home values: REVERSE MORTGAGE JUMBOS & the tightening market – What’s left?
- 06/25/08 03:36 AM
Last Week Financial Freedom announced they were discontinuing their jumbo Cash Account product. The Cash Account was the first proprietary reverse mortgage jumbo introduced as reverse mortgages became accepted into the main stream market. The reverse mortgage market is similarly affected as the forward mortgage market. Investors are few, existing lenders are ultra conservative and borrowing less. Underwriting departments are questioning and at the very least desk reviewing all appraisals to verify values. In some instances, appraisal values are routinely cut by 10-20%. Home values are down, which means proceeds for reverse mortgages are less. Sounds bleak doesn't it. Money may … (0 comments)
Last Week Financial Freedom announced they were discontinuing their jumbo Cash Account product. The Cash Account was the first proprietary reverse mortgage jumbo introduced as reverse mortgages became accepted into the main stream market. The reverse mortgage market is similarly affected as the forward mortgage market. Investors are few, existing lenders are ultra conservative and borrowing less. Underwriting departments are questioning and at the very least desk reviewing all appraisals to verify values. In some instances, appraisal values are routinely cut by 10-20%. Home values are down, which means proceeds for reverse mortgages are less.;)
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