At the NRMLA conference in San Diego Liberty Reverse Mortgage announced the release of their first proprietary reverse mortgage product. The Liberty Preferred™ is designed to give reverse mortgage originators the ability to provide their clients a jumbo alternative that can be used for home purchase and higher home values.
“As our wholesale business continues to expand, having a growing suite of products is critical to give our Broker Partners flexibility in serving the increasing needs of the senior client base,” said Jesse Passafiume, Vice President of Wholesale and Correspondent Lending for Liberty. “The Liberty Preferred™ loan is just one of many products we will be rolling out in the coming months. Our new partnerships are providing the horsepower we need to accelerate product development.” Some of the details of the product are:
- Adjustable Rate
- Index – 1 Month Libor
- Margin = 4.25
- Home purchase option
- No mortgage insurance premium
- Loans on homes up to $4 million in value
- Aggressive premium pricing allowing Brokers to offset borrowers’ closing costs.
- Owner occupied SFR, 2-4 units, PUDs and condos
- Payment options — lump sum, credit line or combo of both
- No prepayment penalty or partial pre payment restrictions
Liberty Preferred™ is available starting December 3 to all approved brokers. To get more information regarding Liberty’s program click the link below. If you would like to receive training on the product click the training link below.