Fairway Independent Mortgage Corporation Reverse Mortgage Review

Best for User-Friendly Service and Accessibility 

Fairway Independent Mortgage Corporation is a user-friendly business offering traditional HECM reverse mortgages along with other financial solutions. Fairway Independent makes it easy for borrowers to handle their finances through the FairwayNow app, which functions like a personal banking application. Customers can easily track their funds and contact a loan officer hassle-free. The app also makes it convenient to review the status of their loan applications and to print documentation as necessary. 

Fairway Independent offers lending services in almost every state, enabling borrowers to make in-person appointments if they wish to speak to a loan officer face-to-face. It doesn’t serve customers in West Virginia or Alaska currently. 

Overview of Fairway Independent

Fairway Independent Mortgage Corporation takes customer service seriously and is committed to finding the best loan options and rates for borrowers promptly. The company aims to be a trusted advisor to its customers and to provide a high level of personalized service throughout the process of purchasing a home. 

Fairway Independent has been in business for 25 years. It has helped many customers achieve their homeownership goals by providing flexible financial solutions. 

What Fees Does Fairway Independent Charge? 

Most mortgage lending companies charge some type of fee for a reverse mortgage. For specific costs, contact Fairway Independent directly. Based on information from the Consumer Financial Protection Bureau, borrowers can expect to pay origination fees on a reverse mortgage as part of the upfront costs. These cannot exceed $6,000. The lender typically also charges initial and annual insurance premiums that are paid to the FHA (Federal Housing Administration), as well as closing costs.

While these are the typical fees for reverse mortgages in the United States, Fairway Independent’s reverse mortgage fees can vary depending on the final sale price of your home and the fixed interest rate you secure at the time of purchase.

Full Review of Fairway Independent’s Features

Fixed-Rate Home Equity Conversion Mortgages (HECMs)

The fixed-rate HECM option from Fairway Independent offers borrowers the chance to secure a loan with a lower interest rate and to access immediate cash. 

Maximum Payout

The maximum payout from this reverse mortgage plan is $726,525, which is fairly standard across the United States for reverse mortgages. Payouts only are distributed in lump sum amounts. 

Federally Insured Mortgage Insurance

As with all reverse mortgages from Fairway Independent, the Fixed-Rate HECM is federally insured. Mortgages insured by the FHA protect the lender against losses if the borrower defaults on the mortgage, making it easier for seniors, veterans or low-income adults with poor credit to qualify for a mortgage. 

Adjustable-Rate Home Equity Conversion Mortgages (HECMs)

An adjustable-rate HECM is ideal as part of a long-term retirement plan because it provides more flexibility. Payments can increase or decrease based on fluctuations in the market, which can be beneficial to borrowers if rates drop in the future. 

Maximum Payout 

As with the Fixed-Rate HECM from Fairway Independent, the maximum payout amount available is $726,525; however, the Adjustable-Rate HECM offers more payout options than the Fixed-Rate plan. Borrowers can receive payouts as a lump sum, monthly disbursements, line of credit payouts or combination payouts.   

Federally Insured Mortgage Insurance

The Adjustable-Rate HECM from Fairway Independent Mortgage Corporation is also federally insured, making it easier to qualify. 

Home Equity Conversion Mortgage for Purchase (H4P)

An H4P reverse mortgage enables borrowers to purchase a new home without making any mortgage payouts while they live there. 

Maximum Payout

The maximum payout available for an H4P from Fairway Independent Mortgage Corporation varies depending on the purchase price of your home. Interested borrowers should contact the company directly for a quote specific to their situation. 

Federally Insured Mortgage Insurance

Fairway Independent’s Home Equity Conversion Mortgage for Purchase is federally insured. 

Reverse Mortgage Eligibility

To qualify for a reverse mortgage from Fairway Independent, applicants must be at least 62 years of age or older. They must be a homeowner, and the property being mortgaged must be their primary residence (meaning they live there 6+ months each year). To be considered a homeowner, the borrower must own the property outright or have a significant amount of equity. The home must be a single-family home, a building with two to four units or a condo approved by the FHA. 

The borrower cannot be delinquent on federal debts, and they must meet minimum credit score requirements. They should also undergo reverse mortgage counseling from an agency approved by the HUD. 

User-Friendly Applications

A key feature of Fairway Independant’s reverse mortgage services is the FairwayNow app for mobile. The app helps loan officers improve communication with customers and provide quick responses. Borrowers can download the app and use it to get approval within minutes, search for a home or calculate payment amounts. 

The app also allows borrowers to upload documents securely, track the status of a loan or application and manage funds on the go. FairwayNow is accessible via the app or by using a PC. 

Who Should Consider Fairway Independent’s Reverse Mortgages? 

Adults Between Ages 62-65

Adults who are not yet 65 can benefit from Fairway Independent’s reverse mortgages because they help bridge the Medicare gap that exists for people between ages 62-65. Many seniors in the United States wait to retire until 65 because they can’t afford health care until their Medicare coverage becomes available. 

Low-Income Seniors

Seniors who are at least 62 can qualify for Fairway Independent’s reverse mortgages, which can help them if they are struggling to pay their monthly living expenses. Reverse mortgages eliminate monthly mortgage payments, so seniors only have to worry about paying their taxes and insurance fees. The reverse mortgage also ensures borrowers never owe more than the property is worth. After they pass away, heirs can pay 95% of the appraised value if they want to keep the property. 

What Are People Saying About Fairway Independents’ Reverse Mortgages?

Customers online post positive feedback about their experience with Fairway Independent Mortgage Corporation. One borrower describes the customer service experience as professional and comfortable, saying the team was kind and treated them like family throughout the process of buying their home. 

Another borrower gave a five-star rating, saying she had a fantastic experience communicating with Fairway Independent’s loan officer. She says the loan officer made the home buying experience enjoyable rather than stressful and would work with her again.

Some negative reviews online mention customer service response times. A 2021 two-star review states that the customer had difficulty communicating with the loan officer, saying they were unresponsive at times and slow to return calls. 

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