EquityIQ has reduced its minimum age requirement to 55 in some states and offers loans up to $4 million without mortgage insurance or servicing fees. The program is exclusive to primary residences and mandates counseling from a PHH-approved agency. With a vast pool of senior home equity available, Onity aims to help older homeowners access funds through this product. Despite previous market withdrawals, Onity is committed to competing within the reverse mortgage market, highlighting its experience and potential for growth.
EquityIQ now features a lower minimum age of 55, offers maximum proceeds of $4 million, and has no upfront or ongoing mortgage insurance fees.
With an estimated $14 trillion in senior home equity, EquityIQ aims to help senior homeowners unlock necessary funds to meet their financial needs.
The loan is designed for primary residences only, which distinguishes it from other mortgage products by limiting usage to owner-occupied homes.
After several suspensions due to market volatility, Onity's reentry into the proprietary reverse mortgage space shows competitive growth potential.
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