EverBank Reverse Mortgage LIBOR | Reverse Mortgage Daily

EverBank Rolls Out LIBOR Reverse Mortgage Products

February 13th, 2008 | by John Yedinak Published in MetLife, News, Products, Reverse Mortgage | 7 Comments

As the industry continues to shift from CMT to LIBOR based reverse mortgage products EverBank Reverse Mortgage recently announced the release of their LIBOR based HECM product. The product will offer seniors five different margins of 1.00%, 1.125%, 1.25%, 1.375% and 1.50%.

We started seeing LIBOR based reverse mortgages a few months ago and according to Joe DeMarkey, VP – Director of Corporate Development for EverBank Reverse, there were two reasons they delayed releasing the product. “As the interest rate environment has started to normalize itself this month, LIBOR HECM’s now offer (at most margin levels in the marketplace) the same Principal Limit as most Treasury-bill based HECM’s. In addition, since most institutional investors prefer LIBOR based assets to Treasury-bill based assets, we believed that this would also help the liquidity issue that we are seeing in the secondary market. These were the two factors that drove our timing decision.”

EverBank Reverse Mortgage

Technorati tags: Reverse Mortgage, Reverse Mortgage News, HECM, EverBank, LIBOR

Email This Post

Print This Post

Related Posts

http://www.legalthriller.blogspot.com Jack Payne

Why is it that reverse mortgages are still so universally misunderstood? A major problem for the promoters.
Joe Schultz

Is there any liquidty problems selling CMT based reverse product into the securities markets? Are originators holding these products in portfolio or is there a demand for these assets in the overall financial markets?

Joe
Counter

So are there 4 different margins or 5?

1.00%, – one
1.125%, – two
1.25%, – three
1.375% – four
and 1.50%. – five
http://reversemortgagedaily.com admin

My bad, there are 5, I updated the post.
Anonymous

There is higher demand and higher pricicng (read: more $$) in the secondary market for LIBOR Products. All of this has been disguised as LIBOR rates being more stable over the long term but the reality of it is economics. This is a similar shift that the forward market experienced about 6-7 years ago when Wall Street changed its preference from Treasury based ARMs to Libor ARMs.
http://greggulliford.wordpress.com Greg Gulliford

From the client perspective, what is it they should know about the Libor products versus the T-bill products?
http://none Patricia Bloom

I don’t understand how the various rates listed relate to the customer/reverse mortgage holder. I am now looking to refinance with EverBank formerly BNY.
Main purpose is to have more available cash for home maintenace, repairs etc.

This loan does not sacrifice the homeowner’s equity as has been misstated by the media.

EverBank Rolls Out LIBOR Reverse Mortgage Products

Wholesale Lender Sponsors

Sponsors

Exclusive Training Provider

Reverse Mortgage Jobs

Recent Articles

Popular Posts

Our Sites