Reverse Mortgage Loan Blog

SUN PRAIRIE, WI – Fairway Independent Mortgage Corporation, a mortgage broker/banker with over 100 branches nationwide, has established a reverse mortgage division and is now actively supporting this increasingly popular mortgage loan product.

Cited as one of the few “hot” mortgage products, reverse mortgages give older homeowners the ability to tap into their home equity to supplement their income. Reverse mortgages are loans against a home that typically do not have to be repaid until the borrower dies, permanently moves out of the home, or until the home is sold. These mortgages are designed for older borrowers, typically 62 years of age or older.

According to a November 2007 Wall Street Journal online article that cites the Department of Housing and Urban Development, the number of federally backed reverse mortgages has increased by 41 percent in the year ending September 30, 2007, although the total number of reverse mortgages currently account for less than one percent of the country’s overall home loan market, which is valued at roughly $10 trillion.

“In order to properly service this growing segment, we knew we’d need to establish a division that ensures consistency and compliance,” Gary Nelson, vice president of national sales at Fairway Independent Mortgage Corporation. “Our reverse mortgage division provides support and training to all of our regional offices, so that they in turn can better serve the customer. As baby boomers age, more and more homeowners are becoming qualified for reverse mortgages every day. We’re establishing a program to provide standardized delivery of reverse mortgages, so obtaining a reverse mortgage will be just as consistent, convenient and straightforward as getting a standard mortgage from any Fairway location.”

Found here.

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