Late last Friday, WSFS Financial Corporation (WSFS) announced that they had purchased a majority stake in 1st Reverse Financial Services, LLC from Family Federal Savings of Illinois.
According to the press release, Mark A. Turner, WSFS President and CEO said, “WSFS has almost 15 years of success with reverse mortgages. More recently we have had success […]

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 […]

1st Reverse Financial Services, LLC (1st Reverse), a subsidiary of Family Federal Savings of Illinois, recently announced enhancements to their Fixed4Life-XLTM and FLEX-XLTM proprietary products.  The jumbo products are exclusively available through 1st Reverse’s Wholesale Correspondent Lending Program.
I originally covered the products in August of last year, but the latest enhancements make the products […]