New American Funding Reverse Mortgage Review

New American Funding is a family-owned company committed to helping individuals and families improve their way of living. A variety of home financing options with competitive rates and loan types are offered including FHA, Jumbo, Reverse Mortgage, Fixed Rate, ARM, VA, HARP, and Interest Only. New American Funding’s Reverse Mortgage program allows borrowers who are 62 years or older to be qualified for a loan without FICO qualification and debt-to-income ratios.

Services and Features

A reverse mortgage from New American Funding enables senior homeowners to convert a percentage of their home equity into cash. Its reverse mortgage does not require clients to make monthly mortgage payments but instead, allows payments to be deferred. Customers must however remain current on property taxes, association dues, hazard insurance, and other fees. The program does not require borrowers to pay back the reverse loan until the home is vacated, sold, or the owner passes away.

There are some factors that should be considered when determining the amount of funds from a reverse mortgage. These include the value of home, interest rates, and age of borrower. Consumers may also be able to receive their funds through a Line of Credit, Lump Sum, Tenure Payments, and Term.

Eligibility

• The home is the client’s primary residence
• The home is a single family home, approved condo, town home, or a 2 to 4 unit property
• Must own at least 40%-50% of the home
• Must be 62 years of age or older
• All borrowers and non-borrowing spouses must receive independent counselling
• Must have financial resources to pay on-going property fees
• Must qualify to pay taxes, insurance, or HOA if applicable

Benefits

• Non-recourse loan
• No FICO qualification
• No debt-to-income ratios
• Help seniors relocate to a different region or to move closer to family
• Helps borrowers age in place
• Helps seniors move into a more affordable home that requires less maintenance
• Provides greater freedom in retirement
• Helps borrowers retain their savings and improve their monthly cash flow

Reverse Mortgage at New American Funding

New American Funding offers a Reverse Mortgage program that does not require FICO qualification and debt-to-income ratios. The company provides a good list of benefits including non-recourse loan and helps borrowers age in place.