Liberty Home Equity Solutions Inc. has introduced a proprietary reverse mortgage called EquityIQ.
According to the West Palm Beach, Fla.-based company, EquityIQ is available through its retail and wholesale business channels, with initial availability in California before being expanded into other markets. The new product is a fixed-rate, single draw loan that offers the borrower access to up to $4 million in up-front cash without a mortgage insurance premium requirement and with no servicing fee or origination fee options.
“We’re very excited to bring to market the EquityIQ reverse mortgage,” said Mike Kent, President of Liberty. “With EquityIQ, borrowers can access more of their home equity with lower average origination costs than a HECM. In addition, loan originators can reach new customer segments and help rebuild growth in the reverse industry.”