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Smartfi Wholesale

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The Smartfi Difference

We are dedicated to always putting you first. We focus on cultivating our relationship to ensure that you have everything you need to succeed. From our comprehensive and easy onboarding process – to our innovative products, pricing and training – to our competitive broker compensation, we are committed to your success and your borrowers’ dreams. At Smartfi Home Loans, LLC, we take the thoughtful approach to lending.

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The Smartfi Experience

Establishing our roots in 1911, Smartfi Home Loans, LLC began as Bankers Guarantee in Ohio, with a mission to serve locals from the beginning of their mortgage loan, to the very end. After decades of experience and developing our expertise, we set our sights on meeting the needs of our partners and their clients as Smartfi Home Loans, LLC.

Part of The Smartfi Difference is our attitude and culture. We value progress, innovation, transparency, integrity, and positivity. Every Smartfi specialist you work with exhibits these characteristics and is committed to our mission – to put every America senior in a position to succeed and make informed decisions about their retirement.

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Frequently Asked Questions

What is a reverse mortgage?

A reverse mortgage loan allows homeowners to borrow money using their home as security for the loan.  When you take out a reverse mortgage loan, the title to your home remains in your name. However, unlike a traditional mortgage, with a reverse mortgage loan, borrowers don’t make monthly mortgage payments. The loan is repaid when the borrower no longer lives in the home. Interest and fees are added to the loan balance each month and the balance grows. With a reverse mortgage loan, homeowners are required to pay property taxes and homeowners insurance, use the property as their principal residence, and keep their house in good condition.

How does a reverse mortgage work?

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/who can get a reverse mortgage?

Basic requirements for reverse mortgage eligibility include the following:

  • All borrowers are at least age 60**
  • 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
  • Borrower completes reverse mortgage counseling
Does the borrower own their home when they have a reverse mortgage?

Yes. With a reverse mortgage, the title to the home remains with the borrower.

What are the benefits of offering a reverse mortgage?

Offering a reverse mortgage allows you to broaden your potential client base and referral providers, diversify your portfolio and help seniors meet their retirement goals.

Why should I partner with Smartfi Home Loans, LLC?

A partnership with Smartfi Home Loans, LLC grants you access to our innovative products, experience and expertise. Our industry leading turn times and pricing will help ensure you grow your borrower opportunities.

Will Smartfi Home Loans, LLC help me get set up to offer reverse mortgages?

Yes, we have an experienced team of experts to provide you with all the training and education you need to start offering reverse mortgages.

How do I become a Smartfi Home Loans, LLC partner?

Click here to submit your partner application.

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San Diego HQ
3636 Nobel Dr.
Suite 330
San Diego, California 92122

Medina Office
1113 Medina Road
Suite 400
Medina, Ohio 44256

Contact (877) 816-6706 wholesalesupport@smartfihomeloans.com
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This site and the information on it is intended for industry professionals only. It is not intended for consumers.

2022 Smartfi Home Loans LLC (In Ohio only, does business under the trade name Bankers Guarantee Mortgage Company), Company NMLS 1862952.

These materials are not from, and have not been approved by, HUD, FHA, or any government agency. Subject to Credit Approval. For licensing information, go to: NMLS Consumer Access.

*Borrower must pay property taxes, insurance, any HOA fees and maintain the property.

** Age requirements differ by product and state.

Copyright © 2023 Smartfi Home Loans, LLC Wholesale. All Rights Reserved. Developed by TinyFrog Technologies.

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Notices

PARTNER NOTICE 2022-01

Job Aids

BORROWER ASSET TYPES

EXTENUATING CIRCUMSTANCES

INCOME JOB AID

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REAL REVERSE POSSIBILITIES

SMARTFI CHOICE vs. FHA HECM

USING A HECM TO PURCHASE

WHY REVERSE?

Training Center

QUANTUM REVERSE

How to Create Loans and Edit Details

How to Pull a Quote

How to Add a Service Provider & Pull Credit

How to Prepare an Application & Send it to a Borrower

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