Southwest Business Corp Enters the Reverse Loan Tournament

As with any burgeoning market, the entrants to capitalize on the market are numerous. SWBC is throwing their name in the reverse mortgage hat and getting ready to compete with the likes of BofA, Countrywide and Wells Fargo. Usually competition is good for consumers, tough on businesses. Consolidation may occur in ten years, but for now the pool will keep on growing.

Southwest Business Corp. (SWBC) has created a new Reverse Mortgage division at the local company.

The new division will help homeowners 62 and older supplement their income, SWBC officials say.

A reverse mortgage allows homeowners to convert part of the equity in their homes into cash without having to sell the home or add to their monthly expenses.

Reverse mortgages are tax-exempt and borrowers don’t have to pay until the homeowner moves out, sells the house or passes away. SWBC’s program does not require monthly payments or include income requirements or restrictions on how the money can be used.

“A reverse mortgage can help homeowners who are in a home, stay in their homes and still meet their financial obligations,” SWBC President Gary Dudley says.

San Antonio-based SWBC markets a wide range of financial products, including insurance, mortgage and investment services to financial institutions, businesses and individuals.

Web site: www.swbc.com

Written by charles dennis on June 8th, 2007 with comments disabled.
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