The Massachusetts Division of Banks announced yesterday that it issued four cease and desist orders against licensed mortgage lenders and brokers.  Each case involved was in violation of the Commonwealth of Massachusetts reverse mortgage statute which requires lenders to receive approval before it originates reverse mortgages.  More information on Massachusetts reverse mortgage statute here. According [...]

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 [...]

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 [...]

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 [...]

Looking for a fixed rate jumbo reverse mortgage product for people under 62?  Then Gold Reverse is a lender that you need to take a look at. Unlike your typical HECM loan, the Gold Reverse program doesn’t charge the borrower any mortgage insurance premiums and there are no servicing set aside fees.  The product also [...]