Is it a good idea to raise mortgage limits across the country during the same time when home values are falling? Depends on which side of the financial aisle you live on? While conventional rates have increased, reverse mortgage rates still lag behind. That could be a good thing in that it will afford seniors and their advisers to become better versed in reverse mortgages and their uses.
While loan limits for conventional mortgages recently were raised with the passage of the Economic Stimulus Act of 2008, those seniors hoping to tap into additional home equity via the nation’s most popular reverse mortgage are stuck with the same loan ceilings — at least for now.
The Federal Housing Administration (FHA), a branch of the U.S. Department of Housing and Urban Development, insures the Home Equity Conversion Mortgage program, which accounts for nearly 85 percent of the reverse market. The program has insured more than 240,000 reverse mortgages since 1990, while private jumbo reverse plans also have been available. Full Article.
Written by charles dennis on May 1st, 2008 with no comments.
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TechCrunch reports how online real estate leader Zillow Disrupts Lending Market With Mortgage Marketplace - … Zillow cites a Harris Interactive study showing that it’s more important for borrowers to keep their contact info private than to find the best rates. Web 2.0 applications have come a long way to bringing much needed tranparency into the real estate industry. The best part? We are only in the beginning stages.
Written by charles dennis on April 4th, 2008 with no comments.
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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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As we have discussed for sometime here at Reverse-Loans.net, the reveres mortgage market is getting highly competitive. A recent report from the WSJ discusses just that same point:
It may sound hard to believe, but one part of themortgage market is hot: reverse mortgages. And that’s giving older homeowners more options to tap the equity in their homes — but also opening the door to more confusion and mistakes. Only a year ago, homeowners interested in reverse mortgages had little to choose from beyond the plain-vanilla, government-backed products that have long dominated the market. Such mortgages essentially allow homeowners at least 62 years old to sell a large chunk of their home equity back to a…… Read the rest
Written by charles dennis on November 21st, 2007 with no comments.
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The Australian reverse mortgage market has yet to fulfill its potential.
The potential market size for reverse mortgages in Australia is enormous, but recent data shows that industry growth has stagnated in 2007. At present, the market is thought to be worth A$1.8 billion. However, with life expectancy ever increasing and a rising number of financially unprepared pensioners, the market is expected to boom in the future. Read the rest.
Written by charles dennis on October 1st, 2007 with no comments.
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Aug. 29 (Bloomberg) — U.S. Senator Charles Schumer called on Countrywide Financial Corp. to waive prepayment penalties, refinance loans and eliminate “above-market fees” to help homeowners struggling to make payments on subprime mortgages.
Countrywide, the biggest U.S. mortgage lender, should stop paying higher commissions to brokers who steer borrowers to high-cost loans that “are designed to fail,” Schumer told reporters in Washington today.
“I am calling on Countrywide, as our nation’s largest lender, to bury its bad business practices and reverse some of the damage it has already inflicted on our housing market,” the New York Democrat said. (more…)
Written by charles dennis on September 14th, 2007 with no comments.
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