Bank of America to Acquire Reverse Mortgage Business

Bank of America announced today that it has signed an agreement to acquire the reverse mortgage business of Seattle Mortgage Company, who is an indirect subsidiary of Seattle Financial Group, Inc.  SMC is the third largest producer of federally backed reverse mortgages and gives BOA a huge section of the reverse mortgage market. BOA has been piloting their own […]

New Reverse Mortgage for Second Homes

Sun West Mortgage Company, Inc. has released their Cash Keeper™ product which allows seniors 62 or older to get a reverse mortgage on their second home.  The Cash Keeper™ is SWMC’s proprietary product that was released a few weeks ago to compete with the other jumbo products in the market.  Cash Keeper™ Highlights: Based on 1-Month […]

Simple Equity™ Reverse Mortgage from Countrywide

I received some information from Countrywide regarding there reverse mortgage product offering over the weekend.  At the moment they are offering the HECM annual and semi-annual (both based off the HECM 100) as well as their Simple Equity™ program which is their proprietary jumbo product.  Below are more details of the Simple Equity™ program. Eligible Homes […]

Marketing Reverse Mortgages to the Wealthy

An  interesting article from Investment News titled “Reverse-Mortgage firms aim at wealthy” caught my attention today.  The article states that Financial Freedom and BNY Mortgage are targeting these markets specifically.  According to James Mahoney, Financial Freedom’s chairman, “[A reverse mortgage] was only perceived as the product of desperation, and now it’s being viewed proactively as a retirement […]

The Reverse Mortgage Orchestrator

Mortgage Cadence has released a new system called Mortgage Cadence  Orchestrator™ (MCO) which will supplement their already popular Mortgage Cadence Finale™ doc prep solution.  “Introducing full reverse mortgage functionality further demonstrates our pledge to the market that we will provide companies the flexibility to adapt to industry changes and capitalize on new business opportunities through […]

New HECM Advantage™ from Financial Freedom

Early last month Financial Freedom released a new product called the HECM Advantage™.  The press release states that compared to the HECM monthly adjustable product with the old margin of 1.5%, the HECM Advantage™ offers a lower interest rate and access to more home equity that can be converted to cash at a lower overall […]

Fixed 4 Life™ Reverse Mortgage

1st Reverse Financial Services has released the Fixed 4 Life™ reverse mortgage product which is the second fixed reverse mortgage product to be released this week. According to the press release, the Fixed4Life™ Fixed Rate Reverse Mortgage will be available to their network of Correspondent Lending Partners in a phased roll-out across the nation over […]

New Reverse Mortgage CRM from Lender Lead Solutions

Today, Lender Lead Solutions introduced the Specialized Technology for the Origination of Reverse Mortgages application (STORM).  STORM serves the same purpose as a customer relationship manager (CRM) but has a unique focus on the reverse mortgage market.  According to David Peskin, chief executive officer of LLS, “We have created a complete lead-to-closed loan application that automates […]

Fixed Rate Reverse Mortgage from BNY Mortgage

Today, BNY Mortgage announced the release of the HECM Fixed Rate (SM) product which is the first fixed rate reverse mortgage being offered since the early 1990s.  This is the first of two fixed rate reverse mortgage products that BNY Mortgage is expected to release this month.  The HECM Fixed Rate is targeted at borrowers with loan […]

Seattle Mortgage Lowers Reverse Mortgage Margin

Seattle Mortgage just recently made a change to their Independence Plan (SM) which is one of the new jumbo reverse mortgage  products on the market.  The standard Independence plan has a margin of 3.60% but now if the borrower is willing to keep their LTV a bit lower they are willing to cut the margin  to 2.10%.  “The […]