California Lender Looking to Lower Reverse Mortgage Fees
Santa Ana, CA — (SBWIRE) — 06/20/2007 — California-based Reverse Mortgage Lending, Inc. Specializes in FHA insured Reverse Mortgages and currently serves the entire State of California and Hawaii. The high efficiency and decreased costs of internet marketing have lowered the company’s costs, allowing them to pass those savings on to the Seniors they help.
“Many people that could benefit from a Reverse Mortgage have been reluctant to go forward due to the high initial costs.” Said Wally Welter, President of Reverse Mortgage Lending, Inc., noting that a big percentage of those costs are actually set by the FHA.
“The decreased costs and efficiency of using the internet to disseminate information about our company and Reverse Mortgages is exciting. This has allowed us to significantly lower our costs. “ said Welter. “This means we can offer what we believe to be the lowest cost FHA Reverse Mortgage in the State of California. The absolute most anyone will pay in origination fees for loans we originate via the internet is $2995, and if the borrower is willing to complete the application process via the mail, we lower it to $2495. This results in putting almost $5000 of additional money in the pockets of our senior borrowers.”
A Reverse Mortgage enables homeowners who are 62 and older to turn part of their home’s value into immediate cash, for any purpose, and with no repayment for as long as they live in their home, and in the case of a married couple, for as long as one of them lives in the home.
The purpose of the Reverse Mortgage is to turn what was once inaccessible — the value of one’s home — into a liquid asset for use by seniors at a time when they need it most. “Seniors have worked hard for the equity in their homes; this program allows seniors to forget about making house payments and enjoy life”, said Welter “We seek to educate the public at-large and seniors specifically about access to this valuable resource, and provide it at the lowest possible cost to the borrower”
Written by charles dennis on June 20th, 2007 with no comments.
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