Reverse Mortgage of America, Seattle, has announced the introduction of a jumbo reverse mortgage product called The Independence Plan.Designed for owners of higher-value homes, the new product can provide a higher percentage of available home equity to borrowers, exceeding the federal loan limit on reverse mortgages, the company said. The Independence Plan functions similarly to the Federal Housing Administration's Home Equity Conversion Mortgage and Fannie Mae's HomeKeeper programs, but is funded by a third-party lender. The loan provides senior citizens with more available cash than any other plan, Reverse Mortgage of America said. "For example, a HECM would provide a typical 73-year-old couple with an appraised home value of $700,000 with $206,008 in available funds," the company said. "Using The Independence Plan, this same couple would not have to pay loan fees, netting $298,200 in available funds, a difference of $92,192." The company can be found on the Web at http://www.seattlemortgage.com.
