We decided to enter this line of business when we started to hear a lot of misinformation circulating about reverse mortgages.
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Boca Raton, FL (PRWEB) February 1, 2010
New Beacon Financial Corporation, a Florida-based correspondent lender, today announced the official launch of its reverse mortgage division. The company brings a new marketing and business philosophy to the Florida reverse mortgage market. Founded in 2009 by Thomas M. Simpson, President, the company’s corporate philosophy draws heavily on his background in law and finance.
“We decided to enter this line of business when we started to hear a lot of misinformation circulating about reverse mortgages.” Mr. Simpson said, “Part of the problem is that a reverse mortgage is really a retirement product, first and foremost. Mortgage brokers that take an aggressive marketing approach don’t help the product’s reputation and certainly don’t help the consumer”. The company is implementing an extensive training program for all its reverse mortgage brokers. The training emphasizes educating the consumer as opposed to selling a loan. “We want to give our clients all the tools they need to make an informed decision on their own”, he said.
Reverse mortgages can only be sold by licensed mortgage professionals. “Historically, the people selling this product haven’t necessarily been trained to give the type of guidance seniors often need. In many cases, [the brokers] come from a background of employing aggressive sales tactics to close loans. That just doesn’t work with this product”, he said. The company is offering free in-home consultations to all its clients.
The popularity of reverse mortgages has exploded over the past decade and the industry is expected to continue experiencing strong growth over the coming years as more and more baby boomers reach retirement age. Reverse mortgages allow seniors 62 or older to access the equity in their homes without having to make repayment as long as they maintain the home as their primary residence. Often seniors look to a reverse mortgage to cover unexpected medical expenses or to supplement their retirement income. “It’s a great product that I really believe in”, Mr. Simpson said “and we’re looking forward to getting out there and offering it to seniors across the state of Florida.”
The company plans to work closely with financial advisors and attorneys across the state. By partnering with these professionals, Mr. Simpson believes his business model can provide a level of service most mortgage brokers fail to deliver.
"We’re really looking forward to getting out there and educating seniors in a much more consultative fashion than you find from most mortgage companies," said Carol Wasserman, Vice President of Senior Product Services at New Beacon Financial, "It’s an exciting opportunity for us to bring a fresh approach to offering a product that’s been around for a while."
For additional information on Reverse123, contact Carol Wasserman or visit http://www.reverse123.com.
About New Beacon Financial:
New Beacon Financial is a full-service commercial and residential correspondent lender in Boca Raton, FL. The company serves consumer and commercial clients across the state of Florida. Thomas M. Simpson received his Juris Doctorate from Boston University School of Law and is a member of the New York and Massachusetts bars. In addition, Mr. Simpson received his Masters Degree in Business Administration from The Wharton School at the University of Pennsylvania.
For more information on New Beacon Financial, visit us online at http://www.newbeaconfinancial.com.
Carol Wasserman, Vice President
New Beacon Financial Corp.