Are Private Reverse Mortgage Options the Way to Go?
A new report is diving into the the new private reverse mortgage options available and it looks like originators are beginning to see much promise in them.
"In recent weeks, Reverse Mortgage Funding launched the Equity Edge, targeted at borrowers aged 60 and up and with homes valued at $700,000 or more; Longbridge Financial announced plans for multiple proprietary reverse mortgages, starting with a wholesale fixed-rate loan for borrowers looking for low upfront costs; and Finance of America Reverse rolled out a 'Flex' version of its HomeSafe jumbo mortgage, allowing borrowers to access 60% of proceeds up front and the remaining 40% monthly over five years," according to Reverse Mortgage Daily.
With instances such as the aforementioned one with Equity Edge, originators are looking forward to seeing more of these kind of products from other big players in the reverse mortgage world.
"What we’re most excited about is that well-capitalized and well-run organizations are demonstrating their long-term commitment to the product," said Jesse Brewer, who sells mostly Home Equity Conversion Mortgages but does market FAR’s HomeSafe option to borrowers who qualify, according to the RMD report.
Other experts believe that having a number of options for seniors is a plus and helps bring consumer-direct products.
To learn more about the private reverse mortgage options available for seniors, click on the image above.