This week, One Reverse Mortgage’s President and CEO, Gregg Smith, announced his company’s new proprietary product, Home Equity Loan Optimizer (HELO). The product is currently available through One Reverse’s consumer-direct channel and soon to mortgage brokers.
One Reverse is the third company to introduce a proprietary reverse mortgage in 2018, and the fourth since 2014 when Finance of America Reverse introduced its HomeSafe loan.
Home Equity Loan Optimizer has a lending limit of $4 million. Eligible properties must be worth at least $350,000, and two appraisals are required if the value exceeds $2 million. Borrowers must have a minimum credit score of 640, and non-borrowing spouses are prohibited, according to an article that appeared in National Mortgage News.
Besides One Reverse, Reverse Mortgage Funding LLC offers Equity Edge,Finance of America Reverse has HomeSafe, and LongBridge Financial originates LongBridge Platinum. American Advisors Group announced a partnership last spring to offer FAR’s HomeSafe product through its retail and wholesale channels. You can learn more about these products and other proprietary product news in the July-August issue of NRMLA’s award-winning Reverse Mortgage Magazine.
Or read National Mortgage News’ coverage of HELO’s release.