Choice Fixed Max
Maximum lump-sum proceeds for condominiums and most homes, including lower-value properties
Choice Fixed Max is a proprietary reverse mortgage designed for homeowners age 55+ who want the stability of a fixed interest rate while accessing the largest available lump-sum distribution offered within the Choice product family.
Whether you’re looking to improve monthly cash flow, eliminate required principal and interest mortgage payments, refinance an existing reverse mortgage, or purchase a new home, Choice Fixed Max provides exceptional borrowing power for homeowners with a wide variety of property types and values, along with more flexible qualification guidelines.
Unlike an FHA-insured Home Equity Conversion Mortgage (HECM), Choice Fixed Max offers expanded lending opportunities, higher loan limits, broader property eligibility, special underwriting flexibility, and no FHA mortgage insurance premiums.
Why Choose Choice Fixed Max?
Key Features
- Simplified condominium approval process with exception flexibility
- Fixed interest rate
- Borrowers with a FICO score of 780 or higher may qualify with no income documentation required (refinances only)
- Single lump-sum distribution at closing
- Loan amounts up to $4 million
- Available to eligible homeowners beginning at age 55 in many states (minimum age varies by state)
- 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
- Expanded condominium eligibility, including many non-FHA-approved condominiums
- No minimum property value
- May also be used to purchase a home
*Borrowers must continue paying property taxes, homeowners insurance, HOA dues (if applicable), and maintain the home.
Common Uses:
- Own a higher-value home
- Want to maximize available loan proceeds
- Need the largest possible lump-sum distribution
- Prefer the predictability of a fixed interest rate
- Prefer not to pay FHA mortgage insurance premiums
- Own a non-FHA-approved condominium
- May not meet traditional HECM qualification guidelines
- Want to incorporate home equity into a comprehensive retirement strategy
- Value optional monthly mortgage payments rather than required principal and interest payments
Important Considerations
- Available only in approved states
- Qualification guidelines apply
- Proprietary reverse mortgage—not FHA-insured
- Because Choice Fixed Max is designed to maximize loan proceeds, its fixed interest rate is generally higher than other Choice products
- Borrowers remain responsible for paying property taxes, homeowners insurance, HOA dues (if applicable), and maintaining the home
- Because interest and any 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 60 in Alabama, Louisiana, New Jersey, Oklahoma, and Washington
- Age 62 in North Carolina and Texas
- Available in approved states including: Alabama, Arizona, California, Colorado, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Louisiana, Michigan, Montana, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Texas, Utah, and Washington.
- Availability, eligibility requirements, and product guidelines are subject to change.
A Good Fit for Those Who:
- Own a higher-value home
- Want to maximize available loan proceeds
- Need the largest possible lump-sum distribution
- Prefer the predictability of a fixed interest rate
- Prefer not to pay FHA mortgage insurance premiums
- Own a non-FHA-approved condominium
- May not meet traditional HECM qualification guidelines
- Want to incorporate home equity into a comprehensive retirement strategy
- Value optional monthly mortgage payments rather than required principal and interest payments
Is Choice Fixed Max Right for You?
Choosing the right reverse mortgage depends on many factors, including your age, home value, existing mortgage balance, retirement goals, income 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 Fixed Max is the right fit for your unique situation.
Discover how your home equity can help support your retirement—while you continue living in the home you love.
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 Fixed Max loan or want more information, contact us today.
Our experienced team will help you understand Choice Fixed Max 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.