Plaza Home Mortgage Inc, a wholesale and correspondent mortgage lender, is now offering its proprietary reverse jumbo mortgage program in Connecticut.
According to the San Diego-headquartered company, the program provides refinance loan amounts of up to $4 million with no Federal Housing Administration mortgage insurance requirement and has no minimum or maximum lump sum payout requirement at closing.
The fixed-rate program is available through Plaza”™s wholesale channel and covers a range of properties including single-family, two to four units, townhomes and condominiums. The program can also be used to refinance seasoned home equity conversion mortgages to jumbos or jumbo first mortgages to HECMs.
“Plaza is expanding its program in response to the growing demand from older homeowners for flexible financing and income solutions,” said Mark Reeve, vice president of reverse mortgages at Plaza Home Mortgage.
“The program enables brokers to better serve seniors and older baby boomers in high-cost housing markets. We expect to continue rolling out this program to additional states and to add adjustable rate and purchase options in the near future.”
