Lender Lead Solutions, a Melville, N.Y.-based comprehensive reverse mortgage services company, has introduced its first fixed-rate Home Equity Conversion Mortgage (HECM) product.
The fixed-rate HECM has maturity conditions similar to those of a traditional HECM, including no loan repayments so long as the borrower maintains homeowner's insurance, pays real estate property taxes, maintains the home and does not vacate the residence for more than 12 months. The fixed-rate HECM also permits full ownership of the residence for the borrower and the financial security of government insurance, Lender Lead Solutions notes.