no comments At one time, there were quite a few major bank lenders offering reverse mortgages. In fact, in the early 2000s, the majority of reverse mortgage loans were closed by national banks. One of the large bank lenders was Financial Freedom, which most recently operated under the parent company CIT Group, and previously was owned by OneWest Bank and IndyMac.... Read Full Article
no comments Today, most reverse mortgages are closed by non-bank mortgage lenders across the U.S. But going back a few years, most reverse mortgage volume was conducted by big, national banks. Among those lenders was MetLife Bank, which used to be operated by the large national insurance provider MetLife. In fact, at one time, MetLife was the largest Home Equity... Read Full Article
12 comments [table id=1 responsive=scroll /] [table id=147 responsive=scroll /] 5 Tips to Selecting Your Best Reverse Mortgage Lender Tip #1. Get the loan that’s right for you from a lender who is looking out for your best interests Many people are convinced that they need just one thing or another and they miss other points that may make a... Read Full Article
no comments When it comes to getting a reverse mortgage, you may start by wondering what type of lender to work with, and specifically: which banks offer reverse mortgages. Perhaps you used a national or regional bank for a mortgage loan in the past as many of the big banks offer mortgage lending services. It’s also possible you worked with a... Read Full Article
4 comments Back in the early 2000s, much of the volume of reverse mortgages in the U.S. was attributed to big banks, including Bank of America. Today, that landscape has changed. Bank of America began in the reverse mortgage space with a small retail channel, before ramping up its operations through the acquisition of Seattle Mortgage’s reverse mortgage business in 2007.... Read Full Article
2 comments Many years ago, some of the biggest banks in the nation offered reverse mortgages. Among them, Wells Fargo was one of the largest lenders in the U.S. Home Equity Conversion Mortgage (HECM) market. Today that is no longer the case. Wells Fargo was at one time the largest reverse mortgage lender in the country. It was only a short time... Read Full Article
no comments What's the most effective legal way to avoid any expected problems with a new reverse mortgage lender? -Alfred Hello Alfred, This is a very open question. There are several ways to handle issues with lenders, but it depends on the issue you are having. And when you say, “expected problems with a new reverse mortgage lender”, that... Read Full Article
2 comments Are you over 62 and looking to eliminate a mortgage payment or purchase a new home in the U.S. Virgin Islands? If so, a reverse mortgage might be the perfect product. If you live in the U.S. Virgin Islands and are over 62 years old, you may be able to qualify for a reverse mortgage that will allow you access... Read Full Article
2 comments 5 Memorable Reverse Mortgage Spokesmen Reverse mortgages have had many famous faces over the years. From iconic television and film actors to a one-time U.S. presidential candidate, celebrities from all walks of life have espoused the many advantages that a reverse mortgage can provide for older homeowners in their retirement years. While spokesmen have come and gone over the... Read Full Article
no comments Making the decision to apply for a reverse mortgage is a large decision in and of itself, but once you do decide you’re ready, you will have a choice to make whether you want to work with a loan officer over the phone or in person. You can complete a reverse mortgage in person with a local loan officer or... Read Full Article
no comments