Retirement Funding Solutions offers reverse mortgages in 41 states. It also has tools and advisory services for financial counselors and real estate agents so they can help clients decide if a reverse mortgage is a good choice.
This lender can provide reverse mortgages for people wanting to purchase a new home, known as a home equity conversion mortgage (HECM). This can be useful for people who are downsizing, moving closer to family or moving to an adult-living facility. Of course, as with all reverse mortgages, the loan comes due upon your death, the sale of the home or when the last remaining homeowner permanently vacates the home. (In the case of a HECM, that refers to your new house.) It could be a useful loan if one homeowner needs to live in an assisted living facility while the other remains in the home.
There are no details on the website about rates, fees or terms. It states that the maximum lending limit by law is $625,500, but what you actually qualify for depends on the age of the youngest homeowner, interest rates and the appraised value of your home.
You will find many useful calculators on the website. In addition to the reverse mortgage calculator that is typical of many reverse mortgage lending sites, there is a more extensive calculator to look at your financial portfolio and see how a reverse mortgage could affect it. It also offers calculators for Social Security benefits. These tools can help you make an educated choice about a reverse mortgage loan as part of retirement planning. It also offers some advisory services for retirement planners and real estate agents.
If you are considering a reverse mortgage for retirement planning or for buying a new home, Retirement Funding Solutions might be able to assist you. It is licensed in 41 of the 50 states plus the District of Columbia and provides reverse mortgages for new home purchases as well as other needs. The website offers useful tool for calculating the benefits of a reverse mortgage but not the actual rates, terms and fees for obtaining one. If you'd like more information, you can contact them via phone, email or online contact form.