Fixed Rate Reverse Competition Increases, MetLife Enhances Products

NewImage.jpgThe competition between reverse mortgage lenders continues with MetLife’s decision to roll out produt changes late last week.

The company introduced a “HECM Fixed No Service Fee 2”, which improved pricing on their fixed rate product to compete with the 100% Mortgage Insurance Premium credit from Bank of America.

In a message to correspondents, MetLife said it strives to be the lender of choice. “One of the ways we intend to reach this goal this is by offering a wide array of products that best serve the needs of the senior borrower,” said the company.

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It eliminated the previous HECM fixed with no servicing fee as of Friday last week. MetLife also rolled out a lower fixed rate rate product at 4.99%, matching Live Well Financial.

Below is a chart we published last week showing the growth of the fixed rate product.

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