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 rate [...]

Last night the Senior Lending Network announced that it would be temporarily suspending all new applications for its Equity Plus Advantage and Simple 60 for the next 60 days.  All remaining applications need to be submitted by October, 29 and must close by November 26, 2008. According to the email, the SLN saw its volume [...]

The Wall Street Journal continues to be a great resource for Baby Boomers with it’s Encore section of the paper.  Encore is targeted at the 50+ crowd and covers a range of different topics from finance to travel and many others.  The weekend edition of the Ask Encore section features a question from a senior [...]

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 [...]

Today Gold Reverse Mortgage announced that it was suspending their jumbo reverse mortgage product.  According to their website, all current loans that have approvals will need to satisfy all conditions by Friday September, 12 in order to fund.  In an email I received from Kurt Kingsolver, President of Gold Reverse, he said “I felt it [...]

A few weeks ago Financial Freedom issued a lender alert to brokers that said they would be suspending the cash account until the secondary market comes back for jumbo loans. After hearing from some RMD readers that their retail originators would still have access to the product, I did some checking.  I was able to [...]