NEWBURGH, N.Y., May 16 /PRNewswire/ -- BNY Mortgage, an EverBank Company, is now helping homeowners age 62 and older with higher-value homes achieve greater financial security and peace of mind with the introduction of Prime Advantage, the first fixed-rate jumbo reverse mortgage. Prime Advantage is specifically designed to suit the needs of older Americans who want access to more cash than a traditional reverse mortgage provides and the added financial certainty of a fixed interest rate for the life of the loan.
"With interest rates more than doubling over the past three years, many homeowners are uncomfortable with an adjustable rate," said Robert Sivori, co- president, BNY Mortgage. "Prime Advantage eliminates this uncertainty by providing an opportunity to lock in a fixed rate at closing. It also provides the flexibility to eliminate lender closing costs and gives borrowers the comfort of knowing exactly how much money they will owe at any point in time. This is particularly helpful in the estate planning process."
Prime Advantage offers a fixed rate, comparable to that of many conventional forward mortgages; however, no mortgage payments are required as long as the borrower lives in the home. And, because the interest accrual for Prime Advantage is set, borrowers will have the comfort of knowing exactly how much money they will owe at any point in time. For those that prefer a variable rate loan, BNY Mortgage also offers a variable rate Prime Advantage, currently at Prime plus a margin.
For added security, Prime Advantage includes an Equity Protector(SM) option. This feature allows older homeowners to protect from 10 to 50 percent of their home's value. In addition, Prime Advantage features a no lender closing cost option. Homeowners have the opportunity to fold the closing costs into the loan, or waive closing costs altogether with a full cash draw at closing. Some borrowers may be required to pay applicable state or local mortgage tax, including excise or intangible tax.
"A reverse mortgage is a powerful tool that can make a big difference in the lives of older homeowners, offering financial peace of mind and enabling them to live a more fulfilling life," added Sivori. "Prime Advantage lifts the lending limits of a traditional reverse mortgage, while offering more money, more benefits, and more flexibility to owners of higher value homes."
Prime Advantage is now available directly from BNY Mortgage throughout Connecticut, Massachusetts, New Jersey, and New York. Availability in additional states will follow in the coming weeks. In addition, Prime Advantage is available in California from select BNY Mortgage wholesale partners and will be available throughout the country in the coming weeks.
About BNY Mortgage
BNY Mortgage Company LLC is headquartered in Newburgh, New York, and operates regionally as an originator and servicer of reverse mortgage loans. BNY Mortgage Company LLC is an Equal Housing Lender and is located at 700 Corporate Boulevard, Newburgh, New York, 12550, 800-269-6797.
EverBank Financial Corp is a private financial services holding company headquartered in Jacksonville, Florida. With approximately $4.2 billion in assets, 1,500 employees, and over 400,000 customers nationwide, EverBank is one of the industry's fastest growing, high performing financial service firms.
EverBank
