Reverse Mortgage Funding has entered the proprietary reverse mortgage loan market with Equity Edge Reverse Mortgage, according to a recent report. The new sector will specialized in borrowers who are 60-years-old and older and the company has some pretty big plans in place.
"The new product, which will officially become available to borrowers June 1, is specifically targeted at homeowners with properties valued at $700,000 or more — as well as those with non-Federal Housing Administration-approved condos," according to Reverse Mortgage Daily.
"The goal, according to RMF president David Peskin, is to help fill several voids created when the Department of Housing and Urban Development lowered principal limit factors and changed the mortgage insurance premium structure last fall."
Peskin told RMD that their plans to enter the proprietary market were accelerated following the October 2 changes by the Department of Housing and Urban Development.
So, what can borrowers expect from the Equity Edge loan? Peskin assures borrowers that there are no upfront origination fees or mortgage insurance premiums, according to the report.
To learn more about RMF's big more to the jumbo reverse mortgage market and its plans for Equity Edge Reverse Mortgage, click on the image above.