Senior Lending Network announced the launch of its HECM for Home Purchase program, which allows senior homeowners to use proceeds from a reverse mortgage to purchase a new primary residence.
"In conjunction with more and more baby boomers turning 62, today’s unpredictable economy, and seniors wishing to manage and maintain a comfortable quality of life, we’ve adopted this program," said David Peskin, Senior Lending Network CEO.
The Melville, NY based company sees the new program as a new opportunity for growth and is seeking to develop strong relationships with qualified and experienced realtors and originators who adhere to its strict criteria. Peskin added, “This is an unprecedented opportunity for realtors to access the reverse mortgage industry, while ethically serving the senior community and helping them reach their retirement goals. That, combined with recent legislation, makes this a very exciting time in the industry."
The company is currently running a pilot program with select correspondents and hopes to have it rolled out to everyone by the end of the quarter said an email from Jean Noble, Executive VP of the Senior Lending Network.