Boston-based alternative home equity tapping company Hometap announced Wednesday that it has secured $100 million in new financing. The capital raise includes new San Francisco-based investor ICONIQ Capital, LLC as well as Hometap’s current investors General Catalyst, G20, Pillar and American Family Ventures, the venture arm of AmFam Insurance. “We are thrilled to be investing […]
Last week, the Federal Housing Administration released a Mortgagee Letter (ML) detailing that the lending limit for government-backed Home Equity Conversion Mortgage (HECM) loans would be increasing for the fourth consecutive year in a row, to $765,600 beginning with case numbers assigned on January 1, 2020. This represents a welcome development for many reverse mortgage […]
Reverse Mortgage Funding (RMF) has introduced a new interest rate option for its Equity Elite proprietary reverse mortgage product, which is designed to broaden the reverse mortgage product landscape and capture a wider segment of senior borrowers. In an effort to compete more directly with traditional avenues of financing, Equity Elite has introduced a new […]
Annuity provider Massachusetts Mutual Life Insurance Co. (MassMutual) is attempting to appeal to younger potential annuity buyers by invoking the financial instability being experienced by seniors, the same generation as these prospective buyers’ parents in many cases. This is according to a story appearing in Investment News. “The insurer issued a new annuity product Wednesday […]
Finance of America Reverse (FAR) announced that it has lowered the minimum age requirement from 62 to 60 on three of its proprietary HomeSafe loan products: HomeSafe Standard, HomeSafe Second and HomeSafe Flex, according to an announcement shared with RMD. “We are pleased to meet industry demand for this amendment but stress that borrower responsibility […]
Mahwah, N.J.-based Longbridge Financial is introducing a new proprietary reverse mortgage product to its existing “Platinum” branded product line, constituting a proprietary reverse mortgage that comes with a line of credit (LOC) feature. This new Platinum LOC loan allows qualified borrowers aged 62 and older to access an open-ended line of credit that grows at […]
Finance of America Reverse (FAR), the third largest reverse mortgage lender by volume, has expanded the availability of its proprietary reverse mortgage product “HomeSafe Standard” to the state of Massachusetts, according to a company statement to RMD. “Up until now, the 62+ Massachusetts homeowner was unable to take full advantage of their equity in neighborhoods […]
A new technology startup has launched a mobile notary scheduling platform that is aimed to provide reverse mortgage companies with additional oversight and control during the loan closing process. Phoenix, Ariz.-based Notaroo looks to combine its own technology with up-to-date mortgage lending practices and professional mobile notaries in an effort to streamline HECM loan closings […]
Over the past couple of years, an abundance of new, alternative home equity tapping tools have been introduced into the financial services marketplace. While some see these as potential competition with reverse mortgage lenders, others don’t see these kinds of offerings in a competitive light. One company with an equity appreciation investment offering sees a […]
Reverse mortgage pricing and analytics company Baseline Reverse has been acquired by real estate consulting and technology firm SitusAMC, which made the acquisition to build upon its position in the analytics and valuation of mortgage servicing right (MSR) assets. Terms of the deal were not disclosed. Baseline’s service offering will join SitusAMC’s Analytics, Pricing, and […]
