Urban Makes Changes to HomeSafe Jumbo Reverse Mortgage

Urban Financial of America has announced changes to its HomeSafe program.  The program has expanded to include availability to an additional state (Illinois) and has improved its loan-to-value ratio.  At the moment, the HomeSafe program is also available to the following states:  California, Florida, Hawaii, New Jersey, Texas, Colorado, Arizona.  This program was created for higher valued properties as well as non-FHA approved condos, in which the HECM program does not allow.

AAG to Roll Out New Reverse Mortgage Product

On the heels of Urban Financial announcing their new "HomeSafe" product, AAG has announced that they too will be unveiling a new private reverse mortgage product in the next 2 months.  Stay tuned for more changes to come to the reverse mortgage industry.

Breaking News: New Private Insured Reverse Mortgage

Just announced on August 19th, 2014....the Reverse Mortgage industry will soon have more options to help more homeowners.  Up to this point, 95% of reverse mortgages originated today are under FHA's HECM program.  HECM's (Home Equity Conversion Mortgage) are insured by HUD and most follow HUD guidelines.  As a result, there are certain property types and scenarios that are unable to qualify for a FHA reverse mortgage.  A proprietary reverse mortgage can now allow for financing on non-FHA approved condos, will allow seller concessions on reverse mortgage purchases, and provide greater flexibility for high values homes.  Urban Financial of America is the first investor who will be offering a private reverse mortgage which will be called the HomeSafe Reverse Mortgage.

Send your questions and scenarios to ReverseMortgageBenefit.com and we will be sure to put you in touch with a lender who can meet your needs including the HomeSafe product.