After rolling out the first new jumbo reverse mortgage product in two years, Generation Mortgage announced it closed the first Plus product on Wednesday.
“The Generation Plus loan caters to an underserved segment of senior homeowners living in higher-valued homes,” said Scott Peters, President and CEO, Generation Mortgage Company. “We’re very pleased with the quick market [...]

Generation Mortgage’s decision to release the first jumbo reverse mortgage product in years is a big step for the industry and a closer look at the product guidelines provides some insight into where proprietary products are heading.
Signaling the future of reverse mortgages will include some sort of a credit underwrite, the Plus products requires a [...]

During the Mortgage Bankers Association Secondary Marketing conference in New York last week, David Stevens, Federal Housing Administration (FHA) commissioner stressed to attendees the need to bring private markets back into the mortgage business.  “This is a market purely on life support, sustained by the federal government,” he said. “Having FHA do this much volume is [...]

Generation Mortgage announced the release of the Generation Plus on Tuesday, a new fixed rate jumbo reverse mortgage program for homes valued up to $6 million.
The product is tailored specifically for seniors whose homes appraise higher than than $1,000,000 said the company.

The Teachers Federal Credit Union (TFCU) announced that it has partnered with Members Trust Co. to offer reverse mortgages to its customers.  The Farmingville, N.Y.-based credit union has over 200,000 members and will offer FHA’s Home Equity Conversion Mortgage and a proprietary reverse mortgage developed by the Tampa, Fla.-based trust company.
TFCU’s new program will [...]

When 1st Reverse announced it was releasing a new jumbo reverse mortgage product, there was plenty of questions from RMD readers.  Below is some additional information about the new FLEX jumbo reverse mortgage product :

1st Reverse Financial Services announced yesterday that it will start taking applications for its new jumbo reverse mortgage product starting March 25, 2009.  The FLEX-XL™ will initially be available to retail customers and a select group of correspondent before it’s opened up to everyone said President Ralph E. Rosynek. 
The FLEX-XL is an adjustable [...]