Mortgage

Confused about proprietary reverse mortgages? Read this

If you're wondering how the new products compare, we’ve got you covered

In the last several months, the reverse mortgage space has seen three new proprietary loans come to market, plus a new iteration of one jumbo offering. Now, an industry that once dealt with a single product has a whole menu to choose from.

But has the sudden influx of products left you wondering how the new loans compare? Don’t worry, we’ve got you covered.

ReverseReview has gathered the details from each of the four lenders and compiled them for comparison’s sake in the chart below.

Because most of these products have just been rolled out, their availability is evolving. As of now, here are the details on where these loans are accessible.

The HomeSafe by Finance of America Reverse:
Available through retail and wholesale channels. Also available to AAG wholesale partners and, under the name AAG Advantage, through its retail outlets. HomeSafe Save, Standard and Plus are offered in Arizona, California, Colorado, Connecticut, Washington, D.C., Florida, Georgia, Hawaii, Idaho, Illinois, Louisiana, Nevada, New Jersey, Oregon, Pennsylvania, Rhode Island, South Carolina, Texas, Virginia, Washington. HomeSafe FLEX is offered in California, Florida and Texas with additional states expected in the coming weeks, according to the company.

The Platinum by Longbridge Financial:
Available to select wholesale partners. Now available in California, and the company said its expanding the product to Arizona, Colorado, Washington, D.C., Florida, Illinois, Michigan, Nevada, Pennsylvania, Utah, Virginia and Washington in the coming weeks. More states to follow.

The Equity Edge by Reverse Mortgage Funding:
Available through retail and wholesale channels. Now in California, Florida, New Jersey, Virginia, Oregon, Washington, D.C., and Colorado.

The HELO by One Reverse Mortgage:
Available through retail outlets now and to wholesale partners by the end of August 2018. Currently available in 23 states, the company explained that the HELO will be offered in all 50 states with the exception of Rhode Island, West Virginia and Vermont by October 2018.

 

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