Plaza Home Mortgage, a wholesale and correspondent mortgage lender, has announced some changes to its reverse jumbo program.
The San Diego-based mortgage company said Thursday it had improved interest rates and capital limit factors (PL) (LTVs) in its program, which now offers private reverse mortgages up to $ 4 million with no FHA mortgage requirement, fixed rate as low as 5.50% and accepts FICOs as low as 640.
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âWe are enhancing our reverse jumbo offering in direct response to mortgage brokers seeking flexible financing and income solutions for senior homeowners,â said Mark Reeve, Vice President of the Reverse Mortgage Division at Plaza Home Mortgage . “Our program reduces the cost of jumbo reverse financing and is an ideal product for housing-rich seniors at a time when housing appreciation is at or near its highest level.”
Plus, there are no lender fees, and the program has no limits on minimum or maximum lump sum payment requirements at closing.
The program is available through Plaza’s wholesale channel and covers a wide range of property types (single family, 2-4 unit, townhouse, and condominium). 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.