Fannie Mae Transitions Reverse Mortgages To Live Pricing

In November Fannie Mae announced it was  making the move to “Live Pricing” for reverse mortgages, which allows lenders to obtain reverse mortgage commitments ranging 2 to 90 days.  Prior to the change, FNMA only priced reverse mortgages in 60-day forward negotiated (or “static”) commitments based upon reverse mortgage delivery. FNMA’s move to live pricing […]

Survey Shows Seniors Are Looking For Ways To Generate Additional Income

A new independent online survey conducted by Crestwood Associates in partnership with Golden Gateway Financial found that nearly 80 percent of senior citizens polled, are worried about the impact of the financial crisis on their retirement savings.  These seniors are looking for new ways to generate additional income, with more than half of respondents considering […]

Jim Cramer’s The Street Says Reverse Mortgages Get More Attractive

Jim Cramer’s TheStreet.com recently published an article about the changes that stem from the Housing and Economic Recovery Act of 2008.  Even with the fees being capped, The Street reports that critics still think reverse mortgages are expensive. Peter Bell, president of the National Reverse Mortgage Lenders Association, an industry advocacy group, admits these loans […]

1st Reverse Launches New E-Retail Reverse Mortgage Center

Today, 1st Reverse Financial Services announced the launch of its new E-Retail Reverse Mortgage Center to help leverage its originators out in the field, call center, and internet based loan origination activities. Located outside of Cleveland, Ohio the center is managed by Pamela Burkett and staffed with several experienced reverse mortgage lending professionals.  The office […]

Private Equity Looking To Invest In Established Reverse Mortgage Lenders

JAM Equity Partners announced the successful initial closing of its second private equity fund, JAM Special Opportunities II.  The fund closed with $29 million in capital commitments from several lead investors and is targeting a total of $75 – $100 million with a second and final close in February 2009. According to The Reverse Mortgage […]

Generation Mortgage Continues Steady Growth Of Its Wholesale Business

Generation Mortgage just announced that its wholesale division has consistently posted an approximate 20% month-to-month production gain throughout the past year, despite recent economic upheaval in the mortgage industry.  “We anticipate continued, measured growth as we strategically align ourselves with the best in our industry,” explained Sherry Apanay, Senior Vice President of Generation’s Wholesale Division. […]

Financial Freedom Partners With Seniors Real Estate Specialists Council

Today Financial Freedom announced a partnership with the Seniors Real Estate Specialists (SRES) Council to provide educational content and instruction to SRES member REALTORS® regarding the Home Equity Conversion Mortgage (HECM) program for reverse mortgages.  As part of the National Association of Realtors, the SRES designation requires realtors complete an education program to ensure that […]

NY Times Covers Reverse Mortgages & New Opportunity For Co-Op Residents

Over the weekend NY Times columnist Bob Tedeschi writes about reverse mortgages and why the Housing and Economic Recovery Act matters to New York area residents.  The new laws are intended to give older homeowners access to more of their homes’ equity, provide stricter consumer protection, and, most important for New York-area residents, offer co-op […]

New Federal Home Loan Bank Program Provides Liquidity For Reverse Mortgages

The Federal Home Loan Bank of San Francisco announced its new Homeownership Preservation Advance (HPA) program which offers member financial institutions discounted credit to restructure loans for eligible low- and moderate-income homeowners.  The HPA program can also be used to enable elderly residents to preserve homeownership by obtaining a reverse mortgage. “The foreclosure crisis has […]

Ginnie Mae HMBS Providing Liquidity To Reverse Mortgage Industry

During a time when credit markets are hurting, Ginnie Mae continues to provide liquidity to reverse mortgage lenders.  Last month Cerritos, California based Sun West Mortgage completed an issuance of $120 million in HECM Mortgage Backed Securities (HMBS).  The three HMBS pools comprised of Libor HECM, CMT HECM and Fixed-Rate HECM reverse mortgage products, respectively, […]