New American Funding Reverse Mortgage

New American Funding Reverse Mortgage Review

New American Funding Reverse Mortgage is offered by New American Funding (NMLS #6606), a direct lender founded in 2003 and based in Tustin, CA. New American Funding Reverse Mortgage are available in 48 states (and Washington, DC).

New American Funding Reverse Mortgage FAQ

What types of reverse mortgages does New American Funding Reverse Mortgage offer?

New American Funding Reverse Mortgage allows borrowers to apply for the following types of reverse mortgage.

Lump sum. The borrower can access the entire amount immediately. However, you will need to pay interest on the entire amount regardless of whether you spend it.

Monthly disbursement. With this option, you get a monthly allowance. This is a good option if you need an additional source of income to cover your living expenses. It can be used in combination with a line of credit for additional flexibility.

How much can you borrow with a reverse mortgage?

Reverse mortgages are a type of mortgage that makes it possible for older homeowners to borrow money by using the value of their home as security.

The maximum loan amount with this lender is $679,650. Note that the maximum loan amount you can borrow will vary depending on the value of the property, your age, how much you owe on it, and your creditworthiness.

What fees does New American Funding Reverse Mortgage charge for a reverse mortgage?

New American Funding Reverse Mortgage may charge a loan origination fee of $2500 to $6000

What types of property can you use as security for a reverse mortgage with New American Funding Reverse Mortgage?

Lenders often have restrictions on the type of properties they will accept as security for a reverse mortgage. New American Funding Reverse Mortgage will consider lines of credit secured by the following property types:

• Primary home