As proprietary products gain appeal among prospective reverse mortgage borrowers, some companies are confronted with a new conundrum: prospects who qualify for both jumbo and Home Equity Conversion Mortgage (HECM) options. “California has a lot of borrowers with homes valued between $700,000 to $800,000,” says Christina Harmes, assistant manager of the C2 Reverse division of […]
In areas of the United States that have a prevalence of highly valued properties, jumbo proprietary reverse mortgages are increasingly becoming attractive options for lenders as the larger reverse mortgage industry observes generally reduced volume of government-insured Home Equity Conversion Mortgages (HECMs). For those companies that are active in both the jumbo proprietary business and […]
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