Guaranteed Home Mortgage Company announced this week that it has launched a reverse mortgage division to meet increased consumer demand.
The White Plains, N.Y.-based mortgage company says the time is right for a reverse-specific division due to uncertainty in housing markets and general economic volatility. While the new department will promote positive aspects of reverse mortgages, the company says, it will also attempt to dispel some of the more “pernicious” rumors about the products.
“Our decision to create a separate department for reverse mortgages is based on the many unique qualities of this product and our desire to provide expert advice both for consumers and our branch locations who request support for these loans,” said Guaranteed Home Mortgage President and CEO David Wind. “In addition to advice, our corporate office will provide marketing documents and region-specific instructions on how to successfully structure reverse mortgages to achieve homeowners’ retirement goals.”
Retail Product Manager Anthony Mannino will run the division from Guaranteed’s Farmingdale, N.Y. location, and he says his team of loan officers aims to grow their reverse mortgage business nationally.
“We understand that it’s not an easy product to understand, and we excel in those environments where education is needed,” Wind said. “You can throw a huge marketing campaign, but in the end it’s about the boots on the ground.”
Guaranteed was founded in 1992 and has originated and brokered reverse mortgages since close to the HECM program’s inception. According to data from ReverseBase, the company closed 36 reverse mortgage loans last year and 65 in 2009.
Written by Elizabeth Ecker