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REVERSE MORTGAGE JUMBOS & the tightening market – What’s left?

By
Mortgage and Lending with Reverse Mortgage Advisor

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 be tight; however there are some solid lenders, with good products when it is appropriate for the borrower.

  1. Gold Reverse Jumbo by  Gold Reverse
  2. Equity Plus Advantage by Senior Lending Network formally Lender Lead Solutions
  3. Reverse Select by MetLife formally Everbank
  4. Fixed for Life by 1st Reverse

For details on any reverse mortgage product please call Angella Conrard directly at 866-949-7030 or visit www.reverse-your-mortgage.com.