Reverse mortgages can help seniors remain in their homes, a condition known as aging in place, and do things they couldn’t otherwise do because of lack of disposable income, such as live more comfortably or not have to worry about paying bills.
Parsippany, NJ (PRWEB) October 11, 2011
Maverick Funding Corp. is pleased to announce the establishment of a new subsidiary, Reverse Mortgage Network (http://www.reverseandrelax.com). Reverse Mortgage Network, which opened its doors on September 1, 2011, specializes in helping senior citizens over the age of 62 years old understand the concept of reverse mortgages, identify whether the product is right – or not – for them, help them make appropriate and intelligent decisions, and if is determined that it will benefit them, assist them in obtaining a reverse mortgage on their home.
A reverse mortgage is a unique type of loan that enables homeowners to convert some of the equity from their home into accessible, liquid cash, while still residing in their home and retaining its ownership. Established in 1989 by the Federal Housing Administration (FHA) and backed by the U.S. Department of Housing & Urban Development (HUD), reverse mortgage loans are not new, but over the years since they became available through FHA, they have encountered trends that have enabled them to evolve into what they are today. And what they are today can mean a tremendous difference in the lives of America’s senior citizens.
Reverse mortgage loans are available only to senior citizens over the age of 62. The most popular reverse mortgage is the Home Equity Conversion Mortgage (HECM), which is insured by FHA. Eligible seniors use a part of their home equity as collateral, and must occupy the home as their primary residence. They must own the home, or have a remaining mortgage balance that can be paid off by the reverse mortgage. For most reverse mortgages, no income, employment or credit requirements are necessary to obtain the loan because at this point in time there are no credit overlays on reverse mortgages; if the borrowers have sufficient equity in their home and can pay their taxes and insurance for the rest of their life, they are eligible. And even if they don’t have the up-front cash to pay their taxes and insurance, the tax-free money they receive from the reverse mortgage will enable them to be able to pay those expenses.
To staff Reverse Mortgage Network, Maverick Funding Corp. has brought on 22 former Wells Fargo reverse mortgage loan officers who were employed by Wells Fargo prior to Wells’ decision to divest themselves of reverse mortgages. These highly trained reverse mortgage professionals have chosen to continue to utilize their extensive knowledge to ensure reverse mortgage products will remain available to seniors through Reverse Mortgage Network, which is headquartered in Parsippany, NJ with offices in Redbank, NJ, and which is licensed to operate in 22 states throughout the United States.
“We are excited about the establishment of Reverse Mortgage Network,” said Ralph Vitiello, Chief Executive Officer of Maverick Funding Corp. “We see this as an opportunity to serve a segment of the population that in many cases is underserved, particularly in today’s difficult economic climate. Reverse mortgages, for the appropriate senior citizens, can help them remain in their homes for their remaining years – a condition known as “aging in place” -- and do things they couldn’t otherwise do because of their lack of disposable income, such as live more comfortably, purchase long-term care insurance, or simply not have to worry about paying their bills.”
Dino Guadagnino, Vice President of Reverse Mortgage Network, agrees. “Our team has worked with hundreds of seniors to help them obtain reverse mortgages on their homes. We have never seen a reverse mortgage where the borrower did not benefit tremendously from it.”
“Alan Sotnick of Reverse Mortgage Network was extremely helpful in explaining the process,” said Deena Borden, who recently obtained a reverse mortgage loan through the company. “It gave me peace of mind knowing that I had complete faith in him and he was providing me with service above and beyond what I had expected. The money changed my life and I was able to start doing things that I never thought I would be able to do again.”
About Maverick Funding Corp.
Maverick Funding Corp. (http://www.MaverickFunding.com) is a licensed mortgage lender in New Jersey, Pennsylvania, Alabama, California, Connecticut, Delaware, Florida, Indiana, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, North Carolina, Ohio, Oregon, Rhode Island, Tennessee, Vermont, Virginia, and Washington. Our principal business activity is providing first mortgages to qualified homebuyers. We originate loans through the traditional retail channel with our own loan officers, and via a wholesale channel in which our account executives maintain relationships with multiple brokers who refer funding business to us. Our headquarters are in Parsippany, New Jersey. Our privately held company began operation after incorporating in New Jersey in April 2007. In these three-plus years --in extremely challenging economic times—Maverick Funding Corp. has grown from a small staff of approximately 20 in 2007 to more than 114 employees in 2011.
About Reverse Mortgage Network
Reverse Mortgage Network, a Maverick Funding company, is a direct-to-consumer reverse mortgage lender with a commitment to giving each qualifying senior the opportunity to take advantage of a reverse mortgage. With highly trained loan officers dedicated solely to reverse mortgages, Reverse Mortgage Network is committed to simplifying the reverse mortgage process, providing its customers with speedy service and best-practice attention. Reverse Mortgage Network is a FHA and Fannie-Mae approved lender. Reverse and Relax.