Longbridge Financial’s Adrian Prieto and Rob Cooper recently sat down with HousingWire to discuss the opportunities and benefits of the relatively unknown and underutilized Reverse for Purchase product.
Prieto notes that the Reverse for Purchase gives borrowers the option to “right-size” to a new home based on their individual goals and lifestyle. Cooper adds, “The big difference is that monthly mortgage payments are optional so long as the borrower continues to maintain the home and pay their property taxes and insurance.”
With regard to professionals in the real estate market, HousingWire comments, “Real estate agents, loan officers and builders can attract customers they have never captured before. They can help mature customers who have looked at multiple homes and shown all the buying signals but never transacted — for a variety of reasons, but largely due to finances.”