This landmark expansion enables RMF to offer reverse mortgage products to clients in all 50 states.
BLOOMFIELD, NJ / ACCESSWIRE / July 1, 2021 / Reverse Mortgage Investment Trust (RMIT), the parent company of Reverse Mortgage Funding LLC (RMF), today announced its final work permit in Hawaii. With permission to work in Hawaii, RMF now serves clients in all 50 states.
Hawaii is a typical state that requires a state presence in order to obtain a mortgage license permit. The Hawaii license allows RMF to offer a wide range of products, including Home Loan Mortgage Loans (HECM) and RMF’s own reverse mortgage product, Equity Elite®. In addition, RMF wholesale and correspondent lending companies can acquire loans in the state.
“Expansion to Hawaii is a milestone. We can now do business in all 50 states, helping more seniors live comfortably and confidently in their favorite homes, ”said David Peskin, President, Reverse Mortgage Funding. “Hawaii is a particularly attractive state for retirees. With 19% of the population age 65 and over and an average home value of over $ 600,000, many homeowners may consider reverse mortgages to meet their retirement planning needs. ”
Percy Ihara (NMLS # 582944), Reverse Mortgage Lending Specialist at RMF, is an experienced reverse mortgage lending specialist who specializes in working with seniors and their families. With nearly 20 years of experience in the Hawaii reverse mortgage market, Ihara has long been a leading advocate for seniors. He has been the publisher and editor of Generations Magazine since 2010 and also hosts the weekly Generations Radio podcast series on aging and old age.
“I am proud to use my extensive mortgage lending experience to help people understand and use reverse mortgages when planning for retirement,” Ihara said. “I am well versed in the needs of aging people and the financial challenges they face. I look forward to helping older homeowners continue to have a financially secure future and enjoy the retirement they deserve. ”
About Reverse Mortgage Financing LLC
Founded in 2012, Reverse Mortgage Funding LLC (NMLS ID # 1019941) is one of the largest national mortgage issuers GNMA and a recognized industry leader. RMF specializes in creating, acquiring, investing and managing reverse mortgage loans and securities backed by reverse mortgages. The company is headquartered in New Jersey with corporate offices in New York and California and field offices throughout the United States. RMF is a subsidiary of Reverse Mortgage Investment Trust Inc. (RMIT), a specialized financial services company in the reverse mortgage sector. In 2020, RMIT became part of Starwood Capital Group, a global private equity firm and innovator in non-agent mortgage lending, helping to grow the industry into the success it is today. This relationship will provide RMF with a unique opportunity to develop new product lines and create strategic partnerships within the Starwood group of companies.
Media Contact: Jean Noble, email@example.com, 631-270-3214
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This material has not been reviewed, approved, or released by HUD, FHA, or any government agency. The company is not affiliated with and does not act on behalf of or at the direction of HUD / FHA or any other government agency.
Equity Elite Reverse Mortgage (“Equity Elite”) is the proprietary Reverse Mortgage Funding LLC loan program, which is unrelated to the Home Equity Conversion Mortgage (HECM) loan program which is insured by the FHA. Equity Elite is available to qualified borrowers who may also be eligible for the HUD, FHA HECM, or seeking loan proceeds in excess of the HUD limit of the FHA HECM. Equity Elite is currently only available for eligible properties in some states. Please check with your lender to see if it is currently available in your state.
Upon maturity, any non-borrower individuals with a stake in real estate ownership, including non-borrower spouses, will have a short period of time (for example, 30 days from the receipt of the letter payable, or an alternative deadline specified in the service provider). loan, if extensions are possible in the circumstances) to purchase property from real estate or, if the non-borrower inherits the property, repay the loan in full, using whatever sources of funds available to him. Any individual who is not a borrower, including a non-borrower spouse, must have an Equity Elite mortgage loan repayment plan in the event of the borrower’s death or any other maturity. If the non-borrower is unwilling or unable to purchase the property or repay the loan in full, the non-borrower (including the non-borrower spouse) has no protection against retaining a stake in the home or continuing to live in the home after maturity, and the non-borrower may be evicted after foreclosure… The FHA HECM program provides protections for certain non-borrower parties, so a reverse mortgage applicant with certain non-borrower parties should strongly consider obtaining an FHA-insured HECM loan (see the HECM Guidelines or contact your RMF representative for details) … Under the Equity Elite Reverse Mortgage Program, a maturity and / or default event occurs when the last surviving borrower no longer lives in the home as their primary residence for at least 12 months, and real estate fees (including taxes, insurance or any other property fees) are not paid, the required repairs are incomplete or the property is not serviced, or any other maturity and / or default event occurs as specified in the Security Tool.
A SOURCE: Reverse Mortgage Finance, LLC
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