Loan products to enhance
your borrower's retirement
A partnership with Smartfi Home Loans provides you with access to our entire suite of reverse mortgage
solutions. Whether your borrowers are looking to refinance their current residence or purchase their next
home, each of our products provide a unique opportunity to help accomplish their goals.
The Home Equity Conversion Mortgage (HECM) is a safe and secure reverse mortgage program that is insured by the Federal Housing Administration's (FHA). It allows those 62 and older** to access the equity in their home through fixed monthly payments, a line of credit, lump sum, or a combination.
The Smartfi Choice is our proprietary reverse mortgage. Choice offers higher lending limits, younger qualifying ages and very clear, logical underwriting guidelines. In addition, there are minimum solar restrictions, limited condo review, and multiple rate options to maximize the loan benefit to the borrower.
Using a reverse mortgage to purchase a home is a valuable and smart option for retirees. Instead of using a traditional mortgage, retired borrowers can use the sale of a previously owned home — or other savings and assets — as a down payment. The reverse will allow your clients to use the equity created to make up the difference between the down payment and the purchase price, enabling them to move into their new home with no required monthly mortgage payment.*
With a reverse mortgage, a borrower receives loan proceeds in the form of a lump sum, monthly payments, a line of credit, or a combination of any of these. As with any other loan, terms and payouts are determined by the product, fees and interest rate.
When and how is the loan repaid?
Reverse mortgage loans typically must be repaid either when a borrower moves out of the home or when they pass away. However, the loan may need to be paid back sooner if the home is no longer a borrower’s principal residence, they fail to pay their property taxes or homeowners insurance, or do not keep the home in good repair.
How much is a borrower eligible for?
Loan proceeds are determined by the youngest borrower’s age, the product type and the corresponding interest rate.
How does a borrower qualify?
Basic requirements for reverse mortgage eligibility include the following:
All borrowers are at least age 55**
The subject property is a borrower's primary residence and has an acceptable appraisal
There is sufficient equity in the home
Borrower passes product specific residual income and credit requirements