse Mortgages (“Equity Elite” and “Equity Elite Zero”) are the proprietary loan programs of NeighborWorks Orange County’s lender partner Reverse Mortgage Funding LLC, and they are 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 HUD, FHA’s HECM program or are seeking loan proceeds that are higher than HUD, 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.

Upon a maturity event, any non-borrowing individuals with an ownership interest in the property, including non-borrowing spouses, will have 90 days to purchase the property from the estate or, if the non-borrower inherits the property, pay the loan in full using any sources of funds available to them. Any non-borrowing individual, including a non-borrowing spouse, should have a plan to pay off an Equity Elite reverse mortgage upon the borrower’s death or any other maturity event. If the non-borrower is unwilling or unable to purchase the property or pay the loan in full, there is no protection for the non-borrower (including a non-borrower spouse) to maintain an interest in the home or to continue residing in the home past the maturity event and the non-borrower may be evicted upon foreclosure. The FHA HECM program has protections in place for certain non-borrowing parties, so a reverse mortgage applicant with certain non-borrowing parties should strongly consider a FHA-insured HECM loan (see HECM guidelines or ask an RMF representative for details). Under the Equity Elite reverse mortgage loan program, a maturity event occurs when the last surviving borrower no longer lives in the home as his or her primary residence for at least 12 months, the  property charges (including taxes, insurance, HOA dues or any other property charges) are not paid, required repairs are not completed or the property is not maintained, or any other maturity event, as specified in the Security Instrument, occurs.

Do you have more questions? Contact a Reverse Mortgage Expert today!

Meet Our Team