Comments on: Does Equity Key’s Product Make More Sense Than A Reverse Mortgage?

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By: John

John — Thu, 04 Sep 2008 13:09:57 +0000

There is no ‘one size fits all’ product for Seniors who are seeking liquidity in today’s marketplace. For some the reverse mortgage will continue to be a viable solution.

However, for an increasing number of clients the EquityKey and Rex programs offer unparalelled flexibility. For clients who do not have sufficient equity in their homes to obtain a reverse mortgage, or for those in the Jumbo category who cannot obtain one these days, the EquityKey and Rex programs allow a client to unlock some additional capital. While this capital may not wipe out their mortgage payment, it could be used to either drastically reduce the payment or be invested in fixed income securities that will bolster a senior’s cash-flow.

In addition, the EquityKey program is available on most kinds of real estate, ranging from primary residences to investment and 2nd homes as well as raw land and commercial properties. This flexibility allows EquityKey to be a solution for clients seeking liquidity above and beyond anything that they can get from just obtaining a reverse mortgage on their primary residence.

It is important in this environment that a service provider such as our firm has the flexibility to listen to a client’s needs and offer the right set of solutions rather than simply focusing on how we can sell a product. These new programs have their place and fill a need in the marketplace.

By: John Brodey

John Brodey — Wed, 27 Aug 2008 18:01:37 +0000

I agree with Michael’s comments and would add that for the vast majority of senior homeowners, having their remaining mortgage paid off is the primary goal. Quite often with the equity sharing agreements, the money received is not enough to eliminate their existing mortgage. More realistically for those living in a $600K home, the $80-90K they would get is insufficient.

By: Beverly Wade

Beverly Wade — Wed, 27 Aug 2008 16:16:36 +0000

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By: Michael Pinter

Michael Pinter — Wed, 27 Aug 2008 12:54:31 +0000

The Equity Product is very interesting. The biggest problem I have with it the large penalties that you pay if you sell the home in the first ten years. Teh rex product seem sliek a much beter deal, but it is more restrictive as to credit scores, only Primary SFR’s, etc.
I have yet found no sceanrio where it made sense for a potential Reverse Mortgage borrower to take either of these alternatives.