Reverse Mortgage Funding Review

Since reverse mortgages are complex loan products they are sometimes hard to comprehend, this can lead to misunderstandings about what the product is for and whom it best serves. Reverse mortgages are not for everyone and potential borrowers need to understand what they’re getting into before applying for one.

Reverse Mortgage Funding provides plenty of information for potential borrowers to understand what exactly reverse mortgages are, who they are adequate for, what the main benefits are, and any possible drawbacks.

The company’s website has an ample learning center with videos, articles, and FAQs that provide answers to the most common questions about reverse mortgages.

Nonetheless, to receive a custom loan quote and receive additional information about the product options available, customers need to complete an online form and give consent to being contacted by a company agent. Customers will need to provide their name, address, phone number, email, property value, and mortgage balance to be able to receive a quote.

Reverse Mortgage Funding offers several Home Equity Conversion Mortgage (HECM) loans and reverse mortgage products, including:
• Equity Elite Reverse Mortgage - an exclusive RFM product that helps homeowners 55 or older create a financial roadmap for their future.
• HECM Annual Adjustable Rate - a reverse mortgage in which the interest rate adjusts only once a year and that has a lifetime cap and an interval cap that guarantee interest rates do not increase by more than a certain percentage. Payouts are available as lump sums, monthly installments, a line of credit, or some combination of them.
• HECM Monthly Adjustable Rate - a reverse mortgage in which the interest rate fluctuates monthly, with a cap that protects against wide fluctuations. It has the same payout options as the Annual HECM.
• HECM Fixed Rate - a loan where the interest rate is established during closing and remains the same for the life of the loan. Borrowers are required to take the funds as a lump sum during closing.
• Reverse Mortgage for Purchase - a financing solution for a new home purchase in which you take out a loan on the home you are buying.

RFM’s website does not provide much information about each product, including rates or fees. Some products, such as the Equity Elite and Reverse Mortgages for purchase only include brief and vague details.

It is therefore required that customers call the lender directly or fill out the online form and have a specialist contact them to go over each product, eligibility parameters, and other questions the borrower may have.

Reverse Mortgage Funding has generally positive online customer reviews, with an A+ rating on the BBB and an excellent score of 4.7 out of 5 on Trustpilot. The service is available in all 50 states though specific products can vary by city.