RICHMOND, Va./EWORLDWIRE/Feb. 15, 2007 --- Live Well Financial, Inc., one of the nation's leading reverse mortgage lenders, announced the offering of a new federally-insured Home Equity Conversion Mortgage (HECM) that provides homeowners with access to more cash while also reducing the margin on the product."Live Well Financial is proud to be able to offer the new HECM 100 Monthly product to our senior customers. This HECM product offers more proceeds at a lower rate of interest than the standard HECM 150 Monthly product," said Michael Hild, chairman, president and CEO of Live Well Financial. "The reverse mortgage industry has gone far too long without any true product innovations. Live Well Financial is happy to be a part of this new offering, and we look forward to many future products that will allow seniors additional options and lower costs."
This new product makes reverse mortgages available to more senior homeowners. A typical 65 year-old homeowner with a $350,000 home value would receive approximately $13,812 additional cash versus other products in the marketplace today.
In 2006, the industry experienced 77 percent growth in originations, making reverse mortgages one of the fastest growing financial products in the U.S. In the reverse mortgage industry, the Federal Housing Administration's HECM program is the dominant product, responsible for almost 90 percent of originations.
With a HECM reverse mortgage, homeowners 62 years and older can access the equity in their home without ever making monthly mortgage payments. They can use these proceeds immediately, set them up to provide ongoing monthly payments, or make the funds available in a line of credit that is used only when the homeowner chooses. The new HECM 100 offers all of these great features with the benefits of more cash and lower rates.
Live Well Financial is a national reverse mortgage lender focused exclusively on offering financial products to senior homeowners all over the country to help them improve their financial well-being.
For information, contact Live Well Financial at (866) 417-0646 or visit 'http://www.LiveWellFinancial.com'.
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