We all rejoice when a good plan/product comes together and that is exactly what Finance of America Reverse is doing following the success of its Jumbo Product.
"Finance of America Reverse successfully sold its first proprietary loan on the secondary market earlier this year, and the solid performance so far enabled the company to make key improvements to its offering," according to Reverse Mortgage Daily.
"Starting Monday, the maximum principal limit increased from $2.25 million to $4 million, with the interest rate for the current loan-to-value structure lowered to 5.99% from 7.75%. In addition, FAR updated the adjusted value calculation to allow borrowers with homes worth more than $5 million to receive more proceeds."
With a full-steam ahead approach, the report also reveals that Finance of America Reverse is working on another product to continue to address the "gap created by the lower principal limit factors."
To find out more about Finance of America Reverse and their successful Jumbo Product, click on the image.