Liberty Home Equity Solutions has launched EquityIQ, a proprietary reverse mortgage for Homeowners 62-years-old and above, as well as owners of higher-value homes.
The new product is a fixed-rate, single-draw loan designed to reduce up-front costs and does not require mortgage insurance premiums. Homeowners can tap up to $4 million funds for condominiums and home purchases through EquityIQ.
“We’re very excited to bring to market the EquityIQ reverse mortgage,” said Liberty Home President Mike Kent. “With EquityIQ, borrowers can access more of their home equity with lower average origination costs than a HECM. In addition, loan originators can reach new customer segments and help rebuild growth in the reverse industry.”
The reverse mortgage lender has made EquityIQ available through its retail and wholesale business channels in California. Liberty Home said it has plans to roll out the availability of the product to more states with added features in the next few weeks and months.
“We took our time to develop EquityIQ because we wanted to get it right,” Kent said. “In addition to providing great rates and strong LTV’s for borrowers, we’ve designed EquityIQ to deliver a superior customer experience through comprehensive education and communications materials, and an easy origination process using Liberty’s exclusive, no-cost portal.”