It enhances program to meet broker demand
Plaza Home Mortgage, a wholesale and correspondent mortgage lender, has announced some changes to its reverse jumbo program.
The San Diego-based mortgage firm said on Thursday that it has enhanced the interest rates and principal limit (PL) (LTV) factors in its program, which now offers private reverse mortgages up to $4 million with no FHA mortgage requirements, fixed-rates as low as 5.50% and accepts FICOs as low as 640.
Read more: Jumbo lending continues to grow in Q1
“We’re enhancing our reverse jumbo offering in direct response from mortgage brokers who are looking for flexible financing and income solutions for older homeowners,” said Mark Reeve, vice president of reverse mortgage division at Plaza Home Mortgage. “Our program lowers the cost of reverse jumbo financing and is an ideal product for housing-rich seniors at a time when housing appreciation is at or near its all-time high.”
Additionally, there are no lender fees, and the program has no limitations on cash-out or minimum or maximum lump sum payout requirements at the closing.
The program is available through Plaza’s wholesale channel and covers a wide range of property types (single-family, 2-4 units, townhomes, and condominiums). The program will be 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.
