Guild Introduces New Reverse Mortgage Offerings

Guild Mortgage introduced new reverse finance offerings geared towards seniors who hope to age in place.

The company announced Flex Payment Mortgages, a suite of products combining federally-insured HECMs with options for larger loan amounts, plus the reverse mortgage for purchase.

Seniors can tap their equity without selling their homes by using the program. Homeowners over 62 years of age can pay off their existing mortgage, add to their living expenses, and pay for lifestyle improvements or renovations.

“Guild recognizes the growing demand in today’s housing market from older American homeowners seeking the ability to age in place,” said Jim Cory, managing director, Reverse Mortgages for Guild. 

“Our reverse mortgage business has grown greatly in the past year and a half as Guild answers this demand with options like Flex Payment Mortgages, including reverse for purchase, and retaining reverse mortgage servicing. As part of our relationship-based customer-for-life approach, we are committed to helping educate our partners and aging homeowners across the nation on the best ways clients can use their home equity in retirement.”

Flex Payment turns home equity into tax-free cash that doesn’t affect social security or Medicare benefits. Customers can make voluntary payments to minimize interest, but no payments are required, according to company leaders.

No minimum credit score is required, and the loan’s balance and interest can never surpass the home’s value. Homeowners do remain responsible for property taxes, insurance, and home maintenance, however.

San Diego-based Guild Mortgage boasts more than 4,000 employees across more than 250 branches. The company has doubled down on an expansion mindset despite the market downturn, focusing on acquiring existing lenders and opening new branches.

It recently expanded its Gateway to Homeownership Assistance program, an initiative designed to help underserved borrowers achieve their homebuying dreams.