California based Reverse Mortgage USA is a member of a select group specializing in Reverse Mortgages. Company sees over 100% increase in loan volume over previous fiscal year.
Santa Ana, CA -- (ReleaseWire) -- 10/23/2006 --Orange County – California-based Reverse Mortgage USA Specializes in FHA insured Reverse Mortgages. It currently services the entire State of California as well as Hawaii. In addition to its increased closing rate , Reverse Mortgage USA ranks among the top five percent in the field of almost 1000 Reverse Mortgage lenders nationwide.
“ We are proud of our ranking --- it proves our high regard for customer service --- especially since it’s HUD, not the lender, that sets the rates and terms in a Reverse Mortgage. That means all lenders offer the exact same programs,” said Vince Welter, President of Reverse Mortgage USA, noting the differentiation between traditional mortgages that can be shopped according to rates and terms. “Our growth has been won through superior knowledge about the program, understanding the needs of seniors and delivering.”
The wave of baby-boomers entering their retirement years, and those working on behalf of their elderly parents who face escalating living and healthcare costs, has caused the popularity of the federally regulated reverse mortgage industry to rise.
Nationwide, 75% of all reverse mortgages are closed by 5% of lenders, an elite group specializing in this unique mortgage program. In the last two years, Reverse Mortgages have jumped 238%.
“While there are many good lenders in the country who offer Reverse Mortgages, there are only a handful that truly specialize in this program. This is a critical distinction. This program is so unique from other types of mortgages, even skilled loan officers find they must relearn the program each time they attempt to fulfill. Reverse Mortgage USA specializes in reverse mortgages. We know what we’re doing and recent stats depict our expertise,” said Welter.
Reverse Mortgages have been around for years, but it wasn't until the early '90s after the Federal Housing Administration started regulating and insuring the program, such began earning respectability.
The purpose of the Reverse Mortgage is to turn what was once inaccessible --- the value of one’s home --- into a liquid asset for use by seniors at a time when they need it most. “Seniors have worked hard for what they’ve earned; finally there’s recognition that these earnings can be accessed without the penalty of moving, or high payments. They can use what they have built to live comfortably. It is a way to realize the benefits of homeownership and equity building like no other!” said Welter, “We seek to educate the public at-large and seniors specifically about access to this valuable resource.”