Reverse Mortgage Funding LLC (RMF) has announced that their proprietary product Equity Elite is now available in ReverseVision’s flagship loan origination system, ReverseVision Exchange (RVX). Equity Elite increases access to home equity for older homeowners and homebuyers who are not being served by the Home Equity Conversion Mortgage (HECM) program. Unlike the HECM, Equity Elite offers lending limits of up to $4 million, no mortgage insurance premiums, and the ability to lend on non-FHA approved condominiums and planned unit developments (PUD). More than just a “jumbo” loan, the product not only enables those with higher-value homes to access more home equity than is possible with a HECM, it also serves a broader scope of borrowers who are sensitive to higher up-front costs.
RMF-approved originators can now access Equity Elite through both the company’s loan origination system, Tango Reverse and ReverseVision RVX in select states.
“ReverseVision is committed to equipping our industry’s lending professionals with top-of-the-line technology delivering an exceptional experience to senior borrowers by matching them with financial products best suited for their retirement goals,” said President and Chief Executive Officer of ReverseVision John Button. “We are elated that Equity Elite has joined a growing list of proprietary products on our platform that support mortgage brokers’ needs.”