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 […]

After the announcement that Financial Freedom was suspending their Cash Account program, several RMD readers asked me who was still offering a jumbo reverse mortgage for brokers.  Here is a list of lenders that are still offering the products:

Gold Reverse Jumbo - Available in CA, FL, and NV.
LLS Equity Plus Advantage - Available in AL, […]

Just a few days after MetLife completed the acquisition of EverBank Reverse Mortgage, the largest U.S. life insurer has agreed to buy a residential mortgage business from First Horizon National Corp.
The purchase includes  the home loan unit of First Horizon’s Tennessee Bank National Association outside of that state, with 230 offices in the U.S., […]

Late Friday afternoon Metlife announced they had completed the acquisition of EverBank Reverse Mortgage.  MetLife Bank entered into an agreement to purchase the reverse mortgage lender at the beginning of April and closed in less than 60 days for an undisclosed amount.
“With this acquisition, MetLife Bank now has a greatly expanded team of trained […]

As the credit crunch spreads into the proprietary reverse mortgage business, it is beginning to cause issues for both originators and borrowers with dwindling options for these products. Welcome to the land of the Double Application.
Many loan originators have begun having to originate two reverse mortgages at the time of application never knowing if one […]