One Reverse Mortgage announced it’s providing a customizable approach to increase the affordability of reverse mortgages for consumers.
Under the new pricing promotion, each client’s personal situation will be analyzed by a mortgage banker, but through the new program, a special package of promotions will be created. Discounts in the package can include lower interest rates, reduced or zero origination costs or no monthly service fees.
“In recent months getting a reverse mortgage has been challenging due to new restrictions that impact the amount of equity clients can access from their home,” said Jay Farner, CEO of One Reverse Mortgage. “Our new pricing promotion allows us to tailor a package of incentives that most benefit each client’s specific situation and goals. This eliminates the cookie-cutter approach of reducing only a single fee that too often benefit only a small portion of clients.”
The company says there are several instances where the one-size-fits-all promotions fail consumers and a more personalized approach is preferential. For instance, a client who needs immediate cash may benefit from one promotion, whereas another client looking to simply eliminate monthly mortgage payments with the ability to access their proceeds at a later time would benefit from a much different discount.
“Our approach here is very different, but that is because we pride ourselves on being a different company. We work closely with our clients, help them to define their goals and then provide solutions that allow them to accomplish their dreams. This new campaign is simply an extension of that close relationship we enjoy with each and every One Reverse Mortgage client,” Farner added.
One Reverse Mortgage is part of Quicken Home Loans and is the third largest reverse mortgage lender in the country according to data from the US Department of Housing and Urban Development.