Hopkins Federal Savings Bank announced that is has established iReverse Home Loans, a retail reverse mortgage subsidiary in Owings Mills, Maryland.

Senior management at Hopkins Federal Savings Bank had been closely monitoring the reverse mortgage industry for numerous years and teamed up with Kenneth J. Klawans, a Certified Senior Advisor and 20-year mortgage and banking industry.

“A reverse mortgage is an excellent product for the right individual” said Steven A. Cohen, President and CEO of Hopkins Federal Savings Bank. “It’s not necessarily suitable for every situation but for many seniors who have built up considerable equity in their home, it can be a life saver.”

iReverse Home Loans hopes to fills a niche in the market by combining the ability to originate reverse mortgages nationwide, industry high compensation plans and an intense focus on ethics said a company statement. “We’re not looking to hire everyone.” says Kenneth J. Klawans, President of iReverse Home Loans. “We’re only looking for the best”.

Hopkins Federal Savings Bank was founded in 1921 and has assets of approximately $300 million.