WSJ: Lenders Sweeten the Pot For Jumbo Mortgages

Instead of selling mortgages on the secondary market, large lenders are keeping them on their books and reaping the profits, which may lead to better terms for borrowers, The Wall Street Journal writes in a recent article.  The secondary market for jumbo mortgages — loans that exceed $417,000 in most places and $625,000 in high-price […]

Friday Round-Up: Reverse Mortgages Help Solve Dire Housing Situation

In case you missed it, here’s what happened in reverse mortgage news this week: Harvard, AARP: Senior Housing Situation Dire, But Reverse Mortgages Can Help An increasing number of baby boomers and those age 65 and older are carrying mortgages into retirement, pointing to a looming seniors housing crisis — but reverse mortgages can offer financial […]

Urban Releases More Detail on HomeSafe Jumbo Reverse Mortgage

After announcing in August it would enter the proprietary reverse mortgage market, Urban Financial of America this week released additional detail around its HomeSafe jumbo reverse mortgage, now available in four states.  The HomeSafe, which UFA is rolling out this week, offers borrowers with high valued homes the opportunity to borrow up to $2.25 million […]

AAG to Roll Out New Reverse Mortgage Product

American Advisors Group will offer a new reverse mortgage product in the next two months, Bloomberg Businessweek writes in a recent article. The new product is being launched in addition to Urban Financial of America LLC’s “HomeSafe” product, which will be made available to borrowers Sept. 2. American Advisors Group and Urban Financial of America are two […]

Urban Financial Group Holdings Hires New General Counsel

UFG Holdings, LLC, the holding company of reverse mortgage lender Urban Financial of America, LLC, has named Karen C. Tankersley as general counsel.  Tankersley will lead the legal department for the entire UFG Holdings and will oversee the implementation of new corporate initiatives, corporate governance principles and other legal and regulatory functions.  She brings to the […]

Urban Launches New Private HomeSafe Reverse Mortgage

Urban Financial of America is rolling out a new, proprietary reverse mortgage that will be made available to borrowers beginning September 2. The new, fixed-rate loan, called the “HomeSafe,” will be focused on borrowers with high-value homes, with a maximum loan amount slightly more than $2 million. It will roll out initially in five states: […]

Mortgage Credit Availibility Ticks Up As Jumbo Loans Increase

Mortgage credit availability continues its slight upward trend, with a 0.5% increase in July, attributed primarily to a rise in the number of jumbo loan programs, according to the Mortgage Bankers Association’s latest Mortgage Credit Availability Index (MCAI) report. The MCAI ticked up to 116.4 in July from 115.8 in June, an increase suggesting there […]

USA Today: Outstanding Debt Trumps Benefits of Reverse Mortgage

For older Americans with outstanding debt on their home who are considering a reverse mortgage, the product may not be a viable option, says USA Today in a recent article. Fielding a question about whether a reverse mortgage would be a good option for a 73-year-old who owes $940,000 on a property valued at $1.65 million, […]

NY Times: Lenders Loosen Underwriting Rules on Forward Jumbo Loans

Though mortgage underwriting rules remain rigid for conforming loans backed by Fannie Mae and Freddie Mac, lenders have begun easing up on their pricier jumbo loan counterparts, reports The New York Times.  More lenders over the last few months have been approving jumbo loans for borrowers who don’t strictly meet “usual” guidelines like income documentation […]

Inman: Should FHA Get Out of Reverse Mortgages?

Reverse mortgages need to combine both federally-insured products and proprietary products, in order to allow a range of people to withdraw the equity in their homes, writes Inman News columnist Tom Kelly this week. Noting the recent exit of MetLife from the industry as well as the recent congressional hearing devoted to reverse mortgages, it […]