Seniors can get more cash and pay less interest
New York-based BNY Mortgage Co. has introduced a new product nearly identical to the current FHA insured HECM with a slightly lower interest rate. BNY Mortgage Co. is a joint venture between EverBank and The Bank of New York. It operates as an originator and servicer of reverse-mortgage loans and has wholesale partners throughout the United States. Unlike the traditional “forward” mortgage business where there are countless investors offering even more countless products, there are few reverse products, and Financial Freedom is pretty much the only investor. The introduction of this product shows that the business is growing, and maturing. A great thing. Competition will bring better pricing and products. “BNYMC’s introduction of the new HECM 100 product is wonderful news for senior homeowners because it offers the consumer more money at lower costs,” said Meg Burns, HUD’s director of single-family program development. “This is exactly the kind of product innovation the reverse mortgage industry needs in order to help older homeowners live a more comfortable and financially secure life.”
Check out this story on Inman News. Here is a story posted on Yahoo.
The Reverse Mortgage Advantage: The Tax-Free, House Rich Way to Retire Wealthy!
