Reverse Mortgage Guide

A new and larger reverse mortgage mortgage product for homes worth as much as $2.5 million has been introduced by Lender Lead Solutions.

The company says that its “Equity Plus Advantage” allows seniors with higher home values to access greater amounts of their home equity than with traditional reverse mortgage loans.

“The Federal Housing Administration (FHA) sets maximum loan limits for the HECM, which currently accounts for 90% of all reverse mortgages originated in the U.S., at $362,790. Approximately 15 percent of Lender Lead Solutions’ prospects currently have home values above $500,000, making them eligible for a jumbo reverse mortgage.”

Lender Lead Solutions says it currently generates leads for more than 15 percent of the closed reverse mortgages in the U.S. through its Senior Lending Network national media campaign.

The loans are currently available in California, Florida, Arizona and New Jersey. Availability in additional states will follow, says the company.

As with all reverse mortgage products, always speak with an attorney who specializes in elder law before signing any paperwork. Always ask about rates, fees, charges and terms.

This entry was posted on Wednesday, October 17th, 2007 at 2:12 pm and is filed under Reverse Mortgage . You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.