Florida Lender Launches Reverse Mortgage Division

Reverse 123

New Beacon Financial Corporation announced the launch of Reverse 123, its new reverse mortgage division.

Based in Boca Raton, FL the company is implementing an extensive training program for all its reverse mortgage loan officers that emphasizes educating the consumer as opposed to selling a loan said a statement.

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“We decided to enter this line of business when we started to hear a lot of misinformation circulating about reverse mortgages.” said Thomas Simpson, President, of Reverse 123.

“Historically, the people selling this product haven’t necessarily been trained to give the type of guidance seniors often need. In many cases, [the brokers come from a background of employing aggressive sales tactics to close loans. That just doesn’t work with this product”, he said.

The company also plans to work closely with financial advisors and attorneys across the state and believes the business model can provide a level of service most mortgage brokers fail to deliver.

“We have two reverse mortgage originators right now and are in the process of hiring additional originators,” said Simpson in an email to RMD.  “We expect hiring to be a continual process that will be determined based on the effectiveness of our advertising and partnership campaigns.”

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  • Two originators but they will train originators…. Great ideas and a lot of hype. I wish them the best.

    They will have an interesting uphill fight especially since most HECM borrowers have rarely met with an attorney unless it was for a divorce, a car accident, a lawsuit, or the estate of a relative. I hope they make that bridge but it will be a very slow and hard process.

  • …and they got into the business “because we started to hear a lot of misinformation circulating about reverse mortgages”. Right. I'm sure that's why they decided to enter the business. There is a lot of misinformation circulating in Tallahassee and in Washington, CD. Maybe they'll get into politics next.

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