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 […]

Reverse Mortgage News Headlines

A few headlines for everyone before the weekend: Fitch Rates $537MM RiverView HECM Trust 2007-1 (Business Wire) BNY Mortgage and Everbank Gather Industry Leaders to Build Reverse Mortgage Business (Yahoo Finance) Subprime Fiasco Exposes Manipulation by Mortgage Brokerages (Bloomberg) The Urge to Splurge (WSJ) CircleLending Launches Innovative Reverse Mortgage Calculator (Broker Universe)  Cheers! Technorati tags: […]

Non FHA Approved Brokers Able to Originate Jumbo Reverse Mortgages

Pacific Community Mortgage has released their Cash Plus™ jumbo reverse mortgage product which gives non-FHA approved lenders the ability to originate the product and receive the entire origination fee.  While FHA approved brokers are also allowed to originate the product, PCM is the first reverse mortgage lender to allow non-FHA approved brokers the opportunity to originate a […]

Impac Looks Forward to Originating Reverse Mortgages

“The retail lending platform will also be a great distribution channel for other product initiatives we anticipate deploying, including FHA and reverse mortgages.” Joseph R. Tomkinson, Chairman and CEO of Impac Mortgage Holdings, Inc. On Monday Impac Mortgage Holdings, Inc. announced its plans to create a national retail franchise by purchasing certain assets compromising the […]

Ginnie Mae Still Plans to Issue Reverse Mortgage Security

Ginnie Mae issued a press release on Friday which reports that with the recent study published by HUD, they are confident that they have the information necessary to issue their first HECM Mortgage-Backed Security (HMBS) this year. The report issued by HUD analyzed 16 years of HECM loan level data. According to the press release, […]

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 […]

Countrywide Rolls out Reverse Mortgages

“Countrywide aims to dominate the reverse mortgage industry.”Steve Boland Countrywide Managing Director for Reverse Mortgages It’s official, Countrywide has  released their reverse mortgage program nationwide.  While they have been offering reverse mortgages to their approved brokers since early April, this is the first press release that officially announces the arrival.  The press release focuses on their […]

Reverse Mortgage Warehouse Line Follow Up

After my initial post on warehouse lines Ralph Rosynek, President of 1st Reverse Financial Services gave me some feedback on his thoughts about using a warehouse line to fund reverse mortgage production. Below is a summary of the conversation. Ralph, would you recommend brokers to utilize a warehouse line for their reverse mortgage production? The […]

Virtual Bank Enters the Reverse Mortgage Market

Virtual Bank, a division of Lydian Private Bank announced today the formation of their Seniors Lending Group which specializes in a suite of conventional reverse mortgage products. According to the press release, Virtual Lending Group has developed three reverse mortgage products called Lifetime Income From Equity (“LIFE”). The LIFE Plan, Prime LIFE, and Jumbo LIFE […]

New Reverse Mortgage Wholesale Lender

Reverse Mortgage Lender Network is one of the new additions to a small list of reverse mortgage wholesale lenders that are offering the Fixed Rate HECM to their approved brokers.  RMLN is a division of One Mortgage Network and they are based out of San Diego, CA.  According to Kimbery Kerrigan, Senior VP of RMLN, “As a […]