Finance of America Reverse will soon debut a hybrid product that combines elements of a reverse mortgage with a forward mortgage.
The lender says it’s an innovative approach to servicing borrowers who are in retirement age but don’t qualify or wish to refinance into a long-term mortgage.
The new product, called EquityAvail, funds at closing and requires that the borrower make payments for 10 years but at a reduced amount, Finance of America Reverse said this week.
“A lot of people are in this kind of transitionary period where a reverse mortgage doesn’t details ⇒
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