About Reverse Mortgage Funding

Brief Summary of Services: 

• Reverse Mortgage (fixed and adjustable rate) 
• Reverse Mortgage for Purchase 
• Equity Elite Reverse Mortgage 

Reverse Mortgage Funding Synopsis 

Review Summary: Reverse Mortgage Funding (RMF) offers several reverse mortgage products, including a loan option for those who are as young as 55 years of age (only available in some states). It has high customer review ratings and is highly rated by the BBB. RMF is a competitive lender that offers price-matching. While it provides copious information for those in retirement, it does not have the tools or calculators that seem standard on most reverse mortgage lender websites.  

Recommended for: RMF is a great pick if you are looking for a competitive rate, and its Veterans Discount Program makes it a great choice for former military members.  

Pros and Cons of Reverse Mortgage Funding 

Reverse Mortgage Funding Reviews 

Reverse Mortgage Funding Full Review 

Overview 

Reverse Mortgage Funding (RMF) only sells reverse mortgage products. It was the third largest reverse mortgage lender in 2021, originating more than 6,000 loans.  

RMF sells traditional reverse mortgages also known as Home Equity Conversion Mortgages (HECM), reverse mortgages for purchase, and its own unique product it calls the Equity Elite Reverse Mortgage.  

The Equity Elite Reverse Mortgage is a reverse equity loan that’s available to some that are as young as 55 years of age, depending on the state. However, most states require homeowners to be at least 60 years old. The Equity Elite is available to those who are in single-family homes, townhouses, condominiums, duplexes, and other multifamily homes.  

Those who qualify for the Equity Elite may be able to borrow as much as $4 million, but these loans are not insured by the Federal Housing Administration (FHA).  

One unique perk of RMF is that it offers price matching for both fees and interest rates of competitors. If it is unable to match another lender’s rates, it will give a $1,000 gift card to borrowers.  

It also has a Veteran Discount Program for those who served in the U.S. Armed Forces.  

Reverse Mortgage Funding Loan Options 

RMF offers the following types of reverse mortgage products: 

• HECM Annual Adjustable Rate 
• HECM Monthly Adjustable Rate 
• HECM Fixed Rate 
• Reverse Mortgage for Purchase 
• Equity Elite Reverse Mortgage (55+) 

Reverse Mortgage Funding Application Process 

Here is the reverse mortgage process if you decide to work with Reverse Mortgage Funding:  

• Step 1: Education. In this step, you are going to learn as much as you can about reverse mortgages with the help of a loan specialist professional who will be able to help you decide if a reverse mortgage is the right choice for you.  

• Step 2: Application and Counseling. This phase will include the application submission and counseling session. The application process will ensure that you are able to continue to afford the property taxes, insurance and maintenance. You will also have a counseling session with a counselor from the U.S. Department of Housing and Urban Development (HUD). This counseling session is required before you can move forward with the reverse mortgage process.  
• Step 3: Loan Processing and Underwriting. In this step, there will be an appraisal of your home. The appraisal and application will be reviewed by an underwriter to be processed.  
• Step 4: Signing Closing Document. Once the application is approved, you will meet with a title officer or real estate attorney to sign the closing loan documents.  
• Step 5: Arrival of Loan Funds. There is a three-day waiting period after closing documents are signed before you can access your funds. Once this period is over, you will receive your funds according to the payment method you selected during the application process.  

Reverse Mortgage Funding Company Information  

Reverse Mortgage Funding LLC (RMF) was established in 2012. It is a subsidiary of Reverse Mortgage Investment Trust (RMIT), which is an affiliate of Starwood Capital Group. RMF is headquartered in New Jersey with corporate offices in New York and California and field offices throughout the country.  

It is currently licensed to originate reverse mortgage loans in all 50 states including the District of Columbia and Puerto Rico. In 2021, RMF ranked number three for the number of HECM loans originated. RMF originated more than 6,000 loans worth $2.4 billion.  

It is fully accredited by the Better Business Bureau (BBB) with an A+ rating, a member of National Reverse Mortgage Lenders Association (NRMLA), an approved lender of the U.S. Department of Housing and Urban Development (HUD), and an Equal Housing Lender. 

Investopedia picked Reverse Mortgage Funding as the best reverse mortgage lender for “ease of qualifications” because it has more access to equity with its Equity Elite Reverse Mortgage. However, this product is only available in 26 states and the District of Columbia.  

States Serviced by Reverse Mortgage Funding 

Reverse Mortgages from RMF are available in all 50 states, the District of Columbia, and Puerto Rico.  

The Equity Elite Reverse Mortgage is only available in 26 states and the District of Columbia.  

Office Locations 

Reverse Mortgage Funding has corporate offices in the following locations:  

• Bloomfield, New Jersey 
• Melville, New York 
• Newburgh, New York 
• Gold River, California 

Field offices are located throughout the country.  

How to Contact Reverse Mortgage Funding 

You can contact RMF by sending a message here or call this toll-free number: 888-277-1567  

Read More About This Topic:  

• A Guide to Reverse Mortgages in 2022 
• Reverse Mortgage Loan Calculator 
• Top 10 Reverse Mortgage Lenders 

All reviews updated as of 11/1/22.