The company adds reverse loans to its product line
PrimeLending, a national home loan provider, has announced adding reverse mortgages to its product offerings.
The Dallas-based company said the new offering enables eligible homeowners to access a portion of their home equity as a source of income during their retirement years.
“Reverse mortgages are an alternative financing option for customers 62 and older who have built up equity in their home,” PrimeLending said in its news release. “By taking advantage of this loan product, customers can receive a lump sum, monthly payments, or a line of credit that can be used to supplement their retirement income without having to sell their home.”
Read how to be qualified and what to consider in getting a reverse mortgage here.
According to the National Reverse Mortgage Lenders Association, homeowners 62 and older gained $226 billion in housing wealth in the third quarter of 2022, bringing the total senior home equity to a whopping $11.81 trillion.
“PrimeLending is committed to providing our customers with the best possible financial solutions, and we are thrilled to offer reverse mortgages to our product line,” said Steve Thompson, president and CEO of PrimeLending. “This new product will provide homeowners with additional financial flexibility and peace of mind during their golden years.”
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