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What is a Flex Payment Mortgage?
Popular uses for a Flex Payment Mortgage:
- Eliminate mortgage payments**
- Supplement income
- Make home improvements
- Pay for large expenses
- Move closer to family
- Purchase a new home better suited for you
Use our calculator to see what a Flex Payment Mortgage can do for you
Calculate
Flex Payment Home Equity Conversion Mortgage (HECM)*
Flex Payment Refinance
Flex Payment for Purchase
Flex Payment Jumbo Mortgage
Is a Flex Payment Mortgage right for you?
For homeowners aged 62 or older- Own and occupy your home as your primary residence
- Stay current on property taxes
7 steps to flexible financial freedom
- Complete an applicationProvide all qualifying information to us. We'll provide you a list of what we'll need.
- Attend a counseling sessionWe'll connect you with a HUD counselor.
- Complete a financial assessmentWe'll look at your equity and finances to see if a Flex Payment Mortgage is right for you.
- Get a home appraisalAn appraiser will let you know if any repairs need to be made within 6 months of closing.
- Choose how you would like to receive your fundsYour loan officer will work with you to decide how you would like to structure your loan to accomplish your goals.
- Prepare for closingSet a date to review and sign your closing documents.
- Enjoy your fundsYour existing mortgage is paid off with the Flex Payment Mortgage and the remaining funds are yours to spend however you'd like.
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 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 may need to force place insurance.
These materials are not from HUD or FHA and were not approved by HUD or a government agency. A Flex Payment Mortgage is a mortgage loan against a home's equity. Flex Payment Mortgage's are Guild's suite of a reverse mortgage products. HECMs are federally insured by the FHA. Borrower must maintain home as principal residence, pay all taxes, insurance, maintain the home, and comply with all other loan terms. Fixed-rate and adjustable-rate Home Equity Conversion Mortgages (HECMs) are insured by the Federal Housing Administration (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. 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. Not available in the state of Massachusetts.
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