While there has been talk of lenders no longer offering the HECM 100, 1st Reverse Financial continues to release new products to their brokers. A few weeks ago, 1st Reverse released their new HECM Pathway which is an FHA insured loan created to serve those needing more funding assistance than is provided by any other HECM in the marketplace.
Today, they are releasing The Fixed4Life XL™ and the FLEX XL™ which are 1st Reverse’s first proprietary jumbo reverse mortgage products. Below gives you a quick overview of the products… more details to come soon.
Fixed 4 Life XL™
- Jumbo Fixed Rate Reverse Mortgage
- No closing cost option
- Available for 2nd Homes
- Equity Protection Feature
Flex XL™
- Adjustable Rate Reverse Mortgage
- No closing cost option
- Available for 2nd Homes
- Equity Protection Feature
Back in April Sun West released the first jumbo reverse mortgage for second homes, but the Fixed 4 Life XL is the only fixed product for second homes that I am aware of. Ralph Rosynek, President of 1st Reverse said, “We pride ourselves on providing a “concierge” level of service along with new product innovations to assist newer reverse mortgage lenders and those companies seeking reverse mortgage training, resources and support to compete with the big players. Our new jumbo programs give our business partners access to some of the most aggressive products in the market, irrespective of their size.” David Cesario, 1st Reverse’s Executive Vice President, also added that, “These new additions to our product line have positioned 1st Reverse as one of a very few lenders that can offer fixed rate reverse mortgage loans to HECM borrowers and those with higher valued homes. This combination is a win-win for everyone involved.”
1st Reverse Financial Services
Technorati tags: Reverse Mortgage, Reverse Mortgage News, HECM, Jumbo Reverse Mortgage, Second Homes, FHA, HUD
