One Reverse Mortgage Announces Personalized Approach to Reducing Costs Associated With Reverse Mortgages
- Individualized promotion tailors perks to each client's situation -
LIVONIA, Mich., May 12 /PRNewswire/ -- One Reverse Mortgage, the nation's third largest reverse mortgage lender, today announced a new, customizable approach to increasing the affordability of obtaining a reverse mortgage.
Under the new pricing promotion, each client's personal situation will continue to be analyzed by a mortgage banker, but through the new program, a special package of promotions will be created. Discounts in the package can include lower interest rates, reduced or zero origination costs or no monthly service fees.
"In recent months getting a reverse mortgage has been challenging due to new restrictions that impact the amount of equity clients can access from their home," said Jay Farner, CEO of One Reverse Mortgage. "Our new pricing promotion allows us to tailor a package of incentives that most benefit each client's specific situation and goals. This eliminates the cookie-cutter approach of reducing only a single fee that too often benefit only a small portion of clients."
According to One Reverse Mortgage, there are several instances where the one-size-fits-all promotions fail consumers and a more personalized approach is preferential. For instance, a client who needs immediate cash may benefit from one promotion, whereas another client looking to simply eliminate monthly mortgage payments with the ability to access their proceeds at a later time would benefit from a much different discount.
"Our approach here is very different, but that is because we pride ourselves on being a different company. We work closely with our clients, help them to define their goals and then provide solutions that allow them to accomplish their dreams. This new campaign is simply an extension of that close relationship we enjoy with each and every One Reverse Mortgage client," Farner added.
Consumers age 62 or older with equity in their home are eligible for a reverse mortgage. The tool, which was designed as a form of financial relief for those reaching retirement age, eliminates mortgage payments and provides tax-free access to equity. Unlike traditional "forward" home loans, no repayment is required until the homeowner no longer occupies the property as their primary residence.
For more information about reverse mortgages, visit www.onereversemortgage.com.
About One Reverse Mortgage:
One Reverse Mortgage is the nation's third largest provider of reverse mortgage products that allow homeowners age 62 and older to convert some of their home equity into tax-free income without having to sell their home. One Reverse Mortgage was founded in 2001 and operates in 43 states across the U.S. The company is headquartered in San Diego, Calif., and is a Quicken Loans company.
SOURCE One Reverse Mortgage
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