Your mortgage, your way.
What is a Flex Payment Mortgage?
Popular uses for a Flex Payment Mortgage:
- Eliminate monthly 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
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Flex Payment Home Equity Conversion Mortgage (HECM)*
Flex Payment Refinance
Flex Payment for Purchase
HomeSafe Seconds
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, insurance, and Homeowner's Association (HOA) fees, if applicable
7 steps to financial flexibility
- 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. For first mortgages, Guild 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. For second mortgages, Guild will add the applicable Flex Payment Mortgage origination fee and closing costs 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. Flex Payment Mortgages are Guild Mortgage's suite of reverse mortgage products that are loans against a home's equity. All loans subject to underwriter approval; terms and conditions may apply. Subject to change without notice. Always consult an accountant or tax advisor for full eligibility on tax deduction.
First mortgages
Borrower must maintain home as principal residence, pay all taxes, insurance, and comply with all other loan terms. Home Equity Conversion Mortgages (HECMs) are federally insured by the FHA. 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. 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.
Second mortgages
Borrower must continue to pay their first mortgage and maintain home as principal residence, pay all taxes, insurance, and comply with all other loan terms. HomeSafe Second is available for borrowers currently making monthly mortgage payments on a traditional mortgage. State restrictions and eligibility requirements apply. Guild Mortgage is not affiliated with HomeSafe or Finance of America.
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