Of all the lenders currently offering proprietary reverse mortgages, Finance of America Reverse stands out for a number of reasons.For starters, its proprietary loan, the HomeSafe reverse mortgage, is more a suite of tools than a single, one-size-fits-all type of loan.
Monday Morning Cup of Coffee: Investors keep sights on real estate Amazon wants cities to go mum on HQ2 talks, Millennials are the most optimistic about their finances in 2018, and a former associate of a now-indicted Illinois judge has pleaded guilty to her role in a $1.4 million mortgage fraud scheme. Here’s your Monday Morning Cup of Coffee. Source: 1
A reverse convertible security or convertible security is a short-term note linked to an underlying stock.The security offers a steady stream of income due to the payment of a high coupon rate.In addition, at maturity the owner will receive either 100% of the par value or, if the stock value falls, a predetermined number of shares of the underlying stock.
2018 Women of Influence: Josephine Yen News: Cloudvirga SVP of Product Management Josephine Yen. – Cloudvirga(TM), a leading provider of digital mortgage point-of-sale (POS) software whose enterprise technology is powered by the intelligent Mortgage Platform(R), today announced that Josephine Yen, its senior vice president of product management, has been named to HousingWire’s 2018 Women of Influence list.
Finance of America Reverse is a direct lender focused solely on reverse mortgages. Founded in 2003, FAR operates in 43 states and is based in Oklahoma. This company offers a proprietary reverse mortgage plan which doesn’t require FHA approval, as well as standard single-purpose and veteran variants, which are backed by the FHA and VA.
Snapshot of reverse mortgage complaints December 2011 – december 2014. 2 The line of credit and monthly payment options may be combined. Id. 3.. proprietary reverse mortgages vary by state. CFPB, 2012 CFPB Report To Congress on Reverse
Jumbo reverse mortgages, often called proprietary reverse mortgages, differ from a regular reverse mortgage in that they are for loan amounts that exceed the conforming limits set by the Federal housing finance agency, and therefore cannot be purchased, guaranteed, or securitized by Fannie Mae or Freddie Mac.
As the FHA’s reverse mortgage product continues to see its volume decline, some lenders – like New York-based Quontic Bank – are setting their sights on non-agency proprietary reverse.
The Private Option . There is another alternative to the standard reverse mortgage that in many instances better meets the needs and goals of older homeowners – the private reverse mortgage. This is a private loan, usually from a family member, to the homeowner secured by a mortgage on the senior’s home.
Think about catastrophe bonds, PE firm investment wipeouts, and the mortgage. product mix. Click here to register for an upcoming educational webinar presented by Reverse Mortgage Funding LLC (RMF).
And, if you do decide a reverse mortgage is right for you, be sure to make prudent use of your loan. What is a Reverse Mortgage? Older homeowners who want to tap the equity in their homes typically have three options. They can sell their house and downsize, take out a home equity loan or consider a reverse mortgage.
Chicago area home prices up 14 percent in October Chicago home prices jump nearly 4 percent – Chicago Agent. – Home prices in Chicagoland had a year-over-year increase of 3.8 percent in October while national prices increased 7 percent, according to the recent corelogic home price index.The national increase marks the fourth consecutive month of growth of 6 percent or more.