Jumbo Reverse Mortgages - What's Happening to the Market
If you have been reading the articles about jumbo or proprietary reverse mortgages available, you may be wondering what is going on. A jumbo or proprietary reverse mortgage is any program that is not the FHA, government insured Home Equity Conversion Mortgage (HECM or "Hek-um") or the Federal National Mortgage Association HomeKeeper Program. When first introduced, there were very few proprietary programs in the market place and they had very high interest rates. As they became more accepted and well-known, they were offered by most of the lenders offering reverse mortgage products and they began to come down in rates and margins and also to cover many more lending scenarios such as purchase transactions and second homes to name just two. The lenders worked with Wall Street Firms to securitize these loans which gave the lenders the liquidity to make more loans. If you have any concerns pertaining to in which and how to use Jumbo Reverse Mortgages you can get in to...