EquityPower, is Nationwide Equities’ private reverse mortgage product for homeowners age 62 years and older* who own high valued homes. EquityPower, caters to borrowers looking for higher loan limits, lower costs, and more flexibility.
- Higher Loan Limits. An EquityPower reverse mortgage can lend a significantly higher amount than the HECM allows. It has lower costs than the HECM reverse mortgage. A lump sum disbursement must be taken at closing.
- No Mortgage Insurance. There is no mortgage insurance premium required on an EquityPower reverse mortgage.*
- Same Features & Safeguards. The EquityPower reverse mortgage still allows you to rid your monthly mortgage payment while living in and owning the home! *However, just like a traditional loan, you must comply with all loan terms and continue to pay your property taxes, homeowners’ insurance, and maintenance costs. Failure to make these payments or comply with the loan terms will cause the loan to become due and payable and may result in foreclosure. The EquityPower Reverse Mortgage is also a non-recourse loan, which means when the loan is due and payable, if the loan exceeds the value of the property, you (or your heirs) will not be responsible to repay more than the value of the property.
HUD Reverse Mortgage Counseling on the EquityPower program is required and can be taken over the phone or in person.
Curious about what a EquityPower reverse mortgage would do for you?
If you own a highly valued property, it’s a powerful program. Call us at (214) 269-3593 to schedule your consultation. We work with customers in Dallas and throughout the state of TX.
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