About Fairway Independent Reverse Mortgage

Fairway Financial Synopsis 

Review Summary:  

Fairway Independent is a nationwide lender that offers all the major reverse mortgage products such as HECM reverse mortgage loans, jumbo loans, HECM for purchase, and reverse mortgage refinancing. It also offers conventional loan products. Fairway has very high customer service ratings.  

Recommended for: 

Since Fairway is offered in all 50 states, it is a reverse mortgage lender that is available to potential reverse mortgage borrowers across the country. If customer service is a top priority, the Fairway is a lender worth looking into. Other nationwide lenders include Finance of America, Liberty Mortgage, and Mutual of Omaha Mortgage.  

What is a Reverse Mortgage? 

A Reverse Mortgage is also known as a Home Equity Conversion Mortgage (HECM). It is a financial tool available to seniors who are at least 62 years of age. It allows them to cash-in on the equity in their homes without having to sell their home. A reverse mortgage pays off the current traditional mortgage, if there is one. This is how a reverse mortgage eliminates monthly mortgage payments. Reverse mortgage customers then have the option of receiving the loan proceeds as monthly payments, a lump sum, and/or a line of credit. Reverse Mortgage can also be used to purchase a new home. This is known as a HECM for Purchase. Those who obtain a reverse mortgage are still required to stay current on property taxes, homeowner’s insurance, and any necessary maintenance costs. Read more about Reverse Mortgages here. 

Pros and Cons of Fairway Reverse Mortgage

Fairway Independent Mortgage Ratings

Fairway Independent Full Review 

Fairway Overview 

Fairway Independent Mortgage Corporation is a national mortgage lender that brings 27 years of experience to the reverse mortgage industry. It has headquarters in Madison, Wisconsin and Carrollton, Texas, but it originates loans in all 50 states.  

It has some of the highest customer review ratings on third-party review websites with an average rating of 4.95. 

Fairway Reverse Mortgage Loan Options  

Fairway offers the following reverse mortgage products:  

• HECM Reverse Mortgage Loans. These are the federally backed reverse mortgage loans that allow homeowners to borrow up to $1,089,300, which is the current lending limit set by the Federal Housing Administration. HECM loans are only available to homeowners who are 62 years old or older.  
• Jumbo Reverse Mortgages. If you live in a property that has more equity than the FHA lending limit, you may qualify for a jumbo reverse mortgage. Jumbo reverse mortgages are proprietary reverse mortgages that a reverse mortgage lender can offer that are not federally insured loans. But in most cases, lenders will allow homeowners to borrow up to $4 million. 
• HECM for Purchase. A HECM for purchase is a reverse mortgage that provides a way for senior homeowners to use a reverse mortgage to purchase a new home. This may be a good option for those who want to move or relocate to a home that better fits their needs in retirement.  

Besides the reverse mortgage products, Fairway Independent also offers traditional conventional mortgage products adjustable-rate mortgages, FHA mortgages, fixed rate mortgages, and mortgage refinance loans.  

Fairview Application Process 

If you decide to apply for a reverse mortgage with Fairway, this is the general reverse mortgage process that you can expect: 

• Pre-qualify. Talk to a reverse mortgage loan office to find out if you are a good candidate for a reverse mortgage.  
• Counseling. All HECM reverse mortgage customers are required to meet with a third-party counselor that is approved by the U.S. Department of Housing and Urban Development (HUD).  

• Apply. After you complete your counseling session, you can complete the application.  
• Processing and Underwriting. Once the application is submitted and all documents have been collected, your application will be sent to underwriting for processing and approval. 
• Closing. Once your application is processed, a closing date will be set.  
• Receive Funds. Once the closing documents are signed, there is a three-day waiting period before you can start receiving your funds.  

Customers are allowed to cancel their reverse mortgage at any time during the application process including within the three-day waiting period after the closing documents are signed.  

Fairway Company Information  

Years in Business (5 of 5 Stars) 

Fairway Independent Mortgage opened its doors in 1996. It has been in business for 27 years. We give reverse mortgage lenders that have been in business for at least 20 years top scores because we think it’s important for customers to feel confident that their lender will continue to be around when they need them. It also shows that they are able to withstand the ups and downs of the market.  

BBB Ratings (5 of 5 Stars) 

Fairway has an A+ Rating from the Better Business Bureau (BBB), which is the highest rating a company can receive from the business evaluation company.  

We include Better Business Bureau (BBB) accreditation ratings when we evaluate companies because it holds significant value due to its stringent application process and ongoing monitoring. The BBB is renowned for establishing a credibility benchmark unmatched by any other business rating service, making it a highly trusted resource for buyers seeking reassurance about the companies they engage with.  

Companies can receive a high rating from the BBB, but the customer ratings on the platform can still be low. But in the case of Fairway, it has a 4.96 out of 5 Stars with more than 2,000 customer reviews. 

Customer Service Availability (3 of 5 Stars) 

Fairway customer service is available Monday through Friday from 8:30 AM to 5 PM CST. The top reverse mortgage companies have 24/7 availability to serve their customers, or they have hours on the weekend when they can be reached by phone.  

State Licensing (5 of 5 Stars) 

Fairway Independent Mortgage is licensed to originate HECM reverse mortgage loans in all 50 states and the District of Columbia. Learn more about its state licensing information by going here.  

Mobile App (1 of 5 Stars) 

Fairway has a mobile app to serve its forward mortgage customers called the FairwayNow App, but it does not have an app to serve its reverse mortgage customers. 

If you’ve received a reverse mortgage from Fairway, we would love to hear about it! Please leave a review below.

This information is intended to be general and educational in nature and should not be construed as financial advice. Consult your financial advisor before implementing financial strategies for your retirement. 

Last Updated: 9/1/23