Gold Reverse Suspends Jumbo Reverse Mortgage Product

image 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 was in everyone best interest to halt the flow of loans for now. We should have a better idea in the next 2 weeks.”

Gold Reverse’s Jumbo was a fixed product available in California, Florida, and Nevada.  I’ve heard from several RMD readers that it was one of the most competitive jumbos available.

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As the credit markets continue to get worse, we will need to rely on the new FHA loan limits which should help offset some of the need for a jumbo product.  I’ve spoken with several originators who have been offering the REX and EquityKey product as an alternative because jumbo products have become less competitive than before.

Below is a list of lenders that are still offering jumbo products through their wholesale channels:

  • LLS Equity Plus Advantage – Available in AL, AZ, CA, CO, CT, DC, FL, IL, LA, ME, MD, MI, MS, MO, NJ, NM, NC, NY, NV, OH, OR, PA, SC, TC, and VA.
  • EverBank Reverse Select – Available in AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, MD, NV, NH, NJ, NY, OH, OR, PA, RI, SC, TX, UT, VA, and WA.
  • 1st Reverse Fixed 4 Life – Available in AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, MD, NV, NH, NJ, NY, OH, OR, PA, RI, SC, TX, UT, VA, and WA.

If I forgot anyone let me know.

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  • If we need to rely upon the “new” FHA loan limits to help offset some of the need for jumbo products we are in far deeper trouble than imagined. It has been weeks since the bill was passed yet HUD lawyers can’t decide what the limits are nor when they will be implemented. Combine this Washington impotence with continuing falling property valuations and we soon will not need a jumbo product at all. Meanwhile, please remind me exactly what is NRMLA doing for us these days? Don’t they at least know what they “negotiated” away on our behalf?

  • NRMLA held a conference call with Meg Burns from HUD and they broke down some of the timelines and it probably not going to happen until Jan 1. NRMLA suggested moving to $417,000 in interim and HUD’s response was they should do it all at the same time. Sounds like attorney’s at HUD are the ones holding things up but there are so many other factors as well. Its certainly important for folks that don’t yet qualify with lower limits but some folks need the money now and their loan officers are telling them to wait. There are no guarantees other than right now.

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