East Coast-based American Financial Resources, a national mortgage lender based in Parsippany, New Jersey, today announced it has expanded into reverse mortgage lending.
Under the leadership of Diane Masucci, who brings a wealth of mortgage experience including work with MetLife Bank and Genworth, AFR operates a growing team of reverse mortgage originators, currently working in the state of New Jersey, but with expansion plans on the horizon.
“Currently we are a top national lender with a major focus on the [Federal Housing Administration] arena,” Masucci, senior reverse mortgage manager for AFR, told RMD.
The reasons behind launching a reverse mortgage division are several fold, Masucci said.
“It’s a very needed product in the marketplace,” she said. “[AFR] has been looking to get into this space and now happens to be a good time for a lender like America to get into it because it’s a dynamic company and has reach within the FHA arena. You look at folks who are 62 and older and consider their long term financial situation and for many of them, having the ability to tap into the equity in their home will substantially improve their quality of life.”
AFR’s reverse mortgage originators have gone through extensive training with experience in forward and reverse mortgage origination. The team plans to grow over time.
“We will grow in an approach to make sure to meet both client and company needs,” Masucci said.
On the forward side, AFR operates nationally on both retail and wholesale platforms. The reverse department will be retail-only following its launch.
Written by Elizabeth Ecker