From 2001-2008 California is no rookie when it comes to getting reverese mortgages completed. In fact they lead the country. Below you will find data through 2008.
| Top California HECM Lenders |
HECM
Loans
Sep-2001
to
Feb-2008 |
| WELLS FARGO BANK NA |
18,902 |
| FINANCIAL FREEDOM SENIOR FUNDI |
6,411 |
| SEATTLE MORTGAGE COMPANY |
4,965 |
| LIBERTY REVERSE MORTGAGE INC |
4,688 |
| WELLS FARGO HOME MORTGAGE INC |
3,747 |
| HOME CENTER MORTGAGE |
1,915 |
| SENIOR FUNDING ASSOCIATES |
1,588 |
| PACIFIC REVERSE MORTGAGE INC |
1,431 |
| CALIFORNIA REVERSE MORTGAGE CO |
1,426 |
| REVERSE MORTGAGES OF CA IN |
1,355 |
| NEW HORIZONS REVERSE MORTGAGE |
1,306 |
| LIBERTYSTREET FINANCIAL GROUP |
1,175 |
| WWMF INC |
1,100 |
| AMERICAN MORTGAGE PROFESSIONAL |
907 |
| FARWEST MORTGAGE BANKERS INC |
791 |
| US FINANCIAL MORTGAGE CORPOR |
764 |
| SCME MORTGAGE BANKERS INC |
713 |
| LOAN LINK FINANCIAL SERVICES |
630 |
| OMNI HOME FINANCING INC |
569 |
| SENIOR AMERICAN FUNDING INC |
543 |
| CARROLLTON MORTGAGE CO |
533 |
| AMERICAN SENIOR FUNDING CORPOR |
523 |
| U S FINANCIAL MORTGAGE CORPORA |
510 |
| HOMESTAR MORTGAGE INC |
495 |
| FUTURESAFE FINANCIAL CORPORATI |
468 |
Written by charles dennis on February 2nd, 2008 with no comments.
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New York’s Reverse Mortgage Market is a growing one. Data from 2001-2008 shows that Bank of America is not a player in New York, at least not yet.
| Top New York HECM Lenders |
HECM
Loans
Sep-2001
to
Feb-2008 |
| BNY MORTGAGE COMPANY LLC |
3,128 |
| WELLS FARGO BANK NA |
2,270 |
| FINANCIAL FREEDOM SENIOR FUNDI |
2,218 |
| VERTICAL LEND INC |
871 |
| M AND T MORTGAGE CORPORATION |
798 |
| M AND T BANK |
699 |
| COMMUNITY HOME EQU CONV CORP |
696 |
| FAST TRACK FUNDING CORP |
634 |
| AGENCY FOR CONSUMER EQUITY MOR |
595 |
| WELLS FARGO HOME MORTGAGE INC |
298 |
| CAMBRIDGE HOME CAPITAL LLC |
286 |
| AMSTON MORTGAGE |
283 |
| UPSTATE CAPITAL INC |
217 |
| USA FINANCIAL RESOURCES INC |
201 |
| CONCORD MORTGAGE CORP |
137 |
| CONTINENTAL HOME LOANS INC |
134 |
| FAMILY HOME FINANCE CORP |
111 |
| RESIDENTIAL EQUITY FUNDING COR |
110 |
| UNITED MORTGAGE CORP |
107 |
| UNITED NORTHERN MORTGAGE BANKE |
101 |
| CARTERET MORTGAGE CORPORATION |
94 |
| SOUTHERN STAR MORTGAGE CORP |
93 |
| AIG FEDERAL SAVINGS BANK |
68 |
| BEST INTEREST MORTGAGE CORP |
65 |
| ALBANY MORTGAGE GROUP INC |
64 |
Written by charles dennis on January 16th, 2008 with no comments.
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I have watched reverse mortgage points and fees decline in the most recent year but they are still the most expensive loan outside of private money for borrowers with standard credit and income. The Motley Fool, reports.
