MetLife has recently made a formal announcement that it will no longer be doing Reverse Mortgages, and has sold that division to Nationstar Mortgage LLC.   Even though Nationstar will pick up where MetLife left off, this is not good news for those looking to do Reverse Mortgages.  There is only a limited number of Lenders that presently do Reverse Mortgages so this move by MetLife might end up further narrowing the field.

Not much time has passed since MetLife made the decision to get out of the Residential Mortgage Industry, so this move to also get out of the the Reverse Mortgage business should not come as a shock. I am sure that MetLife will continue to sell off anything remaining that is mortgage related.

This is one more example of the dwindling number of Lenders that we have been experiencing over the last few of years.  Many of the others have just closed their doors because of financial loses.  MetLife may only have closed their doors to their mortgage end of the business, but just like the others, their decision was because of financial reasons.

Hopefully things will turn around to the point where we will not see others taking similar action, and we will be in an expanding industry again, instead of a shrinking one.

 

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 Info about the author:

George Souto is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 or gsouto@mccuemortgage.com

 
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1 Comments on MetLife Out Of Reverse Mortgage Business

MAY
05
2012
493,219 Points 29 Featured Posts Outside Blog Called Shot Master

We have been doing Reverse mortgages for many years. We have two main lenders, which fortunately for us indicate that they are in the business to stay.

Most of the banks and credit unions around have been referring that business to us, because they know we are in it consistantly, which is the key.

Met never did the business very well. We did one loan with them a few years ago. It was one and done.

 
3:50am • #1

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George Souto

Middletown, CT

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George Souto NMLS# 65149 FHA, CHFA, VA Mortgages Connecticut

Address: One Liberty Sq., PO Box 1000, New Britain, Ct, 06050

Office Phone: (860) 573-1308

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