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PrimeLending Now Offers Reverse Mortgages to Better Serve Customers in Their Retirement Years
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PrimeLending announces the launch of a new reverse mortgage product aimed at homeowners aged 62 and older, allowing them to leverage their home equity as income during retirement. This innovative financing option offers flexibility, enabling customers to choose between a lump sum, monthly payments, or a line of credit without needing to sell their homes. CEO Steve Thompson emphasized the commitment to providing customers with valuable financial solutions, enhancing their financial stability. Interested homeowners can find more information about this offering on the PrimeLending website.
Positive
Introduction of reverse mortgages expands product offerings and serves an aging demographic.
Allows retirees to access home equity, providing additional financial flexibility.
Strong emphasis on customer satisfaction, achieving a 96% rating.
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None.
DALLAS--(BUSINESS WIRE)--
PrimeLending, a leading national home loan provider, is excited to announce the addition of reverse mortgages to its product line. This new offering enables eligible homeowners to access a portion of their home equity as a source of income during their retirement years.
Reverse mortgages are an alternative financing option for customers 62 and older who have built up equity in their home. By taking advantage of this loan product, customers can receive a lump sum, monthly payments, or a line of credit that can be used to supplement their retirement income without having to sell their home.
"PrimeLending is committed to providing our customers with the best possible financial solutions, and we are thrilled to offer reverse mortgages to our product line," said Steve Thompson, President, and CEO of PrimeLending. "This new product will provide homeowners with additional financial flexibility and peace of mind during their golden years."
PrimeLending®, a PlainsCapital Company, is a national home lender combining personal guidance and local expertise with fast service, more choices and the flexibility to meet homeowners’ unique needs. PrimeLending is focused on empowering its customers to boldly pursue their homeownership goals, whether they’re looking to buy, refinance, renovate or build a home. The PrimeLending team works alongside our customers in all 50 states, helping them make home financing decisions and have a rewarding experience along the way. Delivering on this promise for more than 35 years, we’re proud to consistently earn a 96% customer satisfaction rating*. PrimeLending is a wholly owned subsidiary of PlainsCapital Bank, which in turn is a wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH). More information at PrimeLending.com. Equal Housing Lender. All loans subject to credit approval. Rates and fees subject to change.
*Survey administered and managed by an independent third-party following loan closing. 96% satisfaction rating refers to the average rating our customers have given our loan officers for the period 01/01/22-12/31/22.
These are brokered loan products. All credit decisions for brokered loan products will be made by the third-party lender. Restrictions and limitations apply.
You must still live in the home as your primary residence, continue to pay required property taxes, homeowners’ insurance, and maintain the home according to Federal Housing Administration (FHA) requirements. Failure to meet these requirements can trigger a loan default that may result in foreclosure. As required by FHA, you will be charged an up-front mortgage insurance premium (MIP) at closing and, over the life of the loan, you will be charged an annual MIP abased on the loan balance. Your current mortgage, if any, must be paid off using proceeds from your home equity conversion mortgage (HECM) loan. If your home needs repairs to be eligible for a HECM loan, you may be able to use the proceeds of the loan to accomplish this. Please consult your tax advisor and appropriate government agencies for any effect on taxes or government benefits.
