Two Florida-based reverse mortgage companies – Reverse Mortgage Advisors based in Lady Lake, and Access Reverse Mortgage Corp. based in Clearwater – are combining personnel and resources in order to “serve clients more effectively” and “ensure homeowners get the most from their property,” according to a press release.
“We will all move forward under the name Access Home Mortgage,” said Mac Tennant, president of Access Reverse Mortgage in an email to RMD. “Rob and I are both excited about the new structure and potential for enhanced profitability going forward.”
The state of Florida is home to 14 loan officers that maintain the National Reverse Mortgage Lenders Association (NRMLA) Certified Reverse Mortgage Professional (CRMP) designation. This new association consolidates the home of four of those professionals under the roof of one organization, according to the announcement release.
“The timing is right to [combine] our talent with the Access Mortgage team,” said Robert Wyatt, principal at Reverse Mortgage Advisors in the press release. “Mac and Pam Tennant have led their company responsibly with the highest of integrity.”
Wyatt has over 20 years of experience in the reverse mortgage business, and has served on the board of directors for the Florida Council on Aging.
The changing landscape of the reverse mortgage industry made clear that a collaboration would help both companies better serve the realities of the current marketplace according to Mac Tennant, president of Access Reverse Mortgage.
“It’s no secret industry volume has struggled, but we see a bright future,” Tennant said. “We are now better positioned to capitalize as the market improves with our combined resources. Maybe it’s coincidental, but we all seem to have gotten busier the past few days.”
The greater implementation of home equity into retirement planning also helped illustrate to Tennant that a combination of talents could be beneficial for both parties.
“We are seeing reverse mortgages being used in financial planning strategies as an effective means of enhancing retirement plans for Baby Boomers,” said Tennant in the announcement release. “The opportunity to collaborate with someone of Mr. Wyatt’s stature along with his experienced team enhances our ability to provide personalized professional consultation that financial planners expect for their sophisticated clients.”
Mac Tennant co-founded Access Reverse Mortgage in 2005 with his wife Pamela. The company maintains an A+ rating with the Better Business Bureau.