Seattle Mortgage Lowers Reverse Mortgage Margin

Seattle Mortgage just recently made a change to their Independence Plan (SM) which is one of the new jumbo reverse mortgage  products on the market.  The standard Independence plan has a margin of 3.60% but now if the borrower is willing to keep their LTV a bit lower they are willing to cut the margin  to 2.10%.  “The new 2.10% product results in significantly lower interest costs to our borrowers over the life of their loan. For example, on a typical loan amount of $300,000 for 8 years, the borrowers would save over $67,800 in interest expense, thereby preserving more home equity,” says John Nixon, Executive Vice President and COO of Reverse Mortgage of America, a division of Seattle Mortgage Company.

In the last week Seattle Mortgage has released the Reverse Mortgage Checking Option and now the option to lower the margin on their proprietary product.  I am expecting things to get even more competitive in the next few weeks with a few new jumbo products that are set to be released.   

If you would like to check out the rest of the press release check out the link below. 

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Seattle Mortgage Introduces Lowest Interest Rate Reverse Jumbo Loan on the Market

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