Press Release: American Reverse Mortgage

There seems to one business not very fazed by the recent onslaught of mortgage whoas…..

American Reverse Mortgage® is the only reverse mortgage lender included in the Hot 500 list and is the fastest growing exclusive reverse mortgage lender in the United States. The company is America’s number 120 fastest-growing business according to the August, 2007 issue of Entrepreneur Magazine.

August 19, 2007 — Safe, U.S. Government Reverse Mortgage, began on October 19, 1989 when the first one was granted to a Kansas woman. Since that date, 329,290 FHA Home Equity Conversion Mortgages (HECM) have been provided to Americans age 62 and over. Major organizations have offered positive, informative, advice that assures seniors are protected with the complete and accurate facts about reverse mortgage. These organizations include the AARP, American Bar Association, Better Business Bureau, Federal Housing Administration, Federal National Mortgage Association (FannieMae), National Counsel on Aging, National Reverse Mortgage Lenders Association. Specific reverse mortgage literature is available from these organizations on request.

American Reverse Mortgage was founded in 2000 to become America’s reverse mortgage lender and is well on its way to achieve that goal. Operating nationally from a home office in Ocala, Florida, ARM has grown to be America’s sixth largest reverse mortgage lender, according to a HUD report dated August 1, 2007. ARM has grown from three employees in 2000 to over 3,000 in 2007. About 50 reverse mortgage advisors are also certified senior advisors.

Since the reverse mortgage requires a minimum age of 62, ARM felt that its reverse mortgage advisors would be more effective if they were seniors themselves. The average age of ARM advisors is 57 with the age range being from 20 to 92 years old. Also since the FHA reverse mortgage is the most highly regulated FHA mortgage, comprehensive training is required to become a reverse mortgage advisor. ARM has created the most extensive training in the reverse mortgage industry.

American Reverse Mortgage provides all three types of reverse mortgage. The best and most popular is the FHA Home Equity Conversion Mortgage (HECM) of which over 329,290 have been written since 1989. In 1996, FannieMae created the Home Keeper Reverse Mortgage. Proprietary Jumbo Reverse Mortgage is also available for higher value homes.

Written by charles dennis on August 20th, 2007 with comments disabled.
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