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Sun West launches its Proprietary Reverse Mortgage Program, CashKeeper

(Applicable to Retail and Wholesale Channel in the state of California)



Dear Licensed Partners,

Sun West Mortgage Company, Inc. is introducing a new proprietary Jumbo Reverse Mortgage Program, The CashKeeper.

The new program provides financing for loan amounts higher than the maximum limit set by the Federal Housing Administration (FHA) for the Home Equity Conversion Mortgage (HECM) program.

Following are the important features of this program:

  • Loan amount up to $2,287,500* for Owner Occupied Primary Residence on Purchase and Refinance transactions. Loan amount is based on interest rate, home value, and age of the youngest borrower or eligible non-borrowing spouse. Note: Loan amount reduction applicable based on property value.
  • Minimum Property Value is $400,000.
  • No Mortgage Insurance Premiums (MIP).
  • Minimum qualifying FICO score is 660 for all the borrowers.
  • Fixed rate loan, and available rates are 6.25%, 7%, and 7.5%.
  • Borrower has the option to take entire loan proceeds either as lump sum or in the form of monthly term payment.
  • 1-4 units, Planned Unit Developments (PUDs), Site Condominiums and FHA or CPM (Fannie Mae) approved Condominiums allowed.
  • Non-recourse (will never owe more than your home is worth).

*The loan amount calculated above is for a 91 year old borrower at 7.5% interest rate and a property value of $5,000,000. The amount is after reducing the principal limit factor based on property value.

To obtain comparative information on different reverse mortgage products, access the Origination Calculator through sunsoft.

For any additional questions on the program, please email Sun West’s underwriting scenario desk at uwscenarios@swmc.com or call our Underwriting Hotline at (800) 241-7113.


Sincerely,

Sun West Mortgage Company, Inc.

6131 Orangethorpe Avenue, Suite 500
Buena Park, CA 90620
Phone: (800) 453-7884



SW-1: Our No Overlays Program

This information is provided to licensed mortgage professionals only and not for distribution to consumers. Please visit https://www.swmc.com/disclaimer.php or refer to www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. All Rights Reserved. We are not accepting applications from Georgia or Massachusetts residents. We are purchasing mortgages secured by Massachusetts properties but not Georgia. Sun West Mortgage Company, Inc. (NMLS ID 3277) holds a Financing Law License (#6030119) [Loans made or arranged pursuant to a California Financing Law license], licensed by the California Department of Business Oversight, Phone: (866) ASK-CORP and has a DRE Real Estate Corporation License Endorsement (#00793885), licensed by the California Department of Real Estate, Phone: (877) 373-4542.

Equal Housing Opportunity