Borrowers now have a new comparison tool thanks to the folks at All Reverse Mortgage. The company announced their All Reverse Loan Optimizer (ARLO).
"The All Reverse Loan Optimizer, or ARLO, allows prospective Home Equity Conversion Mortgage applicants to preview an array of different loans with a variety of variables, including annual rates, origination fees, and credits," according to Reverse Mortgage Daily.
"The goal, according to the Orange, Calif.-based lender, is to help borrowers navigate the new mortgage insurance premiums and principal limit factors — and the sudden burst of rate competition that many have predicted will come along with it."
The customer is put in the driver seat with this tool that clearly shows how competitive the market is, all while helping the borrower find the lender that fits their needs.
"The ARLO program provides real-time amortization, interest rate, and closing-cost projections, letting borrowers balance costs against their intended loan goals," according the report.
To learn more about ARLO, click image above.