Liberty Reverse Mortgage again launches Equityiq its own product
Equityiq now has a lower minimum age requirement of 55 in certain states. It is also as a loan with a fixed interest rate with maximum revenues of $ 4 million, well above more Federal Housing Administration (FHA) Limits for the Home Equity Conversion MortGage (HECM) program.
Onity explained that EquityiQ does not contain a pre -current or current mortgage insurance or maintenance costs, and that a full draw of loan revenues is required when closing. Types of real estate that is eligible for Equity IQ include single-family homes, condominiums, terraced houses, multi-family homes with two to four units and planned unit developments.
There is a counseling requirement from a desk approved by PHH. And the loan is only available for the primary stay of a borrower in contrast to a second or holiday home.
“With an estimated $ 14 trillion in Senior Home Equity, we are pleased to launch Equityiq, which is a supplement to our existing [HECM] Product offering, to help senior homeowners to unlock their equity to meet personal and financial needs, “said Andy Peach, Executive Vice President and Chief Lending Officer at Onity Group.
Liberty is no stranger to the patented inverted mortgage space. In 2007, the company introduced Liberty Prefered, the first own product, which ultimately left the market. Twelve years later, under the earlier branding of Onity as OCWEN FINANCIAL CORP.The company announced the original version of Equityiq, which was launched in the summer of 2019.
It was briefly suspended due to COVID-19 market volatility in March 2020, but it was reduced a few months later. In 2022, the company suspended the availability of the product due to the volatility in the bond markets and was then removed from the market.
But managers have been telegraphing for months the return of the brand to their own reverse mortgage space, including in an investors presentation last month.
“It is clear that launching a competitive Jumbo -so it offers the possibility of growing,” said Glen Messina, CEO of Onity, in March. And again, with an 18% [HECM] Market share, we have a great market coverage to push that product. “
Onity and Liberty enter their own space again in a much busier field of competitors. Include Financing of America and his home -bone product suite, Longbridge Financial and are platinal line and offers from companies such as University bank” Smartfi Home Loans And Rural shares.
HECM -Market leader Mutual or Omaha Mortgage Earlier this month it also announced that it has launched its own reverse mortgage product, Secure Equity, with initial availability in California and Florida.
