The 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.
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.