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 […]

LIBOR Reverse Mortgage Margins Disappearing?

We’ve already seen this happen with reverse mortgage products that are based on the CMT.  Lenders release HECM products with lower margins to compete and eventually the lower margins start to disappear because of market conditions. Lender Lead Solutions was the first reverse mortgage lender to come out with a LIBOR product and then we […]

EverBank Rolls Out LIBOR Reverse Mortgage Products

As the industry continues to shift from CMT to LIBOR based reverse mortgage products EverBank Reverse Mortgage recently announced the release of  their LIBOR based HECM product.  The product will offer seniors five different margins of 1.00%, 1.125%, 1.25%, 1.375% and 1.50%. We started seeing LIBOR based reverse mortgages a few months ago and according to […]

EverBank Reverse Select Details

We’ve seen jumbo reverse mortgage programs from pretty much everyone but all of them lacked a tenure payment… until now.  The Reverse Select from EverBank was designed to give the borrower different options to accommodate individual needs.  To accomplish this EverBank recently updated the product formerly known as the Prime Advantage to allow for a […]

BNY Mortgage Becomes EverBank Reverse Mortgage

At the NRMLA conference BNY Mortgage announced that they were changing their name to EverBank Reverse Mortgage.  This shouldn’t come as a huge surprise since back in March EverBank purchased Bank of New Yorks share of BNY Mortgage, which gave it 100% ownership of the company.  “The reverse mortgage industry is experiencing rapid growth as […]

Reverse Mortgage Lenders Network Releases Prime Advantage to Brokers

Reverse Mortgage Lenders Network has released their jumbo reverse mortgage product to their wholesale brokers. Back in May BNY Mortgage released the first fixed rate jumbo reverse mortgage product but mortgage brokers haven’t had access to it until now. The product gives seniors the option of a fixed or adjustable rate reverse mortgage. The adjustable […]

More Lenders to Allow Reverse Mortgages on Second Homes

According to an article from HeraldNet we will start to see more lenders allowing borrowers to get a reverse mortgage on their second homes.  Bank of America who recently purchased the reverse mortgage business of Seattle Mortgage is expected to allow reverse mortgages for second homes once the purchase is complete next month.  “The demographics […]

Fixed Rate Jumbo Reverse Mortgage from BNY Mortgage

Today, BNY Mortgage released their Prime Advantage™ jumbo reverse mortgage product.  This is the first jumbo reverse mortgage product that gives borrowers the financial certainty of a fixed interest rate for the life of the loan.  Back in March, BNY Mortgage became the first lender since the early 90’s to offer a conventional fixed rate HECM product.  “With interest rates […]

Bank of New York sells stake in BNY Mortgage

According to a press release from March 26th Bank of New York sold its 49% stake in joint venture BNY Mortgage to Everbank Financial Corp., the majority stakeholder.  There was no disclosed price on how much Everbank paid for Bank of New York’ stake in the company.  According to Kevin Heine, a Bank of New […]

Fixed Rate Reverse Mortgage from BNY Mortgage

Today, BNY Mortgage announced the release of the HECM Fixed Rate (SM) product which is the first fixed rate reverse mortgage being offered since the early 1990s.  This is the first of two fixed rate reverse mortgage products that BNY Mortgage is expected to release this month.  The HECM Fixed Rate is targeted at borrowers with loan […]