Firm Unveils 1st Reverse for 60-Year-Olds

Lender Lead Solutions, Melville, N.Y., has announced the introduction of Simple60, which it says is the first reverse mortgage product available to homeowners beginning at age 60.Simple60 is a nonrecourse loan that ensures that loan debt will never exceed the value of the home. The product also allows seniors over the age of 62 (the current age requirement for federally insured Home Equity Conversion Mortgages) to borrow a smaller amount of money with lower closing costs and reduced fees, the company said. "Census statistics tell us that the oldest of the baby boomers turned 60 last year, and more than 4.5 million seniors currently fall between the ages of 60 and 62," said David Peskin, chief executive officer of Lender Lead Solutions. "We feel this is the perfect time to introduce the Simple60 product." The company can be found online at http://www.lenderleadsolutions.com.