BNY Mortgage Co., Newburgh, N.Y., has announced the introduction of Prime Advantage, which the company termed the first fixed-rate jumbo reverse mortgage.The product is designed for older borrowers 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 of 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." The company also offers a variable-rate Prime Advantage loan. Its parent company, EverBank, can be found online at http://www.everbank.com.
