MetLife Bank announced a new pricing option last week for homeowners who take advantage of their reverse mortgage products, which are typically most popular among seniors. The new option will make additional funds available to borrowers at a lower cost, allowing them to fund a more comfortable retirement.
This new reverse mortgage pricing option will eliminate the origination fee and servicing fee, homeowners could receive additional loan earnings anywhere from $3,500 to $10,000.
“This pricing option will allow seniors who desire to take their loan proceeds in an up-front lump sum to unlock even more of their equity to fund their retirement,” said Craig Corn, vice president at MetLife Bank in charge of the bank’s reverse mortgage business. “Savings will vary by the individual case,” he said, “but senior borrowers can end up with a lot more money in their pockets.”
A reverse mortgage is a FHA-insured product that allows senior homeowners ages 62 or older to borrow against accumulated home equity without having to make regular monthly payments of principal and interest.
For more information: MetLife
