Compared to Other Loans

Compare Reverse Mortgages to Refinance and Home Equity Loans

Loan AttributesRefinance MortgageHome Equity Loan or LineReverse Mortgage
Home Title & Home Ownership
Yes

Yes

Yes

A common misconception. The bank does not own your home.

You retain title.
Income Qualification
Yes

Yes

No

Loan is based on market value of home. No income is needed.
Credit Verification
Yes

Yes

No

Age and property are the only lending criteria. Credit, income, and negotiating skills are not factors.
Monthly Loan RepaymentsYesYesNo
Reverse mortgages are not due for repayment until the property is no longer occupied and you can never owe more than the value of your home.
Pre-Payment Penalty
Yes


Yes


No


You, or your estate repay the reverse loan in one payment, when the property is no longer occupied. Reverses offer you a far longer period than forward mortgages to settle your estate, usually 6 months.
Home Loss
Possibly

Possibly

No

With other loans foreclosure is a risk, but not with a Reverse Mortgage. Your home cannot be taken from you, if you pay your property taxes and you live in it at least 6 months a year. No matter what. It's the law.
Property AppraisalYesNot typicallyYes
Appraisal is key since you're borrowing against your property's market value.
Time to Cash20 to 45 days14 to 20 days40 to 60 days 
 

 

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Guardian First Funding Group, LLC, One Penn Plaza, Suite 1414, New York, NY 10119. Trade/servicemarks are the property of Guardian First Funding Group and/or its subsidiaries. Licensed by the Department of Corporations under the California Finance Lenders Law; Licensed by the California Department of Real Estate (Guardian First Funding Group, Inc.); Connecticut – Mortgage Correspondent Lender/Broker # 14560; Delaware, Office of the State Bank Commission, MB License NO.010889; State of Florida Office of Financial Regulation; Georgia Reg.#19764; Maryland, Mortgage Lender 11811; Massachusetts Mortgage Broker License NO. MB 3748 – acting in the capacity of a Mortgage Broker in MA; Michigan – Mortgage Broker #FL 0010711, 2nd Mortgage Registration SR 0010743; Registered Mortgage Broker, NYS Banking Department; New Jersey – State of NJ Department of Banking and Insurance Reference No. 0804609-C20; Ohio – Division of Financial Institutions exemption, MBMB. 850092.000; Licensed with the Pennsylvania Banking Department; and Licensed by Virginia State Corporation Commission License #MC-3327; Texas Mortgage Banker, registration # 84221. Some products may not be available in all states. All loans arranged through third parties. This is not a commitment to lend. Restrictions apply. All rights reserved. We arrange but do not make loans. Equal Housing Lender.

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Guardian First Funding Group, LLC
One Penn Plaza, Suite 1414 New York, NY 10119
100 Penn Square East, Suite 1200 Philadelphia, PA 19107

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