Simple60 From Lender Lead Solutions, First Reverse Mortgage For Borrowers Under 62

Lender_Lead_Solutions Lender Lead Solutions is the first company to release a reverse mortgage for borrowers under the age of 62.  Until now a borrower had to be 62 in order to receive a reverse mortgage, but with LLS’s Simple60 we are able to provide seniors a new option other than the traditional HECM product.  “The growth of the senior market provides a tremendous expansion opportunity for new proprietary products in the reverse mortgage marketplace,” said David Peskin, chief executive officer of Lender Lead Solutions. “Census statistics tell us that the oldest of the baby boomers turned 60 last year, and more than 4.5 million seniors currently fall between the ages of 60 and 62. We feel this is the perfect time to introduce the Simple60 product.”

Here are the details of the product:

  • Age Requirement = 60 years of age or older
  • Monthly 1-Month LIBOR
  • Margin = 4.0%
  • Interest Cap = 6% above initial start rate
  • Mortgage Insurance Premium = None
  • Maximum Limit of Home Valuation = $2,500,000
  • Eligible Property Types = Primary Residence SFR, PUDs, Condos
  • Servicing Fee = $35 per month
  • Minimum loan amount – $50,000 including fees
  • Only fees that the borrower pays are recording fee and taxes. 
  • Payment Disbursement options = Lump Sum, Line of Credit, Combo of the two
  • Broker is compensated with a flat fee depending on the loan amount.

While would think the Simple60 is only targeted at seniors younger than 62, the program has two goals in mind.

  1. A borrower who is looking to get equity out of their home who is under 62.
  2. A borrower who is only looking to get a certain amount of money but cant justify paying the large costs associated with doing a reverse mortgage. (ie. mortgage insurance, origination fees)

“As the reverse mortgage industry evolves, Lender Lead Solutions continues to create new products designed for the needs of senior borrowers,” said Peskin. “We’ve compiled extensive research in this marketplace and believe in educating consumers through the Senior Lending Network and our spokesman, actor Robert Wagner. We are pleased that our broker partners now can offer these products to an expanded market, giving them the opportunity to increase their profitability.”

I’m sure everyone reading this has run into a situation where a borrower isn’t quite 62 and this is a great option to offer them until they are able to access the full benefit of a HECM product.  Even if you don’t plan on purchasing leads from LLS, you can still sign up with LLS and provide all your originators with this unique product.  For more information check out the link to their website below.

Lender Lead Solutions

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  • I will be 60 in May of this year. My wife is 55. We cannot refinance our home and are in danger of foreclosure. We were told that we were too young for reverse mortgage two years ago.
    Thanks to the current economic crisis, we are in a terrible fix.

    We were NOT like some of these people who bought a home we could not afford. My home only cost 68,000 when we purchased it in the 1990’s. The homes value is dissipating, and the lender has raised our mortgage. We were coerced into getting an adjustable rate some time ago. Unfortunately, I co-signed a student loan for my daughter, at the pleading request of her mother who is now deceased. My daughter has now defaulted on the loan, and now my credit is in ruin because she refuses to pay it.

    I had an excellent credit score before the default. Also, my income has not increased over the past ten years or so. I have since remarried, and my wife is out of work now.

    I have always paid all of my bills on time, including my mortgage. My mortgage is now in default, not because I cannot pay, but because the LENDER would not negotiate with me for a loan modification, because they said I needed to be at least three months in arrears. I am hanging on to the payments, until I can find a solution.

    This tuesday I will be calling them to negotiate a way to save my home. If my wife and I lose our home, we will have no place to live, because we probably will not be able to rent with our current credit crisis. How can we qualify for a reverse mortgage?

    Please help. Contact us at 770.994.4078 anytime of day.

    Albert and Sharon Martin
    Riverdale GA

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