Review Mortgage Lenders

1st Reverse Mortgage

1st Reverse Mortgage

Join us as we talk with Peggy Sage of 1st Reverse Mortgage

A post-crisis first: Performing jumbo reverse mortgage bonds

Waterfall Asset Management is marketing $571 million of bonds backed by jumbo reverse mortgages that were originated before the credit crisis and are still performing.

It’s the first deal of its kind with a public credit rating since 2007, according to Kroll Bond Rating Agency.

Reverse mortgages allow borrowers to pull some of the equity from their home without paying a monthly mortgage payment; no payments are due until the entire loan is repaid. In the meantime, accrued interest is added to the balance of the loan.

Over the past several years, there have been a number of securitizations of reverse mortgages that had defaulted and were in the process of being liquidated; the loans backing these deals were also insured by the Federal Housing Administration.

By comparison, the 915 loans backing Cascade Funding Mortgage Trust 2018-RM2 are what’s known as “proprietary” reverse mortgages; they are not insured by the FHA. Waterfall Asset Management acquired them over a period of eight years from various originators.

Reviewing BankUnited (BKU) & 1st Constitution Bancorp (NASDAQ:FCCY)

BankUnited Company Profile

BankUnited, Inc. operates as the bank holding company for BankUnited, National Association that provides a range of banking services to small and medium sized businesses, and individual and corporate customers in the United States. The company offers deposit products, such as checking, money market deposit, and savings accounts, as well as certificates of deposit; and treasury management services. Its loans portfolio includes small business loans, commercial real estate loans, equipment loans and leases, term loans, formula-based loans, municipal and non-profit loans and leases, commercial and residential mortgage warehouse lines of credit, letters of credit, and consumer loans, as well as purchases performing residential loans. The company also offers integrated on-line, mobile, and telephone banking services. As of December 31, 2017, it operated through a network of 87 branches located in 15 Florida counties; and 6 banking centers in the New York metropolitan area, as well as 89 automated teller machines. The company was formerly known as BU Financial Corporation. BankUnited, Inc. was founded in 2009 and is headquartered in Miami Lakes, Florida.

My deceased father has a reverse mortgage - the amount owed is less than the value of the property?

I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what's owed on the reverse mortgage? I'm 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house.

You would need to pay off all liens on the property, before you can transfer it into your names. A mortgage is a lien.