Reverse Mortgage Funding has developed a new product called the "Equity Edge Zero" that is looking to target older homeowners with continuing forward mortgage payments, according to a recent report from Reverse Mortgage Daily.
"That loan was specifically aimed at filling gaps in the Home Equity Conversion Mortgage marketplace, with a goal of moving away from the idea of a private reverse mortgage as strictly a jumbo product," according to RMD.
"While the Equity Edge is targeted at homeowners with properties valued at $700,000 or more, it’s also positioned as a solution for seniors who live in non-Federal Housing Administration-approved condominium units."
Recently we saw how well a private reverse mortgage product can help seniors. One couple was able to sidestep the FHA restrictions when looking to purchase a new condo with the help of a jumbo reverse mortgage product.
These new products have proven to target some niche markets and help seniors acquire the housing they are seeking. These products help expand businesses and target a larger number of customers.
"By offering the 'Zero' version with no closing costs, company president David Peskin told Reverse Mortgage Daily, RMF plans to tap into the approximately 17 million homeowners 62 and older with some kind of first-lien mortgage debt — thus further expanding its reach beyond the typical HECM consumer," reported RMD.
To learn more about the "Equity Edge Zero" products and RMF's plans for implementation, click on the image above.