Bank of America rolled out its Clarity Commitment in April, but it added its reverse mortgage Clarity Commitment last week for its fixed rate reverse mortgage product.
The Clarity Commitment is a one-page loan summary which presents borrowers with their interest rate, terms and other details of the loan in plain language says the company [...]

The reverse mortgage industry let out a sigh of relief when Minnesota’s Governor vetoed a bill which would’ve hurt the reverse mortgage industry and seniors living in the state.  The person who spear headed the introduction of SF 489 was Minnesota’s Attorney General Lori Swanson. 
Ms. Swanson was not happy that the bill was [...]

Generation Mortgage announced to its brokers that is in the process of working out the details in order to offer a competitive fixed rate HECM utilizing Ginnie Mae’s HECM MBS product. 
Currently the product is available to a select group of brokers in order to fulfill its commitments to Ginnie Mae, but they plan [...]

False advertising, while not new, is cropping up often enough in direct mail pieces to prospective reverse mortgage customers that public and private authorities are expressing concern.
Often appearing as if it is coming from an official (i.e. government) source, the appeals offer to help unsuspecting recipients – usually seniors – take the necessary and proper [...]

Below is a list of the top HECM lenders through May 2009.  Be sure to check out the commentary and link below which goes into more detail.

Golden Gateway Financial introduced a new prepaid card program for reverse mortgage proceeds and a service that allows seniors to automatically pay bills from the card. 
The Golden Gateway Financial Your Money Prepaid MasterCard®, issued by The Bancorp Bank, allows reverse mortgage borrowers to immediately and securely receive their monthly proceeds on a reloadable [...]

Seniors Reverse Mortgage announced last week that it added to its growing branch network with Reno, Nevada based Lake Tahoe Mortgage.  The new branch will operate under the name Seniors Reverse Mortgage and will continue to offer both reverse and conventional mortgages.
“We saw an ideal opportunity in Lake Tahoe Mortgage with the addition of [...]