While some lenders active in the proprietary reverse mortgage market have recently pared down on their jumbo loan offerings, Nationwide Equities has rolled out an expansion of its EquityPower program, now with a loan limit of $6 million.
Previously, the EquityPower was available for loan amounts up to $4 million, following the product’s launch in February.
The Mahwah, New Jersey-based lender will also consider exceptions for loans above the $6 million threshold.
“Our confidence that our economy will soon return, and return very strong is demonstrated by our increased loan limits,” says NWE CEO Paul Lamparillo.
NWE has seen particular success in high value areas including coastal California, as well as more inquiries based on the restrictions other lenders have recently placed, says company President Glenn Wallace.
“We are getting inquiries for higher values especially considering the other lenders have reduced their programs,” Wallace says. “And we are seeing a predominant amount of business in areas of California where the home values are high.”
Nationwide Equities announced the launch of its Equity Power loan in February, 2020 then soon expanded the program to broker partners starting in April. The company ranked #19 on the list of top reverse mortgage lenders by volume, according to year-to-date volume compiled by Reverse Market insight based on loans conducted through February.