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Reverse Mortgage News for Seniors
Fixed-Rate Jumbo Reverse Mortgage Introduced for
High Value Homes
Available throughout the country in coming
weeks: BNY Mortgage
 May 16, 2007 – A new reverse mortgage product,
Prime Advantage, has been designed to suit the needs of older Americans
with higher-value homes who want access to more cash than a traditional
reverse mortgage provides and the added financial certainty of a fixed
interest rate for the life of the loan, according to BNY Mortgage.
"With interest rates more than doubling over the
past three years, many homeowners are uncomfortable with an adjustable
rate," said Robert Sivori, co- president, BNY Mortgage, an EverBank
Company.
"Prime Advantage eliminates this uncertainty by
providing an opportunity to lock in a fixed rate at closing. It also
provides the flexibility to eliminate lender closing costs and gives
borrowers the comfort of knowing exactly how much money they will owe at
any point in time. This is particularly helpful in the estate planning
process."
Prime Advantage offers a fixed rate, comparable to
that of many conventional forward mortgages; however, no mortgage
payments are required as long as the borrower lives in the home, the
company says.
And, the news announcement says, "Because the
interest accrual for Prime Advantage is set, borrowers will have the
comfort of knowing exactly how much money they will owe at any point in
time."
For those that prefer a variable rate loan, BNY
Mortgage also offers a variable rate Prime Advantage, currently at Prime
plus a margin.
For added security, Prime Advantage includes an
Equity Protector option. This feature allows older homeowners to protect
from 10 to 50 percent of their home's value. In addition, Prime
Advantage features a no lender closing cost option. Homeowners have the
opportunity to fold the closing costs into the loan, or waive closing
costs altogether with a full cash draw at closing. Some borrowers may be
required to pay applicable state or local mortgage tax, including excise
or intangible tax.
"A reverse mortgage is a powerful tool that can
make a big difference in the lives of older homeowners, offering
financial peace of mind and enabling them to live a more fulfilling
life," added Sivori. "Prime Advantage lifts the lending limits of a
traditional reverse mortgage, while offering more money, more benefits,
and more flexibility to owners of higher value homes."
Prime Advantage is now available directly from BNY
Mortgage throughout Connecticut, Massachusetts, New Jersey, and New
York. Availability in additional states will follow in the coming weeks.
In addition, Prime Advantage is available in California from select BNY
Mortgage wholesale partners and will be available throughout the country
in the coming weeks.
Editor's Notes:
About BNY Mortgage
BNY Mortgage Company LLC is headquartered in
Newburgh, New York, and operates regionally as an originator and
servicer of reverse mortgage loans. BNY Mortgage Company LLC is an Equal
Housing Lender and is located at 700 Corporate Boulevard, Newburgh, New
York, 12550, 800-269-6797.
EverBank Financial Corp is a private financial
services holding company headquartered in Jacksonville, Florida. With
approximately $4.2 billion in assets, 1,500 employees, and over 400,000
customers nationwide, EverBank is one of the industry's fastest growing,
high performing financial service firms.
EverBank provides national banking and lending
products directly to consumers and through a variety of business
partners including priceline.com, Bank of New York, and other financial
advisors and brokers. EverBank has received numerous awards including
Forbes and Online Banking Report's "Best of the Web" as well as other
servicing, banking, and technology honors. For more information on
banking, mortgages, wholesale and commercial lending, visit
http://www.everbank.com/.
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