HomeServices of America Adds Veteran to Focus on HECM for Purchase

NewImage.jpgHomeServices Lending added Ken Keranen to concentrate specifically on expanding its HECM for purchase business said the company in a statement.

Keranen brings 17 years of reverse mortgage experience to the company, a joint venture between HomeServices of America, a Berkshire Hathaway company and Wells Fargo Home Mortgage.

Started in 2009, the HECM for purchase program has slowly picked up steam.  In January 2009, only 18 HECM for purchases were endorsed, totaling $6.4 million of loans. However, by the end of 2009, volume had increased to 130 units and $40.1 million according to Reverse Market Insight.

Advertisement

Keranen feels the program has nowhere to go but up and that within a decade it will account for as much as 50% of the overall number of units as the baby boomers seek purchase their retirement home with a reverse mortgage.

According to data from the US Department of Housing and Urban Development, the company endorsed 67 HECMs during 2009.  Check out their listing on ReverseBase.

Join the Conversation (5)

see all

This is a professional community. Please use discretion when posting a comment.

  • I really don't know if it will amount to 50% or some other percentage. I do know that many boomers (I'm now one!) will want to buy their final home and not have to make payments. Here in San Diego County the number one method of buying a house for those over 55 is all cash. Seniors do not want to make mortgage payments……period!

  • I really don’t know if it will amount to 50% or some other percentage. I do know that many boomers (I’m now one!) will want to buy their final home and not have to make payments. Here in San Diego County the number one method of buying a house for those over 55 is all cash. Seniors do not want to make mortgage payments……period!

string(111) "https://reversemortgagedaily.com/2010/07/21/homeservices-of-america-adds-veteran-to-focus-on-hecm-for-purchase/"

Share your opinion