Live Well Financial (LWF) released a new fixed rate reverse mortgage at a rate of 4.99%, the lowest fixed rate in 20 year history of the HECM program said the company.
“Live Well Financial is proud to be able to offer the New HECM 4.99% Fixed Rate product to our correspondent partners. This product offers maximum proceeds available from the FHA’s HECM program with the lowest fixed rate interest expense in program history and an option for zero servicing fees as well,” said Michael Hild, chairman and CEO of Live Well Financial.
The company said that comparing its 4.99% to today’s industry standard fixed rate product, a typical 70-year-old homeowner with a home valued at $300,000 would save approximately $67,000 in interest costs over 20 years.
“We are pleased to help lead the industry in building better products for our senior homeowners, but these low rates likely will not last for long. Serious concerns about inflation are already beginning to drive interest rates up. For our partners, no time is better than now to help their homeowners who have been sitting on the fence due to the costs of a reverse mortgage” says Hild.
According to LWF, the base option for the fixed rate reverse mortgage at 4.99% includes no SFSA. If brokers choose to offer a SFSA, it will include YSP. For more information, see here.
