PHH Mortgage Launches Proprietary Reverse Mortgage Product

Core Insights - PHH Mortgage has launched a proprietary reverse mortgage product named EquityIQ, aimed at helping senior homeowners access their home equity [1][2] - The product is designed to complement the existing Home Equity Conversion Mortgage (HECM) offerings and is targeted at a market with an estimated $14 trillion in senior home equity [2] - EquityIQ is expected to provide new opportunities for PHH's wholesale partners and their clients, enhancing the company's product offerings [2] Product Information - EquityIQ is a private jumbo reverse mortgage available to homeowners aged 55 and older, allowing access to more funds compared to traditional HECM [7] - The maximum loan amount for EquityIQ is $4 million, with no upfront or ongoing mortgage insurance and no monthly servicing fee [7] - Eligible property types include single-family homes, condominiums, townhomes, multi-family properties (2-4 units), and planned unit developments [7] - Borrowers must continue to pay property taxes, homeowners insurance, HOA fees, and maintenance costs, and must receive counseling from a PHH-approved housing counseling agency [7] Company Overview - PHH Mortgage is a subsidiary of Onity Group Inc., a leading non-bank financial services company focused on mortgage servicing and originations [4] - The company has been operational since 1988 and has a significant presence in the United States and internationally [4] - Liberty Reverse Mortgage, another brand under Onity Group, is one of the largest reverse mortgage lenders in the nation [4]