“Ding dong, the witch is dead . . .” oh wait a minute, we need the jumbo reverse mortgage! It WAS a good program. It filled a niche for homeowners who are very equity rich and cash poor. But for now, it is true, the last jumbo reverse mortgage, called the Equity Plus Advantage (EPA) has been pulled off the market by LLS Financial (AKA World Alliance Financial, AKA Senior Lending Network).
The sad news was announced to me when I logged into their lender portal this morning:
Breaking Lender News – Release Date: 10/28/2008
IMPORTANT PRODUCT UPDATE
Due to continued instability in the financial markets, effective immediately, we have been forced to temporarily suspend our Equity Plus Advantage and Simple 60 products.
We will honor any proprietary products in the pipeline, however they must close by November 26, 2008. If not, the loan product will need to be re-disclosed to a HECM.
Please contact your Relationship Manager today about transitioning any outstanding EPA submissions into a HECM as they will walk you through the expedited process.
I’m told that “temporarily suspend” means for 60 days. They say that since they were the only jumbo program left on the market, they were overwhelmed with volume of submissions and their balance sheet was close to becoming unbalanced. So it seems that we are left to conclude that when they fund only HECM reverse mortgages for the next 60 days, then should be able to start offering the jumbo again. Of course, the reality is that is going to depend on the state of the mortgage lending business. To be continued . . .
Luke
Reverse Mortgage Pro
We can only hope that the economy will straighten out after the election and perhaps this mortgage option will “reopen” for homeowners.
Don’t think so. Take till at least 2010 to get things back to where they were before. And even then, I doubt how much risk lenders will be willing to take on.
A niche well needed in this great economy that so many elderly lost thier retirement in the market.
Don’t think so. Take till at least 2010 to get things back to where they were before. And even then, I doubt how much risk lenders will be willing to take on.
Plus Advantage (EPA) has been pulled off the market by LLS Financial (AKA World Alliance Financial, AKA Senior Lending Network).
The sad news was announced to me when I logged into their lender portal this morning:
Breaking Lender News – Release Date: 10/28/2008
IMPORTANT PRODUCT UPDATE
Due to continued instability in the financial markets, effective immediately, we have been forced to temporarily suspend our Equity Plus Advantage and Simple 60 products.
We will honor any proprietary products in the pipeline, however they must close by November 26, 2008. If not, the loan product will need to be re-disclosed to a HECM.
Please contact your Relationship Manager today about transitioning any outstanding EPA submissions into a HECM as they will walk you through the expedited process.
in Turkish information :
Lahana Suyu ile zayıflama günümüzde
gerçekten de çok moda… Özellikle teknolojik gelişmelerin de getirdiği
hareketsizlik ve yemek alışkanlıkları obeziteyi çağın hastalığı haline getirdi.
Bu yüzden de özellikle bahar ayları geldiğinde bir zayıflama çılgınlığı herkesi
sarıyor. Ama unutulmaması gerekir ki diyet kişiye özel olmalıdır. Ve sağlıklı
zayıflamak için en doğru yol konusunda uzman bir diyetisyene veya doktora
başvurmaktır.
American Online Pharmacy with FDA Approved Generic Viagra, Natural Gain Plus, Enlast Formula, Virility Ex Pills, Acnezine, Natural Pain Relief, Hoodia Gordonii, Breast Actives, Lip Plumper, Anti Aging Solution, Acnezine, Acne Spot Treatment at Lowest Prices. Visit : http://www.theherbalproducts.com
Still no chances for that to be back
I am Very thank full the owner of this blog. Because of this blog is very imformative for me, – Best Penis Enlargement – We list and review the Top Penis Enlargement in market