Sun West Mortgage Company, Inc. has released their Cash Keeper™ product which allows seniors 62 or older to get a reverse mortgage on their second home. The Cash Keeper™ is SWMC’s proprietary product that was released a few weeks ago to compete with the other jumbo products in the market.
Cash Keeper™ Highlights:
- Based on 1-Month Libor Rate
- 6% lifetime cap, no monthly/annual cap
- Owner occupied and 2nd homes are eligible
- Payment Terms Available: Up front cash payment, credit line, monthly payment for a term, or a combination of the three
- Two margin options: 3.25% and 3.50% (there is a .75% discount fee to receive the 3.250% margin)
- Home purchase program available
- Available balance grows at 5% per annum
Hari Agarwal, president of SWMC, states that, “the Cash Keeper fills a large gap in the current market place that was unaddressed until now. Our goal is to maintain our leadership position in the market through innovative mortgage products backed by state-of-the-art technology.” Mr. Agarwal adds “In the next quarter, Sun West plans to introduce more proprietary products that will uniquely empower our broker-partners to service the needs of a wide range of senior homeowners”. The Cash Keeper™ is supported along with the other HECM products by SWMC’s technology software Reversesoft™, which is their web based solution that they provide brokers and correspondents to help with the origination process.
The product seems to be very competitive when compared to others in the marketplace and it’s the first product that I’ve seen that enables a senior to obtain a reverse mortgage on their second home. To read a copy of the full press release click the link below.