New Proprietary Loan Available September 2

A new fixed-rate loan is going to be made available to borrowers with high-valued homes beginning September 2, 2014. With this new program, more borrowers will be able to access the equity in their homes and get more out of the reverse mortgage program.

This new proprietary loan can benefit owners with higher-valued home, who previously did not qualify for a regular reverse mortgage loan. This can also open up doors for owners of non-FHA approved condos to gain access to the equity in their home with a reverse mortgage. The loan amount is determined by the age of the borrower and the value of the home, and similar to a regular reverse mortgage, the older the borrower is, the more money they can access.

Another advantage to this program that the HECM program currently does not offer is that borrowers are able to access seller credits.

With 140,000 seniors with high value homes in the state of California, this product can be the answer that many individuals are looking for.

The ability to convert home equity into tax-free income without having to make monthly payments will offer more homeowners the financial freedom that they are looking for. If you plan on staying in your home indefinitely and in need of the extra cash flow, a reverse mortgage may be the right decision for you.

 
To learn more about this program, contact a Senior Advisor today at 1-888-QUALIFY.