Nationwide Equities will be tapping ReverseVision's private reverse mortgage product to launch its own private product, EquityPower. Nationwide is looking to expand its business by offering another product to a new line of customers.
"EquityPower offers senior consumers who have high home values, own a condominium or otherwise don’t fit the HECM mold a means to access their home equity on flexible terms best suited to their stage in life," said Nationwide Equities CEO Paul Lamparillo, according to a release
"We have a saying here that no good loan should ever hit the wastebasket. That’s why we offer so many financial products. We are dedicated to helping qualified consumers find the right solution for their homeownership and financial goals,” added Nationwide Equities President Glenn Wallace.
EquityPower is a fixed-rate product that is designed to help borrowers with homes valued up to $10 million, access equity once they reach age 60. The report also revealed that there would be features that differentiate it from Home Equity Conversion Mortgage including lower closing costs and more.