Plaza Home Mortgage, a wholesale and correspondent mortgage lender, has announced some changes to its reverse jumbo program.
The San Diego-based mortgage lender announced Thursday that it had improved the interest rates and capital limit (PL) (LTV) factors on its program, which is now private reverse mortgages up to $ 4 million without FHA Mortgage requirements, fixed rates from 5.50% and accepts FICOs from 640.
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“We’re expanding our reverse jumbo offering in response to mortgage brokers looking for flexible financing and income solutions for senior homeowners,” said Mark Reeve, Vice President of reverse mortgage Division at Plaza Home Mortgage. “Our program lowers the costs of reverse jumbo financing and is an ideal product for senior citizens with a large number of homes at a time when housing value increases are at or near the all-time high.”
In addition, there are no lender fees and the program has no restrictions on withdrawal or the minimum or maximum withdrawal requirements on completion.
The program is available through Plaza’s wholesale channel and covers a wide range of property types (single family homes, 2-4 units, townhouses, and condominiums). The program is offered in 18 states including Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Maryland, Nevada, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Texas, Utah, and Washington.