Nationwide Equities has announced the availability of its proprietary EquityPower reverse mortgage in the state of New York.
The product was approved by the state’s Department of Financial Services this week, following Nationwide Equities’ application for approval many months ago.
“Now we are the second lender in the state to offer a private reverse mortgage,” says Glenn Wallace, Nationwide Equities’ president. “When we launched EquityPower, we knew we were going to go in this direction, and we applied in New York about a year ago. Kudos to the department deputy superintendent and her staff who helped us get what was needed to get this product approved.”
The EquityPower will initially be available in New York through the company’s retail channel with a fixed rate option only, with plans to offer the product in New York to wholesale partners in the future.
Nationwide Equities announced in early May that it had raised the loan limit for EquityPower to $6 million and higher for special cases. In April, Nationwide launched EquityPower with the help of ReverseVision private program support, after the initial rollout of the product in February.
On the heels of the product expansion and its success in areas with high-valued homes such as the California and Florida coasts, the move into New York is well timed to provide an opportunity unique to Nationwide Equities, Wallace says, based on the company’s presence in the area.
“We are a local company and most of our corporate employees live in NY,” Wallace says. “We truly believe that EquityPower will make a difference in assisting our customers in New York meet their financial goals.”