Your mortgage, your way.
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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 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 FlexPayment 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 encumbrance since the borrower retains the title.
*Flex Payment Mortgage is Guild's version of a reverse mortgage. 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.
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