According to an article from Heraldnet that was released yesterday, BNY Mortgage will be releasing two fixed-rate reverse mortgage products on March 5. The first will be called the New Generation HECM (TM) which will be tied to the one-year CMY or constant maturity treasury index. The second product, the Fixed Prime Advantage (TM) which I mentioned a few weeks ago will be a jumbo loan for loans greater than $405,000. The rate will be set at closing is going to be prime + .99 percent.
If you would like to read Tom Kelly’s full article click the link below.
I hope everyone had a great weekend and if I get anymore information from on the products I will be sure to post.