1st Reverse Mortgage USA Posts Highest State Growth Rate: Makes Nation’s Top 5% List26 November 2005
Colorado-based 1st Reverse Mortgage USA™ Division of Mountain Pacific Mortgage Company gained a #1 state growth ranking with an astounding 161% jump in closings for the current fiscal year, according to the Housing and Urban Development’s (HUD)industry statistics posted recently in the Home Equity Conversion Mortgage Activity Report. In addition to its rapid-fire closing rate jump, 1st Reverse Mortgage USA™ ranks among the top five percent in the field of 829 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 Barry Scoles, Division Manager of 1st 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 andhealthcare 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. 1st Reverse Mortgage USA™ specializes in reverse mortgages. We know what we’re doing and recent stats depict our expertise,” said Scoles.
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 and finally there’s recognition they can be compensated for those lifelong earnings, and live comfortably, off their home investment,” said Scoles, “We seek to educate the public at-large and seniors specifically about access to this valuable resource.”
Source: PrWeb
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