MetLife Bank unveils reverse mortgage option to unlock more equity at lower cost

MetLife Bank, N.A., one of the leading providers of reverse mortgages to older Americans, today announced a new pricing option for homeowners, which will make thousands more dollars available to many borrowers at a lower cost, allowing them to fund a more comfortable retirement.This new pricing option, which applies to one of the most popular reverse mortgage products, will eliminate the origination fee and servicing fee, which means homeowners could receive additional loan proceeds ranging from $3,500 to $10,000, or more in some cases.Also known as a HECM – Home Equity Conversion Mortgage – a reverse mortgage is a FHA-insured product that allows senior homeowners ages 62 or older to borrow against accumulated home equity without having to make regular monthly payments of principal and interest. MetLife Bank will continue to make other options available to applicants, including variable rates and lines of credit, but for those who choose a fixed-rate lump-sum HECM, there will be no origination fee or monthly servicing fee under this option.“This pricing option will allow seniors who desire to take their loan proceeds in an up-front lump sum to unlock even more of their equity to fund their retirement,” said Craig Corn, vice president at MetLife Bank in charge of the bank’s reverse mortgage business. “These additional proceeds can g

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