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announced Tuesday the availability of its proprietary reverse mortgage product “HomeSafe Standard” in the state of New York..
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That means the mortgage industry should start soon to prepare for the transition to the new index, the group told reporters.
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Existing customers could save over 500 a year on average by switching to a new mortgage deal, compared to paying Homeowner Variable rate. The 500 average saving is based on current fixed rate mortgage deals and assumes that the current Homeowner Variable rate of 4.24% doesn’t change.
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