Reverse Mortgage Lenders Network has released their jumbo reverse mortgage product to their wholesale brokers. Back in May BNY Mortgage released the first fixed rate jumbo reverse mortgage product but mortgage brokers haven’t had access to it until now. The product gives seniors the option of a fixed or adjustable rate reverse mortgage. The adjustable rate program provides the borrower with more flexibility in regards to how they would like to receive payments. Unlike the adjustable rate program, the fixed rate product requires the full lump sum to be withdrawn at closing. Below are the details on the Prime Advantage program:
- Two Product Options
- Fixed Rate – Subject to current rate sheet
- Adjustable Rate – Prime + Margin (.99%)
- Draw Options
- Fixed Rate – Lump sum only*
- Adjustable Rate – Line of credit or lump sum*
- *No closing costs charged to borrower if full drawn in taken (not including intangible tax or other recording tax charges)
- Available Property Types: Single Family, Condos, 2nd Homes (in certain circumstances), PUD, 2-4 Unit Owner Occupied, NY CO-OPs(in certain circumstances)
- Unused Line of Credit grows at 5% annually
- Equity Protection Feature Available – allows borrower(s) to protect 10-50% of the home value
- Origination Fee – 1% of the Home Value; waived if full draw is taken at the loan closing; Broker receives compensation equal to 75bps of the home value
I featured RMLN in an article a few months ago where senior vice president Kimberly Kerrigan said that, “As a company, we are in a position to aid brokers not currently in the reverse mortgage business to break into the industry. For these types of accounts we offer additional training and support so that they can begin reaching desired levels of production at a quicker than average rate.“ With the release of the Prime Advantage product and the training they provide to brokers, RMLN gives new brokers the tools they need to help separate themselves from the rest of the competition. To see a list of the states that RMLN is approved to do business in check out their web site below.
Reverse Mortgage Lender Network
