One Reverse Mortgage is joining the list of companies that have launched private reverse mortgage products over the past couple of months. The product is called HELO and with most private products, the company is looking to generate a larger amount of reverse mortgage loans by targeting a broader audience.
"The San Diego, Calif.-based reverse mortgage lender, a subsidiary of Quicken Loans, will allow consumers to borrow up to $4 million using the Home Equity Loan Optimizer (HELO) product, according to the company’s website," reported Reverse Mortgage Daily.
"There are also fewer property restrictions compared to the Federal Housing Administration’s Home Equity Conversion Mortgage."
The new product will help folks who live in high-value homes, condominiums or homes with upgraded features that are currently out of the coverage net for the FHA HECM. In addition to this feature, borrowers are able to access all of the funds upon closing, while consolidating debt within the mortgage process, according to the report.
"At the moment, the product is only available through the retail channel, but the company has plans to eventually expand into the broker channel as well," according to RMD.
To learn more about the HELO private reverse mortgage product, click on the image above. If you'd like to learn more about One Reverse Mortgage, click here.