Palo Alto, Calif.-based Point, a shared equity reverse mortgage alternative that gives homeowners the ability to sell a small fraction of their equity, has raised $22 million in series B investment funding, and an additional $100 million in platform capital. This brings total equity investment in the product to $33 million, and total platform capital […]
Two high-profile software creators in the reverse mortgage space have announced a partnership in the aim of streamlining the hand-off between reverse mortgage loan origination and servicing. Bay Docs, LLC and Reverse Technology Group (RTG) will be integrating the technology platforms of both companies in order to make the transition between origination and servicing more […]
Increasing popularity for reverse mortgages in Australia has the potential to allow more retirees to adequately fund their post-working lives, but some potential borrowers are being blocked from pursuing reverse mortgage solutions in the country as banks are exiting the space. A 6.5 percent increase in New Zealand-based Heartland Bank’s recorded profits was bolstered by […]
Looking out for new opportunities in the wake of reduced reverse mortgage volume can lead lenders into spaces that are not often considered. While some companies are expanding their operations into forward lending, others are taking that expansion attitude one step further by dipping their proverbial toes into the waters of non-qualified mortgage (non-QM) lending. […]
As proprietary products gain appeal among prospective reverse mortgage borrowers, some companies are confronted with a new conundrum: prospects who qualify for both jumbo and Home Equity Conversion Mortgage (HECM) options. “California has a lot of borrowers with homes valued between $700,000 to $800,000,” says Christina Harmes, assistant manager of the C2 Reverse division of […]
Reverse Mortgage Funding (RMF) announced Tuesday that it is making changes to its proprietary product Equity Elite, including a reduction in origination fees and borrower closing costs—available through its third-party origination (TPO) broker channel. The company is also integrating Equity Elite through the ReverseVision reverse mortgage software platform. RMF first eliminated the majority of closing […]
In areas of the United States that have a prevalence of highly valued properties, jumbo proprietary reverse mortgages are increasingly becoming attractive options for lenders as the larger reverse mortgage industry observes generally reduced volume of government-insured Home Equity Conversion Mortgages (HECMs). For those companies that are active in both the jumbo proprietary business and […]
Last October, New England saw a 34 percent increase in reverse mortgage growth, according to data analytics firm Reverse Market Insight. This growth positioned the region in the top spot, followed by the Southwest, which saw a 29 percent increase. So what are they doing right in New England? Regional Stats:Total New England Population: 14,810,001 (2017 […]
Finance of America Reverse (FAR) has announced changes implemented into its HomeSafe proprietary reverse mortgage offerings, made in an effort to tackle borrower perceptions concerning the cost of taking out a reverse mortgage loan. Among the changes FAR is making, there will be no origination fee on HomeSafe Standard, Save, Plus, and on the Flex […]
As more alternative home equity tapping tools like sale leasebacks and shared equity products begin to enter conversations about retirement, more traditional reverse mortgage products are finding themselves in a more competitive environment. Originators don’t tend to see these products as threatening, but more traditional reverse mortgages may have another key advantage: borrower safety. The […]
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