Virtual Bank has taken a different approach than other reverse mortgage lenders by only offering a range of proprietary products to their brokers. The suite of products includes the Life Plan and Prime Life products, which are the first proprietary products developed to compete directly with the HECM and Fannie Mae Home Keeper. Along with these two products, Virtual Bank also offers a jumbo reverse mortgage product called the Mega Life.
- Product Type – 6 Month Adjustable HELOC
- Index = 6 Month LIBOR
- Margin = 350
- Caps – 6% for the life of the loan
- Max Loan Amount = None
- Purchase or Refinance
- Owner Occupied Only
- Single Family, Condos, Co-Ops (NY City only)
- One Appraisal needed for properties below home values of $1.8 Million, 2 Appraisals above 1.8 million
- Servicing – $30/month
- Broker Fees – 2% origination fee
- Virtual Bank Admin Fee = $325 (Paid by Borrower)
The Mega Life product is competitive with most jumbo reverse mortgages available, but the Prime Life and Life Plan stand out more when comparing Virtual Bank to other reverse mortgage lenders. To get more information on Virtual Bank’s products click the link below.