They’re not always a good deal. The points and fees they charge can be fairly high, and their interest rates can be considerably higher than those for regular mortgages. The cash flow you can expect from a reverse mortgage is determined by your home’s value, your age and interest rates. Those 62 years old or older, with little or no debt, stand to benefit the most from reverse mortgages. Loan programs vary widely in what they offer, so shopping around is critical. Retiring the debt usually means selling the home — often upon the death of the borrower — unless the heirs can cough up the repayment. Full Article
Written by charles dennis on October 22nd, 2007 with no comments.
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If you are looking into reverse mortgages, there are several things that you can do to protect yourself from falling victim to these types of scams.
Speak with a HUD approved reverse mortgage counselor. The counselor will help you understand reverse mortgages and help you evaluate your situation.
Obtain several offers from (more…)
Written by charles dennis on September 20th, 2007 with no comments.
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Larger payments, not biweekly ones, are the key
Tuesday, September 11, 2007
DEAR BOB: I have frequently heard if your mortgage calls for monthly payments, you can make a significant interest savings if you pay twice monthly. For example, my mortgage payment is due on the first day of each month. I would like to pay half of my monthly payment 15 days before the due date and the remainder on the due date. But my lender says the only way I can do this is through a third-party company, which will then charge me a sign-up fee of several hundred dollars plus a monthly fee. If I just pay the lender twice a month doesn’t the lender have to accept my payments and credit my account when received and then calculate the interest based on my payments? –Arthur L.
DEAR ARTHUR: No. You’ve been (more…)
Written by charles dennis on September 13th, 2007 with no comments.
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Local banks and mortgage companies are pushing a unique mortgage loan that sounds more like you just won the lottery.
Instead of making monthly payments, you receive monthly payments and you don’t have to pay it back until you sell you home. It’s called a reverse mortgage.
But proceed with caution.
Reverse mortgages have been around for some time, but they’re being heavily market right now, in part because of all the long-time homeowners who are sitting on a gold mine in equity.
The loans are marketed to homeowners who may have limited income, but a wealth of equity in their homes. You must be at least 62 years old.
Here’s how it works.
Say you have $100,000 in equity in your home.
You can take out $50,000 - or any amount you choose - and pay nothing back for as long as you live in the house.
Read the Rest
Written by charles dennis on September 6th, 2007 with no comments.
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Pennsylvania’s top reverse mortgage lenders thru April 2007 according to American Community Survey
. The following table shows Pennsylvania’s top 10 originators of HUD HECM (Reverse Mortgage) loans.
| Top Pennsylvania HECM Lenders |
HECM
Loans
2007 |
| FINANCIAL FREEDOM SENIOR FUNDI |
473 |
| WELLS FARGO BANK NA |
404 |
| VERTICAL LEND INC |
187 |
| M AND T BANK |
171 |
| SEATTLE MORTGAGE COMPANY |
141 |
| BNY MORTGAGE COMPANY LLC |
61 |
| ACADEMY MORTGAGE LLC |
56 |
| EMPIRE EQUITY GROUP INC |
49 |
| CARDINAL FINANCIAL COMPANY |
48 |
| AFC REVERSE MORTGAGE INC |
44 |
| MORTGAGE MOBILITY LLC |
40 |
| S AND T BANK |
40 |
| DELAWARE FINANCIAL CAPITAL |
38 |
| GATEWAY FUNDING DIVERSIFIED MT |
35 |
| AFC FIRST FINANCIAL CORPORATIO |
35 |
| ALLIED MORTGAGE GROUP INC |
34 |
| ALL PENNSYLVANIA REVERSE MORTG |
31 |
| AAKO INC |
30 |
| ACRE MORTGAGE & FINANCIAL INC |
30 |
| CARTERET MORTGAGE CORPORATION |
19 |
| HOME CONSULTANTS INC |
18 |
| FIRST MARINER BANK |
17 |
| AMERICAN REVERSE MORTGAGE CORP |
17 |
| ARLINGTON CAPITAL MORTGAGE |
17 |
| FEDERATED LENDING CORP |
16 |
Written by charles dennis on August 30th, 2007 with no comments.
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