After months of speculation, Chase is readying the launch of their reverse mortgage product, which should in theory bring more competition to the marketplace.
Chase Manhattan Bank is gearing up for a fall launch of reverse mortgages, a move that would make it one of the biggest commercial banks to get behind this new and often controversial product.
The product could be available as soon as next month through Chase‘s mortgage subsidiary, a bank spokesman said.
Under the program, Chase will market in its branches products developed by Fannie Mae and by the Department of Housing and Urban Development’s FHA program, industry analysts said.
Chase currently offers protection for general Home Equity Lines of Credit.
You protect your home, but what about your Chase loan or line of credit that pays for it?
No matter how much you plan ahead, unexpected events happen and can seriously impact your ability to make monthly payments. Add Chase Payment Assurance to your Chase Home Equity loan or line of credit account and your monthly payments may be canceled if the unexpected happens to you or your protected co-borrower (if joint coverage is selected).
With the optional Chase Payment Assurance plan, some or all of your regular monthly payments may be canceled in case of:
Disability – cancels up to 12 payments per occurrence* Involuntary Unemployment – cancels up to 12 payments per occurrence* Leave of Absence – cancels up to 3 payments per occurrence* Accidental Death – cancels the outstanding Loan or Line of Credit balance as of the date of the injury resulting in Accidental Death
*Benefits are available for two separate occurrences.
Chase Payment Assurance is the smart way to help protect your assets and get some added peace of mind.
It’s easy to qualify for this Plan, and the fee is billed along with your monthly loan or line of credit payment. What’s more, you have a 40-day money back guarantee – if you decide that Chase Payment Assurance is not for you, simply cancel within the first 40 days and you’ll receive a full refund.