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  New American Funding Reverse Mortgage

New American Funding Reverse Mortgage

in Reverse Mortgages from New American Funding · NMLS ID #6606

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New American Funding Reverse Mortgage

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Highlights
Loan Amount Up to $679,650
Margin Rate N/A
Origination Fee ($) $2,500 - $6,000

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 is 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.

A line of credit. This is a more flexible option that allows borrowers to only borrow (and pay interest) on the amount they withdraw from their line of credit. In the case of reverse mortgages, the amount of cash available in your line of credit increases as time goes by.

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

 

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Contact

  • Headquarters
  •   14511 Myford Road,
    Suite 100
    Tustin, CA 92780
  •   Visit Site

Other Services by New American Funding

Availability

  Available in 48 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee ($) $2,500 - $6,000
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use Primary Home
Minimum Age 62
Reverse Mortgage Options
  • HECM for Home Purchase
  • Standard
Reverse Mortgage Payment Options
  • Line of credit
  • Lump sum
  • Monthly disbursement
Loan Amount Up to $679,650

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