Available through its retail and wholesale business channels, EquityIQ is designed to be a smarter solution than a traditional Home Equity Conversion Mortgage (HECM) or private reverse mortgage, as it provides:
access to more funds for owners of higher-value homes
lower up-front costs with no mortgage insurance premiums
easier eligibility for condominiums and home purchases
Initially available in California, Liberty plans to expand product availability to additional states with added features in the coming weeks and months.
“We’re very excited to bring to market the EquityIQ reverse mortgage,” said Mike Kent, President of Liberty. “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.”
EquityIQ is available for homeowners ages 62+ and its features include:
fixed-rate, single draw loan
strong LTV’s compared with a HECM and proprietary reverse offerings
access to up to $4 million in up-front cash
low costs including no origination fee options with no servicing fee
no mortgage insurance premium requirement
more flexible terms for condominiums and home purchases
mandatory consumer counseling through designated FHA approved counseling agencies
“We took our time to develop EquityIQ because we wanted to get it right,” said Kent. “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.”
To support the successful launch and growth of EquityIQ, Liberty will be providing a training series called “Raise Your EquityIQ” and marketing materials for loan originators and business partners.
Source: Company Press Release
