Finally a reverse mortgage for younger boomers

Finally a reverse mortgage for younger boomers,

Lower age requirement and closing costs are key draws

Sixty-two, 61, 60 — The age requirements for one reverse mortgage product just got “younger.”

Melville, N.Y.-based Lender Lead Solutions recently introduced Simple60, a new reverse mortgage product available to homeowners aged 60 and older. Reverse mortgages offered to date require that borrowers be at least 62 years old.

“For every 100 people I talk with about reverse mortgages, I lose 20 to 30 of them because one spouse is younger than 62 or they don’t want to pay the higher closing costs attached to the entire value of the home,” said David Peskin, Lender Lead Solutions’ chief executive officer. “We do not anticipate the Simple60 to be a substitute for the HECM. Rather, we look at it as an add-on for borrowers fitting in a specific niche.

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Full post here Reverse Mortgage Loan Blog

Written by News & Feeds on November 26th, 2007 with comments disabled.
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