For qualified seniors 62 and older, a reverse mortgage, the most common of which is the HECM (Home Equity Conversion Mortgage), is a way to turn a portion of the equity in your home into cash without having to make monthly mortgage payments. As long as all loan terms are met, the loan becomes repayable when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes and insurance and maintain the home. According to the US Department of Housing and Urban Development, more than a million households across the nation are using a HECM reverse mortgage insured through the Federal Housing Administration (FHA) that enables seniors to help manage their ever-increasing living expenses.
Our customers experience some of the fastest turn times in the industry. The Fairway reverse mortgage loan process is designed to exceed expectations, provide satisfaction and earn your trust
Each Fairway Loan Officer is required to attend a 2-day minimal live training class before they can originate a reverse mortgage loan. Our Reverse mortgage planners have access to multiple support staff and ongoing weekly educational training calls.
Fairway has offices located nationwide with trained reverse mortgage planners giving us the ability to meet with you in a face to face setting
You remain the owner of your property. There is no change to the deed or title of your home when completing a reverse mortgage.
The down payment you will need to bring to closing will be determined based on your age, interest rates at the time and the sales price (or appraised value, whichever is less) of the home you are buying.
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