The past week or so has been an interesting time in the reverse mortgage world.  Early last week, out of nowhere I received an email from Sun West that said they would no longer accept any HECM 100 submissions unless it was already in the current pipeline.  Surprised?… Yes. Shocked… no.  With the liquidity crunch [...]

Below are the top HECM lenders through June of 2007.  Remember this list doesn’t include any proprietary products.

Rank
Company
HECM Units

All of this information is gathered from the Reverse Mortgage Information website.  Also, be sure to check out his post on how July was the second best month for HECM endorsements.

Inman News had an interesting article that mentioned some of the financial obstacles that are preventing seniors (subscription required) from acquiring reverse mortgages.  According to Ralph Rosynek, President of 1st Reverse Financial Services, it’s delinquent student loans.  Rosynek said, “the elderly often co-sign for student loans on behalf of their grandchildren”.  Not only student loans Ralph… car [...]

Last Friday U.S. Department of Housing and Urban Development approved the use of LIBOR Indexes for all FHA Arms and HECM products.  HUD felt the change was necessary because LIBOR is both an international index determined on the basis of the world economy and an index that has become very popular in the secondary market.  It [...]

The Expanded Home Ownership Act of 2007 H.R. 1852 was introduced by Maxine Waters and Barney Frank on March 29th.  If passed relatively intact it could make some interesting changes to the HECM program.  Along with other changes the bill proposes allowing a HECM to be used to fund the purchase of a new primary residence (1-4 [...]

So who is the top HECM lender in 2007?  According to Reverse Mortgage Info.com it’s Wells Fargo.  To see the full list of the top HECM lenders check out the post below
Top Home Equity Conversion Mortgage Lenders – Through February 2007

I thought this was an intersting press release on the Reynolds Group getting into the Reverse Mortgage market. They are taking undervalued city land and building brand new condos for people who are over 62 and are using reverse mortgtages to fund the purchases for each borrower. This is a news spin on [...]