New Reverse Mortgage for Second Homes

Sun West Mortgage Company, Inc. has released their Cash Keeper™ product which allows seniors 62 or older to get a reverse mortgage on their second home.  The Cash Keeper™ is SWMC’s proprietary product that was released a few weeks ago to compete with the other jumbo products in the market. 

Cash Keeper™ Highlights:

  • Based on 1-Month Libor Rate
  • 6% lifetime cap, no monthly/annual cap
  • Owner occupied and 2nd homes are eligible
  • Payment Terms Available: Up front cash payment, credit line, monthly payment for a term, or a combination of the three
  • Two margin options: 3.25% and 3.50%  (there is a .75% discount fee to receive the 3.250% margin)
  • Home purchase program available
  • Available balance grows at 5% per annum

Hari Agarwal, president of SWMC, states that, “the Cash Keeper fills a large gap in the current market place that was unaddressed until now. Our goal is to maintain our leadership position in the market through innovative mortgage products backed by state-of-the-art technology.”  Mr. Agarwal adds “In the next quarter, Sun West plans to introduce more proprietary products that will uniquely empower our broker-partners to service the needs of a wide range of senior homeowners”.  The Cash Keeper™ is supported along with the other HECM products by SWMC’s technology software Reversesoft™, which is their web based solution that they provide brokers and correspondents to help with the origination process.

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The product seems to be very competitive when compared to others in the marketplace and it’s the first product that I’ve seen that enables a senior to obtain a reverse mortgage on their second home.  To read a copy of the full press release click the link below.

Sun West Introduces Cash Keeper, The Pioneering Jumbo Reverse Product

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