Lender Lead Solutions released their Simple60 product last year in October and at first I didn’t really understand the product. Originally I was comparing it to the HECM in terms of how much money the borrower is able to receive and the HECM will always give the borrower more money. The Simple60 is a product for people who might not qualify for a reverse mortgage because they aren’t 62 yet or they are looking for a way to get a little money without having to pay the origination fee, insurance premium, ect.
Recently LLS updated the Simple60 LTV’s which give the borrower a bit more money than before. Below is an example of a 60yr old borrower from Troy, New York:
If you have a borrower who is looking to receive under $150,000 and doesn’t want to pay the fees for a reverse mortgage, you should take a look at the Simple60.
