approved it for 55-plus borrowers. In other states, the threshold remains at 60 or 62. Nonetheless, Peskin says, there is plenty of room to grow in the 55-plus market in the states where Equity Elite is available. He expects the RMF product to grow at least 30 percent this year. Regardless of what happens with state laws, interest rates or the stock market, lenders plan to continue tweaking private-label products to expand the market. Lenders are surveying potential customers and conducting market research in search of new uses for their products. The overall growth in volume also is a form of market research, Scarpati says. As FAR encounters more borrowers, the company is learning what products fit—and what changes could help the product reach even more Longbridge Financial Nationwide Equities Plaza Home Mortgage Reverse Mortgage Funding Platinum EquityPower Reverse Jumbo Equity Elite™ $4 million $6 million $4 Million $4 million 60 *state exclusions apply 55 (60 in NY and WA; 62 in NC and TX) 62 55—AZ, CA, CO, CT, DC, FL, GA, HI, IL, MI, MT, NJ (LS & LOC only), NM, NV, OH, OR, PA, RI, SC, VA 60—LA, MA, NJ (Term only) WA 62—NH, TX, and UT Yes, with seller/interested party contributions to 6%. Yes No. Refinance only. Yes. Lender credits and seller concessions are permitted. seller/interested party contributions to 6%. No N/A NBS are restricted. Yes $400,000 None, but borrower must have a draw at least $150,000 $350,000 No minimum property value, but borrower must have draws of at least $100,000, exceptions allowed 600 N/A 640 600 Lump sum and LOC (LOC allows for repayable draws for the first 10 years). Lump sum only. Lump sum only. Line of credit, lump sum and term payments up to 120 months. The Fixed Products are available in AL, AZ, CA, CO, CT, DC, FL, GA, ID, IL, LA, MI, MO, NV, NJ, NM, NC, OH, OK, OR, PA, SC, TX, UT, VA, WA. The LOC Products are available in AZ, CA, CO, CT, DC, FL, ID, IL, MI, NV, NJ, NC, OH, OR, SC, TX, UT, VA. CA, CO, CT, DC, DE, FL, MD, NC, NJ, NV, NY, OR, PA, SC, TX, VA, WA. AZ, CA, CO, CT, FL, GA, HI, IL, MD, NV, NM, NY, OR, PA, TX, UT, WA Lump Sum: AZ, CA, CO, CT, DC, GA, FL, HI, IL, LA, MA, MI, MT, NH, NJ, NM, NV, OH, OR, PA, RI, SC, TX, UT, VA, WA Term: AZ, CA, CO, FL, GA, HI, IL, LA, NH, NJ, OR, RI, SC, TX, VA Line of Credit: AZ, CA, CO, FL, HI, IL, NJ, VA Private-Label Products continued on page 22 REVERSE MORTGAGE / JANUARY-FEBRUARY 2022 21
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