February 20th, 2009 | by John | published in FHA, News, NRMLA, Reverse Mortgage
Earlier this week, President Obama signed the $787 billion American Recovery and Reinvestment Act, which raises the national loan limit for HECMs to 150% of the Freddie Mac Loan limit or $625,500. The higher limit is for the remainder of 2009 only, in order for it to be extended it would have to go back [...]
February 20th, 2009 | by John | published in Generation Mortgage, News, Reverse Mortgage
Generation Mortgage released a statement earlier this week in response to Consumer Reports Money Mistakes: Risks to Watch Out For article. Consumer Reports listed reverse mortgages as one of five financial “come ons” and Joe Morris, chief executive officer of Generation called the article, "Irresponsible, misleading and poorly-researched journalism." Morris continued, "Most experienced financial professionals [...]
February 19th, 2009 | by John | published in News, Reverse Mortgage
With the new reverse mortgage loan limit on its way, I know that originators are looking for a calculator that shows the $625,500 loan limit. IBIS published a sample calculator for RMD readers which compares a HECM T+300 with current limits and a $625,500 limit (columns 1 and 2). Ditto for a HECM L+250 (cols. [...]
February 19th, 2009 | by John | published in News, Reverse Mortgage
Golden Gateway Financial, an Oakland, Calif.-based firm that offers reverse mortgages tailored to senior citizens, has raised around $5 million in additional Series A funding led by Menlo Ventures. Menlo previously led a $6 million series earlier in the round according to peHUB. A company spokesman told RMD that the additional funds raised will be [...]
February 19th, 2009 | by John | published in News, Reverse Mortgage, Reverse Mortgage Jobs
Have you stopped by to check out our job board? Companies like 1st Reverse,Generation Mortgage, and Omni are hiring nationwide and here are a few other companies looking to expand: Reverse Mortgage Specialist (Multiple Cities) MetLife Bank HECM HUD Counselor (Delray Beach) Consumer Credit Management Services Reverse Loan Officer (Atlanta) Retire Secure LLC
February 18th, 2009 | by John | published in JB Nutter, News, Reverse Mortgage
Kansas City Business Journal recently published a story about JB Nutter and the problems it has run into due to the credit crunch. The article describes how the 2nd largest wholesale reverse mortgage lender in the country has been forced to stop accepting new files from its wholesale customers until March due to warehouse providers [...]
