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Jumbo Reverse Mortgages - a Dying Breed If Ms. Boxer is correct and the national limit is now $625,500.00, that would fill the need of many borrowers currently seeking proprietary products and soften the effect of the disappearing jumbo product.

The Wall Street Journal continues to be a great resource for Baby Boomers with it’s Encore section of the paper.  Encore is targeted at the 50+ crowd and covers a range of different topics from finance to travel and many others.  The weekend edition of the Ask Encore section features a question from

EverBank Reverse / MetLife announced that they would be discontinuing their proprietary reverse mortgage product due to the unprecedented market events of recent days.  The Reverse Select is the second jumbo reverse mortgage product that has been discontinued in the last 30 days.

We are a full-service Mortgage Banker, offering an unbeatable combination of professionally qualified mortgage consultants, a full spectrum of programs, and a streamlined application process with the ability to talk to a real person. Here’s why you’ll benefit from working with Trident Mortgage… We work for you, not the lending institutions.

Today Gold Reverse Mortgage announced that it was suspending their jumbo reverse mortgage product.  According to their website, all current loans that have approvals will need to satisfy all conditions by Friday September, 12 in order to fund.  In an email I received from Kurt Kingsolver, President

In the real estate financing industry, a Shared Appreciation Mortgage (SAM) can be used as an “Alternative Financing” option for real property investments of all sizes, rather than being confined to the terms and conditions imposed upon most investors by traditional banks.

No Income Verification Loans is great for those who can’t verify income with traditional documentation, such as those who are self-employed or salaried. NIV loans are usually designed for those who have substantial savings for a down payment. NIV Loans come in all varieties and can be used to purchase a home or to refinance an existing mortgage.

Jumbo mortgage loans are loans above the maximum loan amount established by the programs offered by the government-chartered corporations Fannie Mae and Freddie Mac. Since these loans don’t conform to Fannie Mae and Freddie Mac underwriting guidelines, they cannot be sold to Fannie Mae or Freddie Mac.

Typically, a balloon mortgage is a short-term, fixed-rate mortgage that offers a lower interest rate during the repayment period, but it requires a large lump-sum payment due at the end of a specified term. Most mortgages are set up so that you pay off the loan gradually by the monthly payments that you make over the loan term (for example, 30 years).

The 15-year fixed rate mortgage for Trident Mortgage offers the qualified consumer five big advantages. You own your home in half the time it would take with a traditional mortgage. You save more than half the amount of interest of a 30-year mortgage.