Reverse Mortgage Community REMALO Shutting Down

REMALO, one of the first reverse mortgage membership sites is closing its doors at the end of March.

The site was founded by Sam Collins in 2009 and went through a few different phases. The site originally started as a Reverse Mortgage Association for Loan Officers but changed direction later that year to become a community driven membership site. According to Collins, the site grew substantially over the years but admits it has fallen recently as a result of Wells Fargo and Bank of America exiting the business.

“There are roughly 700* members [right now],” said Collins during an interview with RMD. “There used to be a lot more than that and people can still sign up now, but I’ll probably shut it down for good at the end of the month.”

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The decision to shut down the site didn’t come easy to Collins, but it was taking up more and more time.

“[Running] REMALO is very time consuming and I need to put my efforts towards my other business,” he said.

Collins said he will continue to originate reverse mortgages through Delaware Financial Capital Corp., a firm he owns.

“There is still plenty of opportunity for people in reverse mortgages,” and at the end of the day, “I love the industry.”

Editor’s note: A previous of this version stated incorrectly that there were 70 members of REMALO currently. The actual number is roughly 700. RMD regrets the error. 

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  • I would like to thank Sam for all he put out to the RM community. It shows how tenous the industry is when someone like Sam can produce all that great info and resources and never gain traction. There may never be anyone again that will give as unselfishly as Sam.

  • I am saddened by the news. When I heard about it I said, ” We can’t lose a good man like Sam nor can the industry lose a company like Remalo”!Like sam said to me, it is time for me to move on. He said I need to slow down and focus. Sam will still be serving the senior industry through his mortgage company so the main people out thier, our seniors will not be losing Sam!

    Sam, good luck to you and thank you for all you have given and all you will continue to give! You have been a good friend to me and the industry!God speed,John A. Smaldone

  • Thanks for all the kind words. It has been my pleasure to be part of the reverse mortgage community and the fine people I have gotten to know and respect.    Just to let you all know, all of users who have web sites will continue to be serviced.  Also,  we have around 700 members.  I will still be around, if anyone needs to talk or has any concerns, I am happy to assist you in anyway.  Best of luck to everyone as you move forward in the exciting and changing reverse mortgage business.

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