Plaza Home Mortgage
has announced that is has expanded its proprietary reverse jumbo mortgage program to 11 states. Plaza’s reverse jumbo program offers refinance loan amounts of up to $4 million with no FHA mortgage insurance requirement. The program will now be offered in Arizona, California, Colorado, Connecticut, Florida, Hawaii, Illinois, New Jersey, Oregon, Texas and Utah.
Plaza’s new program is available through Plaza’s Wholesale channel, and covers a wide range of property types, including single-family, two- to four-units, townhomes and condominiums, and has no minimum or maximum lump sum payout requirement at closing. The program can also be used to refinance seasoned home equity conversion mortgages (HECMs) to jumbos or, conversely, jumbo first mortgages to HECMs. The guidelines are very similar to Plaza’s other HECM offerings in terms of credit, income, and age requirements.
“Plaza is expanding its program in response to the growing demand from older homeowners for flexible financing and income solutions,” said Mark Reeve, vice president of reverse mortgages at Plaza Home Mortgage. “The program enables brokers to better serve seniors and older baby boomers in high-cost housing markets. We expect to continue rolling out this program to additional states and to add adjustable rate and purchase options in the near future.”