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« Credit Unions See Growing Interest In Reverse Mortgages
HUD Director Concerned About Legislators Overzealous Attention To Reverse Mortgage Industry »

Another Jumbo Reverse Mortgage Product Discontinued, One Lender Remains

September 17th, 2008  |  by John Yedinak Published in Jumbo Products, LLS, MetLife, News, Products, Reverse Mortgage  |  4 Comments

EverBank_4C_®EverBank Reverse / MetLife announced that they would be discontinuing their proprietary reverse mortgage product due to the unprecedented market events of recent days.  The Reverse Select is the second jumbo reverse mortgage product that has been discontinued in the last 30 days.

So what options are left?  The last and only wholesale lender offering a jumbo reverse mortgage is the Senior Lending Network.  Below is a list of states the product is offered in and click here for more product information.

LLS Equity Plus Advantage – Available in AL, AZ, CA, CO, CT, DC, FL, IL, LA, ME, MD, MI, MS, MO, NJ, NM, NC, NY, NV, OH, OR, PA, SC, TC, and VA.

As the entire financial industry has been rocked by the bankruptcy of Lehman Brothers and the uncertainty over AIG, we need HUD to come to a decision on the HECM loan limits and implement them as soon as possible.  As one RMD reader said in an email,

HUD’s delay and lack of communication about the loan limits is impacting hundreds and maybe thousands of seniors in higher value areas.  Seniors are facing ruin, foreclosure, or worse and don’t understand why they cant receive a reverse mortgage even though the President has signed the Housing Bill into law.  HUD needs to make a decision and act on it so we can start helping these people.

While I agree, the Bill is over 400 pages and implementing all of the provisions is not an easy task.  It’s my guess that we will hear something by October 1st since it’s the beginning of the federal fiscal year.  I’ll keep you posted.

Technorati Tags: Reverse Mortgage,News,HECM,FHA,HUD,MetLife


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    Related Posts
  • Top Reverse Mortgage News of 2008
  • Senior Lending Network Suspends Proprietary Reverse Mortgage Products
  • Gold Reverse Suspends Jumbo Reverse Mortgage Product



  • http://www.reversemortgage4you.org David

    Anyone know Senior Lending Networks rates (fixed, adj), index the rate is tied too. Is there a line of credit feature (growth rate?) or all cash out?

  • http://reversemortgagedaily.com admin

    Check out the product guide

    http://lenderleadsolutions.com/files/EPAspec.pdf

  • Reed Swain

    Senior Lending Network is not the only Jumbo product out there. Countywide still has their SimplyEquity product. It doesn’t pay out very well, but it still exists.

  • Reed Swain

    I agree with the comment about HUD’s lack of communication and delaying implementing the county limits. It is absolutely not necessary for them to implement House bill 3221 all at once. Poppycock! Truth is though we a reverse reps are made out to be the non-caring money grubbers, history shows HUD is more interested in things, such as rules and regulations, than people. Seniors needs should be paramount. Let’s see some action!

.

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