During a time when many lenders have stopped offering reverse mortgages, or have geared operations in other directions, one Ohio lender is making new inroads into the space.
Columbus, Ohio-based TotalChoice Mortgage announced its entry into the HECM market last week, making new strategic hires and incorporating an existing reverse mortgage team into its operations as they solidify their new place in the reverse mortgage business.
To help facilitate their entry into the reverse mortgage business, TotalChoice announced the hiring of David Weinstein, area sales manager for the Five Point Lending team to oversee HECM loan origination for TotalChoice’s new, dedicated reverse mortgage division. With him comes Jennifer Hall, a senior loan officer and Five Point’s dedicated HECM specialist in order to oversee TotalChoice’s new reverse mortgage offerings going forward.
Weinstein previously led the Five Point lending team inside Strongsville, Ohio-based Union Home Mortgage before finding their new home inside TotalChoice.
“I am excited and honored to implement the HECM program within TotalChoice Mortgage and Hometown Lenders,” said Weinstein in a press release announcing the Five Point Lending Team’s incorporation into TotalChoice. “This product will enhance the company’s ability to continue to serve clients in the elite fashion to which we are accustomed. For 7 years I have had a strong alliance with the HECM product and continue to have a passion for the program’s core values.”
When asked why now was the time to enter the reverse mortgage space, a number of different financial factors were described by Weinstein that, he feels, makes this entry period an optimal one.
“This is the ideal time in the mortgage industry to expand Total Choice Mortgage’s product offering into the reverse mortgage space,” Weinstein explained in an email to RMD. “With margin compression, decreased volume, and a hyper-competitive market, the HECM product will enhance the company’s ability of offering their clients a full portfolio of products while maintaining their elite service levels.”
The customers and partners Weinstein interacts with in the reverse mortgage space also informed his desire to be more closely involved with the industry.
“My passion and vision for the reverse mortgage space has only increased over the number of years I have been fortunate to be associated with the industry,” he said. “The opportunity to serve the HECM clientele, the referral partners we work with every day, and most importantly the positive effect this product has on the families continues to drive me forward.”
Hall, who has roots in the Ohio mortgage market, is a veteran loan officer who brings a specialized understanding of the reverse mortgage business.
“My team and I are eager to bring our success with the HECM program to our new home at TotalChoice Mortgage,” said Hall in the press release. “I feel that our experience building the HECM channel will serve as a springboard for new growth opportunities for our referral partners as well as our fellow TotalChoice loan officers.”
The makeup of the TotalChoice company will also give Hall more dedicated tools and resources to expand the availability of and education surrounding reverse mortgage products, according to Hall.
“Total Choice and the family of companies operated by Home Town Lenders opens a new army of loan officers who can bring the HECM product to even more consumers,” Hall explained in an email to RMD. “By educating our new colleagues on the benefits of HECM, we’ll be able to bring to thousands of referral partners and consumers across the country, a true one-stop shopping experience.”
That one-stop experience covers the length of the mortgage space across forward and reverse, said Hall.
“I feel that the ability to offer both traditional financing and HECM, in one conversation from one professional, allows an unbiased education of the consumer,” Hall said. “Presenting the options, educating and empowering seniors to make the choice that’s right for them.”