Virtual Bank, a division of Lydian Private Bank announced today the formation of their Seniors Lending Group which specializes in a suite of conventional reverse mortgage products. According to the press release, Virtual Lending Group has developed three reverse mortgage products called Lifetime Income From Equity (“LIFE”). The LIFE Plan, Prime LIFE, and Jumbo LIFE are said to offer homeowners more advantages than the current HECM programs.
Along with the new suite of products, Seniors Lending Group has also developed an easy to use, web based loan origination system for originators called Electronic Data Input Technology (EDIT). Al Rodriguez, President of VirutalBank Seniors Lending Group says, “This system resolves many of the issues originators have today with the complexity of registering reverse mortgage products. Once logged in originators can quickly compare our products with the FHA HECM product and provide the best solution for their client.”
According to the press release, these programs will only be offered through an approved originator network of mortgage bankers and financial institutions. Once I get some more information on the products I will be sure to post more details. To read a full copy of the press release click the link below.