Reverse Mortgage Education at NAMB Events

The National Association of Mortgage Brokers (NAMB) recently selected the senior management team of 1st Reverse Financial Services, LLC, a subsidiary of Family Federal Savings of Illinois, to create and deliver an updated Reverse Mortgage Continuing Education Course for their members.  “Education is the foundation that we have built our company upon and we are […]

Only 2% of Baby Boomers Are Using Reverse Mortgages

According to a recent poll done by Harris Interactive, only 2% of the baby boomer population are using reverse mortgages. The poll, which included 2,383 adults found that the overall sentiment towards mortgage program options is generally unfavorable. The poll showed that 70% of baby boomers (Ages 43-61) and 74% of matures (62+) are aware […]

Bank of America’s Senior Equity Maximizer

A few weeks ago Bank of America completed the acquisition of Seattle Mortgage’s reverse mortgage division.  Before the purchase, BofA started originating reverse mortgages through a pilot program they started in Arizona.  The  program offered the standard HECM products as well as a proprietary product called the Senior Equity MaximizerTM.  Recently Realty Times wrote that, “Not only does it have a high maximum loan […]

MBA’s Reverse Mortgage Presentation

If you were unable to attend the MBA’s National Secondary Conference, you may have missed the Capital Markets: Building for Tomorrow presentation.  The presentation which was titled “Alternative Mortgage Programs” featured 20 slides about reverse mortgages.  One of the most interesting slides shows the evolution of reverse mortgage products from May 2006 to May 2007.  […]

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 […]

Generation Mortgage Acquires Amston Mortgage Company

Generation Mortgage Company announced that they have acquired Amston Mortgage Company. AMC is headquartered in Moodus, CT and is the 14th largest reverse mortgage provider in the US. “Amston’s customer service-oriented culture fits perfectly with that of Generation,” said Joe Morris, President of Generation Mortgage Company. “Our shared commitment to our customers combined with the […]

Reverse Mortgage Article in Mortgage Banking Magazine

Mortgage Banking Magazine recently featured an article on reverse mortgages that highlights the different strategies of Financial Freedom, Sun West, Lender Lead Solutions, Wells Fargo, and Reverse Mortgage Lenders Network.  The article discusses each companies marketing focus and lead generation sources.  To read a copy of the article click the link below. Moving Forward in Reverse (Mortgage Banking Magazine) Technorati tags: […]

Financial Freedom Updates Cash Account Program

Financial Freedom recently made some changes to their popular Cash Account program.  Unlike before they will no longer offer the three sub products of the Cash Account (Credit Line Option, Combo Option and Cash Out Option).  Instead they released the Cash Account Advantage® which gives correspondents and borrowers the ability to negotiate fees by having the […]

Ginnie Mae Releases HECM MBS Guide

A few days ago NRMLA posted a copy of the HECM MBS reference guide from Ginnie Mae. The HMBS reference guide is intended to inform interested parties about Ginnie Mae’s HMBS program requirements, HMBS pool origination, ongoing HMBS administration and accounting, security reporting, and monthly reporting requirements. I haven’t had a chance to go through […]

Virtual Bank’s Prime LIFE Reverse Mortgage

Yesterday,  I posted about Virtual Bank’s LIFE Plan product which is the first proprietary product developed to compete directly with the HECM product.  Virtual Bank has another product that aims at the HECM market called Prime LIFE.  The Prime LIFE product is the first reverse mortgage based off prime and has lower fees when compared to the LIFE Plan and […]