1st Reverse Continues National Expansion, Adds More Staff

This week 1st Reverse announced that Jeanette Heller would be joining the company as their First Vice President of Client Services.  Ms Heller will oversee all client services activities for 1st Reverse’s wholesale program and manage their national operations center. "Correspondents of 1st Reverse will greatly benefit from the expertise and focus Ms. Heller brings […]

Jumbo Reverse Mortgage Lenders, Who Is Left?

After the announcement that Financial Freedom was suspending their Cash Account program, several RMD readers asked me who was still offering a jumbo reverse mortgage for brokers.  Here is a list of lenders that are still offering the products: Gold Reverse Jumbo – Available in CA, FL, and NV. LLS Equity Plus Advantage – Available […]

1st Reverse Financial Hires New CFO

Just a few weeks after being acquired by Wilmington Savings Fund Society, FSB (WSFS Bank), 1st Reverse announced that Dennis Thomas has been added to their senior management team as the company’s new Chief Financial Officer. In his new role, he will be responsible for all fiscal matters and reporting activities for 1st Reverse. “Earlier […]

How Much Would You Pay For A Reverse Mortgage Lender?

Reverse mortgage lenders are hot right now. Even with all of the negative press our industry has received over the past few months, companies are still acquiring reverse mortgage lenders. I cant say I’m surprised either… as we all know succeeding in the reverse mortgage business requires a different approach than the forward world and […]

Another Reverse Mortgage Lender Purchased, A Growing Trend?

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 […]

Need A Jumbo Reverse Mortgage? Make It A Double

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 […]

1st Reverse Enhances Jumbo Reverse Mortgage Products

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 […]

Thanks to Our Sponsors

Just a quick post to say “thank you” to our sponsors who make Reverse Mortgage Daily possible. 1st Reverse Financial Services – 1st Reverse Financial Services offers a complete Wholesale Correspondent Lending Program, featuring a wide assortment of Reverse Mortgage Products including the Fixed4Life™ Fixed Rate HECM, the Fixed4Life™ XL JUMBO Fixed and the HECM […]

New Jumbo Reverse Mortgage Products From 1st Reverse

While there has been talk of lenders no longer offering the HECM 100, 1st Reverse Financial continues to release new products to their brokers.  A few weeks ago, 1st Reverse released their new HECM Pathway which is an FHA insured loan created to serve those needing more funding assistance than is provided by any other […]

Have We Seen The Last of The HECM 100?

The past week or so has been an interesting time in the reverse mortgage world.  Early last week, out of nowhere I received an email from Sun West that said they would no longer accept any HECM 100 submissions unless it was already in the current pipeline.  Surprised?… Yes. Shocked… no.  With the liquidity crunch […]