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.
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.