Jumbo Reverse Mortgage from Virtual Bank

Virtual Bank has taken a different approach than other reverse mortgage lenders by only offering a range of proprietary products to their brokers. The suite of products includes the Life Plan and Prime Life products, which are the first proprietary products developed to compete directly with the HECM and Fannie Mae Home Keeper. Along with […]

Lender Lead Solutions Launches My Senior Lending Network Website

Lender Lead Solutions recently launched their My Senior Lending Network website to provide information and guidance on issues important to members of the senior community.  LLS hopes the web site will complement the company’s Senior Lending Network consumer advertising program that promotes reverse mortgages by offering additional content and sponsorship of originator partners. “My Senior […]

Countrywide Updates Simple Equity Program

Countrywide recently updated their Simple Equity product to give borrowers two margin options for their jumbo reverse mortgage. Back in April I posted on the details of the Simple Equity program which then only featured a margin of 3.50%. Now, the program also gives the borrowers the choice of the same product but with a […]

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: […]