1st Reverse Financial Services has released the Fixed 4 Life™ reverse mortgage product which is the second fixed reverse mortgage product to be released this week. According to the press release, the Fixed4Life™ Fixed Rate Reverse Mortgage will be available to their network of Correspondent Lending Partners in a phased roll-out across the nation over the next 30 days.
One difference between the Fixed4Life™ Fixed Rate Reverse Mortgage and other HECM mortgages is that only a full lump-sum distribution is offered at the time of funding. According to David Cesario, Executive Vice President of 1st Reverse, “Borrowers who fully draw the available proceeds from their Fixed4Life™ Fixed Rate Reverse Mortgage Loan should expect to save thousands of dollars in interest over the life of the loan.”
1st Reverse also offers a full line of reverse mortgage programs including the recently introduced HECM 100™, the HECM 150, the HECM Advantage™, the HECM Annual, the Fannie Mae HomeKeeper™, along with Proprietary Jumbo Reverse Mortgage Loan products from a number of key secondary marketing sources. “The addition of the Fixed4Life™ Fixed Rate Reverse Mortgage Loan is the next enhancement to our Correspondents ability to access the widest assortment of products from any single lender in the industry,” said Terry Bivins, Executive Vice President of 1st Reverse.
For more information on 1st Reverse check out their website below