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SLN Proprietary Products Available in New York
By Brad Finkelstein
MELVILLE, NY-Senior Lending Network here is making two of its proprietary reverse mortgage products available to senior citizens in New York. The company sources product through mortgage brokers.
Equity Plus Advantage is a jumbo product for seniors who have a home value of more than $500,000. The valuation cap on the product is $2.5 million. This program is for borrowers who are aged 60 years and older. Besides New York, the product is offered in 23 other states and the District of Columbia. In these other states, borrowers need to be 62 years old or older.
The other product being offered is Simple60. Most reverse mortgages, including the Federal Housing Administration Home Equity Conversion Mortgage, require that the borrower be at least 62 years old. HECMs account for 90% of reverse mortgages originated.
The company said the Simple60 is the first reverse mortgage product for those who are younger than the HECM requirement. It is aimed at seniors between the ages of 60 and 62.
Simple60 also allows seniors over the age of 62 to borrow a smaller amount of money with lower closing costs and reduced fees, the company explained. The availability of a product for seniors age 60 to 62 expands the market for the reverse mortgage product, allowing more consumers to take advantage of their home equity, as well as enables seniors with a spouse under age 62 to obtain a reverse mortgage.
"We continue to expand both Senior Lending Network's product line and markets for reverse mortgages," said David Peskin, president and chief executive. "Offering New York borrowers age 60 and older our Simple60 and Equity Plus Advantage products is an innovative way to increase the market opportunity for our broker partners."
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