MortgageReverse

Genworth Brings Back Some Adjustable Rate Reverse Mortgage Products

Genworth Financial Home Equity Access has reintroduced adjustable rate HECM Standard and Saver product offerings, which it temporarily cut last week from its wholesale channel. GFHEA informed its wholesale partners of the change today via an email obtained by RMD.

Last Wednesday, the company announced it was temporarily suspending those product offerings, “until market conditions allow for GFHEA to reintroduce [the] offerings.”

Brokers told RMD the ARM products GFHEA is offering are priced less aggressively than others in the marketplace.

GFHEA did not note any change to its fixed rate product offerings for manufactured homes, which it also suspended last week.

RMD contacted GFHEA for more information, but our request had not been answered as of press time.

Written by Elizabeth Ecker

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