Items Tagged with 'REVERSE MORTGAGE FUNDING'

ARTICLES

  • Reverse Mortgage Funding expands payment options on proprietary reverse product

    Equity Elite borrowers can now receive proceeds in term payments
    Reverse Mortgage Funding is expanding the payment options on its proprietary reverse mortgage – the Equity Elite – to include term payments. Previously, Equity Elite borrowers could withdraw up to $4 million in their home's equity in a lump sum only at closing. Now, borrowers can select any number of term payments between 24 and 120 months.
    Read More
  • How many borrowers are taking out jumbo reverse mortgages? No one really knows

    The industry avidly tracks HUD-endorsed HECMs, but it's sorely lacking cross-lender data on non-agency reverses
    For the last several months, data on reverse mortgage volume has illustrated a steady descent as the industry has struggled to regain its footing in the wake of program changes. But does this tell the whole story? Five lenders now originate proprietary reverse mortgage products. But the problem is they all decline to offer specifics on volume, so there’s no way to tell just how many of these non-agency loans the industry is collectively closing.
    Read More
  • Reverse Mortgage Funding reduces fees, broadens broker access to proprietary reverse mortgage

    Now accessible on a second LOS, Equity Elite also has lower origination fees and closing costs
    New York-based Reverse Mortgage Funding jumped on the proprietary reverse mortgage train in May, becoming the third lender to offer a non-agency, jumbo reverse mortgage with the launch of its Equity Elite product. Now, less than a year later, the lender announced it is cutting the cost of its offering and making it available to a larger pool of brokers by appearing on ReverseVision's LOS.
    Read More
  • Hey homebuilders, you need to learn about this little-known reverse mortgage product

    Here’s why the HECM for Purchase is crucial to tackling affordability problems for the 55+ market
    The 55+ housing market is hot right now, with builders and developers reporting significant demand across the country. But while the sector's performance right now is solid, looming affordability concerns threaten to dampen its growth. For those who want to remain competitive in this environment, a little-known reverse mortgage product could be the answer.
    Read More
  • The problem with getting a reverse mortgage on a condo

    With FHA spot approval a distant memory, originators struggle to help condo owners secure a HECM
    Ever since the FHA eliminated spot approvals for condominiums, reverse mortgage originators have logged countless hours helping prospective borrowers secure a HECM on their condo – sometimes to no avail. And, with HUD dragging its feet on finalizing rules that would bring back spot approval for FHA loans, it doesn't seem like things will change any time soon. Will non-agency reverses provide the answer?
    Read More