Conventional Programs Offer More Advantages Than Federal Housing Administration Loans

PALM BEACH, Fla. -- VirtualBank, a division of Lydian Private Bank and pioneer in the online banking industry, announced the formation of their Seniors Lending Group specializing in a complete suite of conventional reverse mortgage products. These loans are for people 62 and older who want to convert their home's equity into cash without the worries of owing more than the home is worth.

With people living longer, they face the chance of outliving their income and their retirement savings. VirtualBank's Seniors Lending Group has developed three reverse mortgage products collectively called the Lifetime Income From Equity ("LIFE") products to help retirees who own their home stay in their home for life. Products such as the LIFE Plan, Prime LIFE and Jumbo LIFE all offer homeowners more advantages than the current Federal Housing Administration (FHA) programs. The entire suite of LIFE Reverse Mortgages products offer the same non-recourse provisions that are in the FHA HECM reverse mortgage. The VirtualBank Seniors Lending Group's reverse mortgage programs will only be offered through an approved originator network of mortgage bankers and financial institutions.

"Today's seniors are struggling to live off social security alone, investments are falling and property taxes and insurance keep rising. They are being forced to make decisions about keeping their homes and are worried about their income," said Al Rodriguez, President of VirtualBank Seniors Lending Group. "The formation of this group is going to help offer solutions to these problems and allow people in retirement to remain in their homes and utilize the equity they've built to supplement their retirement income."

Capitalizing on VirtualBank's sophisticated technology platform, the Seniors Lending Group has developed a simplified, easy to use, web-based loan registration system for originators entitled Electronic Data Input Technology (EDIT). Rodriguez added, "This system resolves many of the issues originators have today with the complexity of registering reverse mortgage products. Once logged in originators can quickly compare our products with the FHA HECM product and provide the best solution for their client."

Mortgage originators are able to view different reverse mortgage options by visiting www.virtualbankseniors.com.

About VirtualBank

VirtualBank, a federally chartered, FDIC-insured bank, is headquartered in Palm Beach, FL. VirtualBank has transformed the way people bank by providing consumers highly personalized online banking services through a single point- of-contact for all financial transactions. VirtualBank services include traditional savings and checking accounts as well as a full array of home loan products. VirtualBank prides itself on customer service, which includes a feature that provides each accountholder a dedicated Personal Banker, a person dedicated and responsible for the customers' satisfaction. www.virtualbank.com

About Lydian

Lydian is a Florida-based diversified financial services firm that provides a variety of banking, wealth management, and institutional services to affluent families, individuals, and premier financial institutions. Its companies include: Lydian Bank & Trust; Lydian Data Services; Lydian Mortgage; VirtualBank; and Fortigent. For more information on Lydian visit www.lydian.com.

Source: VirtualBank

Web site:
http://www.virtualbankseniors.com/
http://www.virtualbank.com/
http://www.lydian.com/