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Jumbo Products

After Long Dry Spell, Jumbo Reverse Mortgage Closings Begin

August 18th, 2010  |  by John  |  published in Generation Mortgage, Jumbo Products, News, Reverse Mortgage

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 [...]


The Return of Jumbo Reverse Mortgages: A Closer Look

June 17th, 2010  |  by John  |  published in Generation Mortgage, Jumbo Products, News, Reverse Mortgage

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 [...]


With High FHA Loan Limits, Hard for Private Reverse Mortgages to Compete

June 3rd, 2010  |  by John  |  published in FHA, Generation Mortgage, Jumbo Products, News, Reverse Mortgage

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 [...]


Proprietary Reverse Mortgage Product Returns

June 1st, 2010  |  by John  |  published in Generation Mortgage, Jumbo Products, News, Reverse Mortgage

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.


Teachers Credit Union Partners With Members Trust For Reverse Mortgages

May 15th, 2009  |  by John  |  published in Jumbo Products, News, Reverse Mortgage

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 [...]


New FLEX Jumbo Reverse Mortgage Details

April 8th, 2009  |  by John  |  published in 1st Reverse, Jumbo Products, News, Products, Reverse Mortgage

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 Brings Jumbo Reverse Mortgages Back To Market

March 24th, 2009  |  by John  |  published in 1st Reverse, Jumbo Products, News, Reverse Mortgage

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 [...]


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