Guild Mortgage Introduces Flex Payment Mortgages

San Diego – September 4, 2024 – Giving older homeowners additional options for where to live and how to best manage their finances, Guild Mortgage (NYSE: GHLD), a leading national independent mortgage lender, announced Flex Payment Mortgages, designed to meet the needs of aging homeowners and their desires to age in place.

Guild’s Flex Payment Mortgage is a suite of products combining federally-insured Home Equity Conversion Mortgages (HECMs) with options for larger loan amounts as well as the reverse mortgage for purchase. With a Flex Payment Mortgage, aging homeowners are empowered to draw funds from the equity they have built over the years without having to sell their home.

According to a survey by US News and World Report, 95% of people 55+ view aging in place as an important goal. A Guild Flex Payment Mortgage can make this possible, allowing a homeowner 62 years or older to pay off the remaining balance on their existing mortgage, supplement living expenses, pay for lifestyle improvements or renovations, or stay closer to their family and community.

Qualified homeowners can use Guild’s Flex Payment Mortgage to convert their available home equity into tax-free cash without affecting their Social Security or Medicare benefits. These mortgages are different than home equity loans or lines of credit because they are based on the value of a customer’s home rather than their ability to make monthly principal and interest payments, or their credit score. There is no minimum credit score required for a Guild Flex Payment Mortgage. As with most federally-insured HECMs, the loan’s balance, including interest, will never surpass a borrower’s home’s value, providing assurance they will never owe more than their home is worth. However, the customer does remain responsible for any property taxes, insurance, and home maintenance to avoid foreclosure.

“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.”

Guild’s Flex Payment Mortgage provides several options for customers to receive the proceeds from their loan and the ability to choose which option best suits their needs. Options include funds advanced for a home purchase; a lump sum payment, which can be beneficial for large expenses like paying off an existing mortgage or medical bills; line of credit, a flexible option that gives access to funds as needed; monthly payments, which can be set up as regular payments to supplement retirement income; or a custom combination of these.

Guild’s Flex Payment Mortgage also lets customers choose how and when to repay the loan. Customers can continue living in their home without making payments on the loan if they comply with the Flex Payment Mortgage terms. Alternatively, they may choose to make voluntary payments to minimize the accumulating interest or to reduce the overall loan balance, potentially leaving more equity in the home for their heirs.

For more information on Guild’s Flex Payment Mortgages visit www.flexpaymentmortgage.com or reach out to a Guild loan officer.