Genworth Financial Home Equity Access, Inc., a subsidiary of Genworth Financial, Inc., announced the release of a competitive fixed rate reverse mortgage product to both its retail and wholesale broker clients.  The fixed rate product features an interest rate of 5.625% said a company statement.

“There’s never been a better time to get a Reverse Mortgage: seniors can get more money faster, thanks to our streamlined loan processes – and they now have the security of knowing that their low interest rate will remain constant,” said Pete Engelken, President of Genworth Financial Home Equity Access.

Genworth is probably the last wholesaler to roll out a competitive fixed rate product, but that doesn’t mean there isn’t a need for another available option.  Brokers I spoke with today said they’re still seeing slow turn times from the majority of wholesalers so this should help.

Genworth’s wholesale business started out slow at the beginning of the year, but has picked up pace over the last few months.