Borrowers Look To Private Reverse Mortgages For Reliability During Pandemic
May 26, 2020
The COVID-19 pandemic has caused many reverse mortgage borrowers to look for stable options in terms of the product they are looking for. Reverse Mortgage Daily recently took a dive into changes that the reverse mortgage industry is seeing, particularly the increase in demand for proprietary reverse mortgage products.
"The pandemic has demonstrated in a tangible way the value of having access to liquidity from [borrowers’] homes and the risks associated with other products such as HELOCs or some jumbo mortgages," said Chris Mayer, CEO of Longbridge Financial, according to RMD.
So, having access to products like proprietary mortgage options could be important during times like these.
The report did note that some companies like Liberty Reverse Mortgage and Reverse Mortgage Funding have put proprietary programs on hold due to pricing volatility. For the most part, borrowers who opt for proprietary products are usually looking for a higher loan amount, borrowing against a non-FHA approved condo or happen to be looking for a reverse mortgage product with a low initial cost, according to Mayer.
Click here to read more about the demand for reliability through proprietary reverse mortgage products.
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