Guild Mortgage Reverse Broker Services
At Guild Mortgage, we offer a diverse suite of mortgage products that can be adapted to borrowers. Through Guild’s Reverse Mortgage Broker program, we’re proud to empower brokers, lenders, banks, credit unions and their loan originators to confidently add reverse mortgage products to their offerings, no matter the originator’s familiarity with the reverse products.
Allow our seasoned group of reverse mortgage professionals to help your clients explore the financial flexibility they’ll get with one of our reverse mortgage products.
What is a reverse mortgage?
A reverse mortgage is a flexible mortgage option designed to help older Americans better afford retirement. The product makes available a portion of the home’s equity that can be used as tax free cash to accomplish an array of different goals.
Popular uses of a reverse mortgage:
Eliminate monthly mortgage payments*
Purchase a new home closer to family or better suited for changing needs
Consolidate other consumer debt to help improve monthly cash flow
Make home improvements
Plan for unexpected bills or other large household expenses
Help children or grandchildren with the cost of education or a down payment on a home
Support financial preparedness in case a two-income household becomes a single-income one
*Borrower must maintain home as principal residence, pay all taxes, insurance, and comply with all other loan terms.
Who qualifies?
At least 62 years old at closing**
Occupies the home as primary residence
Stay current on all property taxes, insurance and HOA dues (if applicable)
Be counseled by a HUD-approved financial counselor
Limited credit and income qualifications
**In some states, only one borrower must be at least 62 years old. The state of Texas requires that both borrowers are over the age of 62.
8 steps to help your clients achieve financial flexibility
1. Identify potential candidates
3. Review the proposal with your client
5. Return the signed application and required items
7. Complete the closing process
2. Request the proposal
4. Request an application
6. Follow up with your borrower
8. Fund the loan
1. Identify potential candidates
2. Request the proposal
3. Review the proposal with your client
4. Request an application
5. Return the signed application and required items
6. Follow up with your borrower
7. Complete the closing process
8. Fund the loan
Enroll With Us
How can we help? If you want to learn more about offering reverse mortgage products to your customers, fill out this form.
A member of our team will reach out to you shortly!
Meet the team
Lauren Barnes, NMLS #2015584
Jim Cory, NMLS #129575
Steven Barnes, NMLS #1202490
Courtney Velvin, NMLS #1639594
Andrew Almada, NMLS #1384143
Not yet approved to work with Guild Mortgage? Contact us to learn more about becoming an approved reverse mortgage broker.
Important information
At the end of the Flex Payment Mortgage loan term, some or all of the property’s equity won’t belong to the borrower, and they may need to sell or transfer the property to repay the proceeds of the Flex Payment Mortgage. Guild Mortgage will add the applicable Flex Payment Mortgage origination fee, mortgage insurance premium, closing costs, or servicing fees to the balance of the loan which will grow, along with the interest, over time. Interest isn’t tax deductible until all or part of the loan is repaid. Failing to pay property taxes, insurance, and maintenance might subject the property to a tax lien, foreclosure, or other rights that are defined in the Mortgage. Insurance is required to have a mortgage, and if there is a gap in coverage then Guild Mortgage may need to force place insurance.
These materials are not from HUD or FHA and were not approved by HUD or a government agency. Flex Payment Mortgages are Guild Mortgage’s suite of reverse mortgage products that are loans against a home’s equity. Borrower must maintain home as principal residence, pay all taxes, insurance, and comply with all other loan terms. Fixed-rate and adjustable-rate Home Equity Conversion Mortgages (HECMs) are insured by the FHA. Fixed-rate loans are distributed in a single lump sum with no future draws. Adjustable-rate mortgages offer five payment options and allow for future draws. The age of the youngest borrower determines the amount of funds available that can be received during the first 12-month period, subject to an initial disbursement limit.