FAR Moves to Private Label Servicing for HomeSafe Reverse Mortgages

Finance of America Reverse (FAR) will be transitioning to private label servicing for its proprietary HomeSafe reverse mortgage product, as well as conducting direct outreach to its borrowers on matters of account statements and communications. “We are private-labeling so that we can have a more direct connection with our borrowers,” said FAR president Kristen Sieffert […]

Like California, Texas Primed for Private Reverse Mortgage Growth

High home values, a rapidly expanding aging population, and favorable legislation make Texas ideal for a wave of proprietary reverse mortgages, several industry experts say. During the last year, the Home Equity Conversion Mortgage program’s lower principal limit factors have resulted in fewer qualified borrowers and waning origination volume. But the changes also sparked innovation […]

Reverse Mortgage Marketing Evolves Along with New Private Products

As a plethora of new proprietary products have launched this year to fill holes left by changes to the Home Equity Conversion Mortgage program, lenders are refining their target audiences — and the best ways to reach them. On the surface, HECM marketing and proprietary marketing look similar. Both are targeting seniors who want to […]

California Poised to Take Center Stage in Private Reverse Mortgage Market

As new proprietary reverse mortgage products are teased and released, California sits as a prime potential market for borrowers looking for home equity-tapping options outside of the federal program. Favorable tax laws, high property values, and a large retiree population are a few reasons why jumbos could be poised to take off in the state. This […]

Reverse Mortgage Software Providers Bring New Private Products Aboard

The reverse mortgage industry has seen a flood of new proprietary products this summer, and key software vendors have taken steps to upgrade their systems to keep pace with the changes. ReverseVision last week announced a program that allows lenders to incorporate their products into the San Diego-based company’s software within eight to 10 weeks, […]

Counselors Adapt to New Private Reverse Mortgages as Volume Falls

Reverse mortgage counselors have seen their demand fall in tandem with originations and endorsements, but many are already adapting their educational programs to include the wide array of private products entering the marketplace. Counselors logged 7,198 visits during July, according to data from Ibis Software Corporation — representing a sharp decline from the recent peaks […]

ReverseVision Folds Proprietary Reverse Mortgages into Origination Software

Reverse mortgage software firm ReverseVision this week announced expanded services aimed at the burgeoning proprietary market. Under the San Diego-based ReverseVision’s new proprietary outreach initiative, lenders can submit a packet of information about their individual private loans. Within eight to 10 weeks, that product will be fully incorporated into the company’s RV Exchange loan origination […]

Longbridge Introduces New Private ‘Platinum’ Reverse Mortgage

After teasing a new private reverse mortgage offering in the spring, Longbridge Financial on Monday formally announced its Platinum mortgage program, marking the latest in a string of new proprietary products hitting the market this year. With the Platinum, the Mahwah, N.J.-based Longbridge seeks to tap into a wider range of potential borrowers than the […]

Post-October 2 Recovery in Line with Previous Reverse Mortgage Changes

The reverse mortgage industry’s leading volume tracker says the decline in originations may have reached bottom as the trend lines follow a similar pattern seen after other key program changes. Home Equity Conversion Mortgage endorsements ticked up slightly among Federal Housing Administration-approved lenders in July, rising 2.5% to reach 2,908 for the month according to […]