Early this week Lender Lead Solutions began accepting applications for their new fixed rate HECM program. With the addition of the HECM fixed to their product line, LLS offers a large suite of products that no other lender can currently match.
“We are pleased to continue to grow our product offering to our wholesale clients so we can be a one-stop-shop for all their needs,” said David Peskin, chief executive officer of Lender Lead Solutions. “Lender Lead Solutions was the first to introduce a product for seniors under the age of 62, and we continue to create innovative products to serve our clients and the senior community.”
Lender Lead Solutions’ fixed rate HECM reverse mortgage product eliminates rate fluctuations, therefore eliminating interest rate risk. The fixed rate HECM has maturity conditions similar to those of a traditional HECM, including no loan repayments so long as the borrower maintains homeowner’s insurance, pays real estate property taxes, maintains the home and does not vacate the residence for more than 12 months.
With HECM rates so low, the HECM fixed actually offers the borrower more money than the adjustable rates. To read a copy of the press release click the link below.