"Qualification is based on the lifetime cap, resulting in lower monthly payments when determining the debt-to-income ratio (DTI). Today's financial challenges in retirement require reimagined financial solutions built on choice and innovation. We reimagined asset-based lending using home equity. We spent several years designing this product and building a web-calc to provide customized quotes within seconds, said David Peskin, president and CEO of American Senior Lending."
"with a protected line of credit. A second-lien version is in development, the company's press release stated. A pilot program showed that a 75-year-old borrower qualified for a $300,000 EquitySelect loan, drawing $150,000 at closing. The initial monthly payment was $126 and will not rise above $391 during the 40-year term, even after tapping the remaining balance, until the final balloon payment is due."
Qualification is based on a lifetime cap, which lowers monthly payments when determining the debt-to-income ratio (DTI). EquitySelect repackages home equity into an asset-based lending product available only in first position on primary residences with tappable equity. The product carries no annual fees, no prepayment penalty, a fixed 40-year term and a protected line of credit. A second-lien version is in development. A pilot showed a 75-year-old qualified for a $300,000 loan, drew $150,000 at closing, and had an initial monthly payment of $126 that will not exceed $391 during the 40-year term until the final balloon payment. A web calculator provides customized quotes within seconds, and average U.S. homeowner equity is reported near $307,000.
Read at www.housingwire.com
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