I know, I've been neglecting this blog and I've never been a very prolific writer so this is a little hard for me. My intention was to use this blog to highlight news articles and positive stories that I thought would be helpful to my readers. (if I have any). But I started using twitter for that when I added a twitter feed to my home page.
I don't know if this will be redundant but I am recommitting myself to add to this blog and hopefully get a discussion going.
There have been some very positive changes in the Reverse Mortgage market in the past month. Margins are starting to drop making the rates on the adjustable product lower. Some of the biggest changes are with the fixed rate reverse mortgage. First, our primary lender dropped the service set-aside fee. This is what they take and set aside to pay the $30 a month service fee and typically runs about $4,000. No monthly fee, no service set-aside to worry about. Shortly there after most lenders followed suit. Then we were able to reduce and then eliminate our origination fee because of better pricing. This is turning into an all out price war with our lenders and I'm curious to see where it will end.
For now, all I can say is that it is a great opportunity to take advantage of the savings.
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