Today, BNY Mortgage released their Prime Advantage™ jumbo reverse mortgage product.  This is the first jumbo reverse mortgage product that gives borrowers the financial certainty of a fixed interest rate for the life of the loan.  Back in March, BNY Mortgage became the first lender since the early 90’s to offer a conventional fixed rate HECM product. 
“With interest rates […]

According to a press release from March 26th Bank of New York sold its 49% stake in joint venture BNY Mortgage to Everbank Financial Corp., the majority stakeholder.  There was no disclosed price on how much Everbank paid for Bank of New York’ stake in the company.  According to Kevin Heine, a Bank of […]

Today, BNY Mortgage announced the release of the HECM Fixed Rate (SM) product which is the first fixed rate reverse mortgage being offered since the early 1990s.  This is the first of two fixed rate reverse mortgage products that BNY Mortgage is expected to release this month.  The HECM Fixed Rate is targeted at borrowers with […]