New American Funding Reverse Mortgage Review

Rating: 5 / 10 (Average)
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New American Funding Reverse Mortgage is a California-based, family-owned Fannie Mae, Freddie Mac, and Ginnie Mae direct lender, seller, and servicer for loans, refinance, and reverse mortgages. Some of the loans and mortgages they provide include fixed rate, VA, FHA, ARM, jumbo, home improvement, reverse mortgage, HARP, and interest-only home loans.

New American Funding is a family-owned company committed to helping individuals and families improve their way of living. The company is a direct lender, servicer, and seller of Freddie Mac, Ginnie Mae, and Fannie Mae. 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 of 62 years or older to be qualified for loan without FICO qualification and debt-to-income ratios.

Services and Features

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, the lender pays monthly payments. 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, county where the home is, and age of borrower. Consumers may also be able to receive their funds through Line of Credit, Lump Sum, Tenure Payments, Modified Tenure, Term, and Modified 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
  • Loan cannot be outlived which means no debt will be left for customers to inherit

Services and Features

Reverse Mortgage Calculator

Online Quotation

Refinancing

Financial Guide

Types of Reverse Mortgage

VA Loans

Single-Purpose Reverse Mortgage

Home Equity Conversion Mortgage

Proprietary Reverse Mortgage

Qualifications

Counseling

Home Owner

Amount of Equity

Not Stated

Age

62 and older

Accreditation

Member of US Department of Housing and Urban Development

Member of Nation Reverse Mortgage Lenders Association

Insured by FHA

Approved by Equal Housing Opportunity

Plan Details

No Pre-Payment

Not Stated

No Monthly Servicing

None

Interest Rate

Not Stated

Closing Cost and Fees

Not Stated

Help and Support

Mobile App

Telephone Support

Webinars

Email

FAQs

Reverse Mortgage at New American Funding

New American Funding offers a Reverse Mortgage program that does not require FICP qualification and debt-to-income ratios. The company provides a good list of benefits including non-recourse loan and helps borrowers age in place. Its website is also equipped with online mortgage tools that enable borrowers to get a quick loan estimate.


Top Rated
Our Partner
10 / 10
  • Our # 1 Choice, BBB Accredited, #1 Reverse Mortgage Lender in the nation
  • Meet with a Licensed Professional to discuss your personal needs, depending on your location.
  • Customer service agents readily available 24/7 to answer your questions
  • Approved Member of US Department of Housing and Urban Development
  • Free Information Kit on Pros & Cons
  • 96% Customer Satisfaction Rating
  • Eligibility: Age 62+, $100K+ home value with 50%+ equity

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New American Funding Reverse Mortgage