SCOTTSDALE, Ariz., Feb. 13, 2020 /PRNewswire-PRWeb/ -- VIP Mortgage has been recognized by leading mortgage industry news source, Reverse Mortgage Daily, for increasing their volume 50%, year-once-year.
Many of the top reverse lenders in the nation saw general decreases for 2019, while VIP managed to grow its endorsement volume by 50%. Even though most reverse mortgage lenders have felt the squeeze since changes to regulations were implemented almost two years ago, the commitment by VIP Mortgage to offer retirement strategies for the baby boomer population has helped its Reverse Mortgage Department grow exponentially.
Says Tim Nelson, head of VIP's Reverse Mortgage department, "Using the HECM as an option for purchase has been a huge opportunity for us." He continued, "Being recognized by Reverse Mortgage Daily is such an honor for myself and the entire Reverse Mortgage team, and I am so grateful that they noticed the different ways we are using this amazing tool!"
"By using the HECM for purchase, Tim is revolutionizing the way the Reverse Mortgage product is used," Says VIP owner and President, Jay Barbour. "Tim's ability to be a forward thinker and put the needs of his clients first is the sole reason for the department's success."
Reverse mortgages are available to homeowners and buyers over 62 years of age. Seniors can borrow against the equity in their homes without having to make monthly payments. They may take the equity as a lump sum or establish a line of credit, creating a fixed monthly payment for as long as they continue to live in the home. Unlike a traditional loan or second mortgage, the borrower does not have to repay the loan until they no longer live at the residence or fail to meet their mortgage obligations.
About VIP Mortgage – VIP has 22 offices in seven states and is licensed in 24 states. In business since 2006, VIP is committed to responsible lending and making the dreams of homeowners a reality. Company licensed; 145502 and 0909074
Media Contact: Carol Taylor | [email protected] | 520.305.6467
SOURCE VIP Mortgage