Wholesale and Correspondent Lending

734.669.8000  |  866.669.8100

1st Nations Reverse Mortgage

800.720.7003  |  855.459.6663

HECM Benefits for Senior Clients

Blueprint for Success

HECM Benefits for Your Senior Clients

Want to help your senior clients achieve important financial goals in their golden years?

Consider offering reverse mortgages through our HECM (Home Equity Conversion Mortgage) Loan Program. Reverse mortgages can enable your senior clients, age 62 or older, to convert a portion of their home equity into cash. That can add up to financial peace of mind in the years when they most need it. Consider these features and advantages of our wholesale reverse mortgage offerings:

  • HECM loads require zero principal payments.*
  • There’s no minimum credit score requirement, and just a modest residual income factor.
  • Flexible terms include line of credit, monthly payments, or lump-sum options.
  • HECM credit lines grow over time. The senior homeowner has increasing borrowing power.**
  • HECM is a non-recourse loan. The borrower cannot owe more than the home’s value at sale.
  • The borrower always retains title and ownership of the home to pass to heirs.
  • The HECM loan can be used for a purchase or refinance transaction.

Download the fact sheet on our HECM (Home Equity Conversion Mortgage) Loan Program (PDF) »

*The borrower is responsible for taxes, insurance, homeowners’ association dues, and maintenance costs. Failure to do so may result in foreclosure.

**Credit line growth rate is equal to the rate of interest and the MIP factor of 0.5% combined per year.

TURN TIMES for March 22, 2019

UnderwritingBusiness Days
ConventionalPurchase1-2
ConventionalRefinance1-2
GovernmentPurchase1-2
GovernmentRefinance1-2
HVF Ordered AppraisalsPurchase7
Refinance7
Appraisal Inspection Date3-5
CAD Review1
Purchase Funding1-2
Broker Closing Documents2
UW Conditions Received Before 2 PM EST2
All turn times posted reflect document packages received before 2PM EST

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