Choice Flex
Flexible access to home equity via a flexible reverse mortgage line of credit
Choice Flex is a proprietary reverse mortgage designed for homeowners age 55+ who want the flexibility of a growing line of credit along with expanded underwriting guidelines. It is an excellent solution for homeowners with unique financial situations, those purchasing or refinancing eligible condominiums, or borrowers who may not fit traditional reverse mortgage guidelines.
Whether you’re looking to improve monthly cash flow, eliminate required principal and interest mortgage payments, refinance an existing mortgage, or purchase a new home, Choice Flex provides a flexible financing solution that can adapt to your retirement needs today—and continue supporting you in the years ahead.
Unlike an FHA-insured Home Equity Conversion Mortgage (HECM), Choice Flex offers expanded lending opportunities, broader property eligibility, more flexible underwriting, and no FHA mortgage insurance premiums.
Why Choose Choice Flex?
Key Features
- Choice’s proprietary reverse mortgage line of credit
- No line-of-credit expiration while the loan remains in good standing
- Variable interest rate
- Unused line of credit grows by 1.5% annually during the first seven years
- Initial lump-sum distribution available at closing
- Initial draw ranging from 25% to 90% of the available principal limit
- Loan amounts up to $4 million
- Available to eligible homeowners beginning at age 55 in most participating states
- Expanded underwriting flexibility for borrowers with unique financial situations
- Particularly well suited for many condominium refinance and purchase transactions
- Optional monthly principal and interest mortgage payments*
- No FHA mortgage insurance premiums (MIP)
- Non-recourse protection—the borrower or heirs can never owe more than the home’s value when the loan becomes due and payable
- No prepayment penalty
- No minimum property value (great option for lower value homes and condos)
- May also be used to purchase a home, with eligible seller concessions of up to 6%
*Borrowers must continue paying property taxes, homeowners insurance, HOA dues (if applicable), and maintain the home.
Common Uses:
- Eliminating required monthly principal and interest mortgage payments*
- Supplementing retirement income
- Paying off existing debt
- Home improvements and aging-in-place renovations
- Healthcare or long-term care expenses
- Purchasing a retirement home
- Creating an emergency reserve
- Covering unexpected life events
- Supporting a broader retirement income strategy
Important Considerations
- Available only in approved states
- Qualification guidelines apply
- Proprietary reverse mortgage—not FHA-insured
- Variable interest rate
- Interest rates may be higher than comparable FHA-insured HECM products
- The line-of-credit growth feature differs from—and may be less robust than—that of an FHA-insured HECM line of credit
- Requires a minimum initial draw of 25% of the available principal limit at closing
- Borrowers remain responsible for paying property taxes, homeowners insurance, HOA dues (if applicable), and maintaining the home
- Because interest and financed fees accrue over time, home equity will generally decrease over the life of the loan
Product Eligibility Highlights
- Loan Amount: Up to $4 million
- Minimum Property Value: None
- Minimum FICO Score: 600
- Minimum Borrower Age
- Age 55 in most participating states
- Age 62 in Texas
- Available in approved states including: Arizona, California, Colorado, Florida, Michigan, Pennsylvania, Texas, and Utah.
- Availability, eligibility requirements, and product guidelines are subject to change.
A Good Fit For Those Who:
- Own a condominium or higher-value home
- Need more flexible underwriting than traditional reverse mortgage programs offer
- Want ongoing access to home equity rather than a one-time lump-sum distribution
- Prefer having a line of credit available for future needs
- Anticipate healthcare expenses or other unexpected retirement costs
- Prefer not to pay FHA mortgage insurance premiums
- Want to incorporate home equity into a comprehensive retirement strategy
- Value optional monthly mortgage payments rather than required principal and interest payments
Is Choice Flex Right for You?
If you want flexible access to your home equity with broader qualification guidelines and a line of credit that remains available as long as your loan obligations are met, Choice Flex may be an excellent solution.
Its unique combination of expanded underwriting, condominium flexibility, no minimum property value requirement, and ongoing access to home equity makes it a valuable option for many homeowners who may not fit traditional reverse mortgage programs.
The right reverse mortgage depends on your age, home value, existing mortgage balance, retirement goals, anticipated cash-flow needs, and long-term financial plans.
A Fairway Reverse Mortgage Specialist can help you compare FHA-insured and proprietary reverse mortgage options, explain the differences, and determine whether Choice Flex is the best fit for your retirement strategy.
Discover how flexible access to your home equity can help strengthen your retirement—today and for years to come.
Contact a Fairway Reverse Mortgage Specialist today to learn more.
Fairway Signature® reverse mortgage products are proprietary reverse mortgages developed by Longbridge Financial, LLC. These proprietary reverse mortgage products are offered by Fairway and are separate from and are not affiliated with the FHA-insured Home Equity Conversion Mortgage (HECM) program. Qualification requirements apply.
Let’s start a conversation.
If you are interested in a Choice Flex loan or want more information, contact us today.
Our experienced team will help you understand Choice Flex loans so you can make an informed decision about whether it’s the right financial solution for you.
*Borrower must live in the home, maintain it, and pay critical property charges like taxes and insurance.
**This does not constitute tax or financial advice from Fairway. Please consult a tax professional or financial advisor regarding your specific situation.