EverBank Reverse / MetLife announced that they would be discontinuing their proprietary reverse mortgage product due to the unprecedented market events of recent days. The Reverse Select is the second jumbo reverse mortgage product that has been discontinued in the last 30 days.
So what options are left? The last and only wholesale lender offering a jumbo reverse mortgage is the Senior Lending Network. Below is a list of states the product is offered in and click here for more product information.
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.
As the entire financial industry has been rocked by the bankruptcy of Lehman Brothers and the uncertainty over AIG, we need HUD to come to a decision on the HECM loan limits and implement them as soon as possible. As one RMD reader said in an email,
HUD’s delay and lack of communication about the loan limits is impacting hundreds and maybe thousands of seniors in higher value areas. Seniors are facing ruin, foreclosure, or worse and don’t understand why they cant receive a reverse mortgage even though the President has signed the Housing Bill into law. HUD needs to make a decision and act on it so we can start helping these people.
While I agree, the Bill is over 400 pages and implementing all of the provisions is not an easy task. It’s my guess that we will hear something by October 1st since it’s the beginning of the federal fiscal year. I’ll keep you posted.