- PHH Mortgage introduces EquityIQ®, a reverse mortgage product for homeowners aged 55+.
- EquityIQ® offers a fixed-rate loan with a maximum amount of $4 million, without mortgage insurance or servicing fees.
- Targets an estimated $14 trillion senior home equity market, aiming to help homeowners access equity for financial needs.
PHH Mortgage, a subsidiary of Onity Group Inc. (ONIT, Financial), has launched EquityIQ®, a proprietary reverse mortgage product designed for homeowners aged 55 and older. This innovative product provides a fixed-rate loan with a maximum limit of $4 million.
EquityIQ® distinguishes itself by offering no upfront or ongoing mortgage insurance and no monthly servicing fees. Borrowers are required to take a full draw of available proceeds at the closing. This product complements PHH's existing Home Equity Conversion Mortgage (HECM) line and will be distributed through PHH's wholesale network under the Liberty Reverse Mortgage brand.
The product is aimed at tapping into the estimated $14 trillion in senior home equity, providing a financial solution for senior homeowners to access their home equity for personal and financial needs. Available property types for EquityIQ® include single-family homes, condominiums, townhomes, multi-family properties (2-4 units), and planned unit developments.
The introduction of EquityIQ® positions PHH Mortgage to serve a broader range of customers by lowering the minimum age requirement to 55 years and increasing the loan limits compared to traditional HECMs. This strategic expansion leverages PHH's expertise in reverse mortgages, offering a diverse portfolio catering to different borrower demographics.
