Seattle Mortgage just recently made a change to their Independence Plan (SM) which is one of the new jumbo reverse mortgage products on the market. The standard Independence plan has a margin of 3.60% but now if the borrower is willing to keep their LTV a bit lower they are willing to cut the margin to 2.10%. “The new 2.10% product results in significantly lower interest costs to our borrowers over the life of their loan. For example, on a typical loan amount of $300,000 for 8 years, the borrowers would save over $67,800 in interest expense, thereby preserving more home equity,” says John Nixon, Executive Vice President and COO of Reverse Mortgage of America, a division of Seattle Mortgage Company.
In the last week Seattle Mortgage has released the Reverse Mortgage Checking Option and now the option to lower the margin on their proprietary product. I am expecting things to get even more competitive in the next few weeks with a few new jumbo products that are set to be released.
If you would like to check out the rest of the press release check out the link below.
Seattle Mortgage Introduces Lowest Interest Rate Reverse Jumbo Loan on the Market
Technorati tags: Reverse Mortgage, Senior Finance, Jumbo Reverse Mortgage, Mortgage Finance, Mortgage
