Skip to main content

Plaza Home Mortgage Offers Reverse Jumbo Mortgages

Phil Hall
Nov 07, 2019
Plaza Home Mortgage Inc. has named Michelle Richardson senior vice president of treasury and finance, responsible for Plaza’s Treasury Department, including warehouse relationships, cash management and the company’s Corporate Funding Department

San Diego-based Plaza Home Mortgage has introduced a proprietary reverse jumbo mortgage program that will offer refinance loan amounts of up to $4 million.
The new fixed-rate loans will not require Federal Housing Administration mortgage insurance and will not set minimum or maximum draw amounts. The program covers a variety of properties including single-family home, residences with two to four units and condominiums, and it can also be used to refinance seasoned home equity conversion mortgages (HECMs) to jumbos or jumbos to HECMs.
The new program is available through Plaza’s Wholesale channel in California and Hawaii. The company did not say if it will be rolled out into other markets.
“Plaza’s new Reverse Jumbo mortgage program will enable brokers to address the income and refinancing needs of seniors and aging baby boomers in high cost housing markets in California and Hawaii,” said Mark Reeve, vice president of reverse mortgages at Plaza Home Mortgage. “Over time, we expect to expand the program to a number of other select high cost markets and to add adjustable rate and purchase options.”

More from
Liberty Reverse Mortgage Becomes Full Service Reverse Lender Following RMS Acquisition

Last week Ocwen Financial Services announced the acquisition of Reverse Mortgage Solutions. In a recent interview with Reverse Mortgage Daily, Mike Kent shared how the acquisition will affect the company.

Jun 22, 2021
Ocwen Financial To Acquire Reverse Mortgage Servicing Platform

Ocwen Financial Corporation's wholly-owned subsidiary, PHH Mortgage Corporation will acquire RMS' reverse mortgage servicing platform.

Industry News
Jun 18, 2021
Education Still Remains A Hurdle For Prospective Reverse Mortgage Borrowers

While the reverse mortgage industry has made strides in educating its borrowers, some hurdles still remain.

Jun 09, 2021
Texas State Legislators Looks To Protect Reverse Mortgage Borrowers

A Texas House Bill has been introduced to prevent false, misleading or deceptive advertising by reverse mortgage lenders.

Jun 02, 2021
FAR Hires A New Senior Director Of Marketing And Intelligence

Naomi Hart will lead marketing performance management with an emphasis on growth.

May 28, 2021