LTC Financial Partners (LTCFP) announced the formation of an affiliate that will provide reverse mortgages to consumers.
"We’re delighted to add this new service to our corporate offerings," says Cameron Truesdell, CEO of LTCFP. "Now we can help more people breathe easy, knowing they’ve got the means to pay for care when needed."
Reverse Mortgage Direct will be lead by John Stephens as President and will emphasize two particular uses.
“The first is to help the thousands of senior home owners that contact LTCFP every year that don’t qualify for long term care insurance,” said Stephens. “Now they can create a fund of money using a reverse mortgage to help with the costs of long term care, and this helps them stay in their homes longer too.”
Stehpens added that the second vital use is to “help the millions of senior home owners on a fixed income that have lost a significant amount in the stock market; with a reverse mortgage, they can recover some of their spending power and financial security."
The Housing and Economic Recovery Act of 2008 provides additional protections for seniors who take out a reverse mortgage by barring certain arrangements that may provide incentives for the sale of other financial or insurance products that do not meet their needs.
It will be interesting to see how affiliates like Reverse Mortgage Direct operate within these requirements.