Consumers in the state of Massachusetts are able to obtain the Federal Housing Administration’s new HECM Saver product according to the Division of Banks.
Despite the program being rolled out in October 2010, lenders closing loans in their own name are required to submit a filing for approval of any new product related to reverse mortgages in Massachusetts. According to the DOB, lenders must send a written request for approval with a list of documents describing the product along with the disclosures provided to borrowers.
Jason Lefferts, Director of Communications for the DOB told RMD that American Home Bank Reverse (a division of First National Bank of Chester County), Generation Mortgage Company, and Genworth Financial Home Equity Access, Inc. have been approved to offer the HECM Saver in the state.
“Additionally, there are two applications pending that are presently under reviews,” he said. “They are from Bank of America and MetLife.”
Brokers will also have access to the product through the approved lenders that operate wholesale channels.