Smartfi® Choice
A Viable Choice for Clients Preparing for Retirement
Reverse mortgages and alternative loans help provide unique benefits for retirees.
Now, your clients can enjoy a robust suite of products from Smartfi Home Loans to achieve their retirement goals.
The Smartfi Choice Program
The Smartfi Choice is a non-recourse, non-FHA product offering very clear, logical underwriting guidelines which makes it a streamlined loan to process. Plus, there is no residual income test required for higher credit scores. In addition, there are minimum solar restrictions, limited condo review, and multiple rate options to maximize the loan benefit to the borrower.
With a competitive broker compensation, these programs can offer a variety of key borrower benefits.
Key Borrower Benefits
- No monthly mortgage payment required*
- No 2% UFMIP or monthly MIP
- All proceeds available at closing
- Proprietary/jumbo doesn’t have to mean larger loan amounts, but it does allow for them
- Can pay off debt to qualify
- Can use loan proceeds (as income) to qualify
Borrower Requirements
- 55 years of age or older – no non-borrowing spouses allowed**
- Minimum credit score of 600 — capacity/residual income requirement is based on credit score
Why The Smartfi Choice Program is a Great Choice
Many retirees are finding it hard to envision how to fund their retirement on a fixed income. But, with Smartfi, retirees 55 years-of-age can now realize:
- Financial security
- Adequate cash flow
- A healthy portfolio
- A means to meet long-term care needs
- Ability to purchase a second home
- The freedom to enjoy retirement