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'Lenders' Category Archives

Will Urban Reverse Mortgage Be the Next Big Lender to Exit?

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UPDATE: We are happy to report that Knight Capital announced that the trading debacle did not affect the reverse mortgage lending unit of Urban Financial Group. According to the Article published in Reverse Mortgage Daily, Urban Financial will continue with business as usual and that is very good news to reverse mortgage borrowers everywhere! Urban Financial Group Based out of...
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Reverse Mortgage Lenders -VS- Brokers… Which is the Right Choice?

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Getting a reverse mortgage is a big decision, and part of the process involves deciding whether to work with a mortgage broker or lender. Both entities have the ability to offer a reverse mortgage loan, and both are governed by the same sets of guidelines under the Federal Housing Administration’s Home Equity Conversion Mortgage HECM program. As long as you’re...
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Finding a Reverse Mortgage Lender that Suits Your Needs

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Obtaining a reverse mortgage is a big financial decision and it’s important you work with a lender that can walk you through the process with your best interests in mind. As you narrow down your lender search, make sure you are working with someone who understands reverse mortgages, makes you feel comfortable and shows strong dedication to serving seniors. When...
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ALERT: MetLife Reverse Mortgage Closure & Its Affect on Seniors

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Met Life Bank just announced that they are exiting the reverse mortgage market which is bad news for some reverse mortgage borrowers.  Met Life was responsible for delivering the lowest adjustable LIBOR rates to borrowers.  Met Life had consistently given borrowers some of the best margins available and now with them leaving the reverse mortgage business, borrowers may be forced...
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Banks Offering Reverse Mortgages Retreat

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Last year, three well-known banks left the reverse mortgage industry, leaving many borrowers with concerns and one big question: Why did they go? Bank of America exited in February, followed by OneWest Bank’s Financial Freedom in March, and then industry giant Wells Fargo in June, effectively shaking up the reverse mortgage world. At the time of its exit, Wells Fargo...
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Reverse Mortgage Lenders: Who Can You Really Trust?

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Here are some statements I received just today from a few different borrowers by email and on the phone. "I talked to XYZ reverse mortgage lender and he says that if everyone else has me getting less than $8,000 dollars and you have me at $11,000, then you are doing something wrong". Another gem, "I was talking to XYZ, he...
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Wells Fargo Closes Reverse Mortgage Lending

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Developing Story on Wells Fargo Reverse Mortgage: On August 3, AARP filed another lawsuit, as a purported class action, against Wells Fargo and Fannie Mae, challenging their HECM loan foreclosure practices. Under prior HECM rules (Mortgagee Letter 08-38, December 5, 2008), lenders required heirs of borrowers to pay off the full loan balance upon maturity of HECMs when the loan...
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Wells Fargo Reverse Mortgage Exits Broker Business

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Message to Wells Fargo Reverse Mortgage Brokers: Reverse Program Changes for Wells Fargo Wholesale Lending A Message from Kathleen Vaughan, Executive Vice President, Wells Fargo Wholesale Lending After a detailed review and evaluation, Wells Fargo Wholesale Lending only will discontinue offering Home Equity Conversion Mortgages (HECM), or Reverse mortgages. This move allows us to focus on forward mortgages and our...
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