Le Lézard
Classified in: Science and technology, Business

VIP Mortgage's Reverse Business Surges Nationwide


SCOTTSDALE, Ariz., August 25, 2019 /PRNewswire-PRWeb/ -- While 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. According to HECM World's Top 100 Lender Report, VIP is currently ranked 20th nationwide for year-to-date volume and 16th for closed volume in the month of July. That's a 41% increase in business just this year.

Says Tim Nelson, head of VIP's Reverse Mortgage department, "The industry is full of misconceptions about reverse mortgages, also known as a Home Equity Conversion Mortgage (HECM)." VIP is helping change the perception by taking an educational approach and ensuring that consumers, realtors, and financial advisors understand the value of reverse mortgages in strategic retirement planning, quickly becoming a front runner here in the Valley.

"Many of VIP's originators have become continuing education instructors, helping to increase knowledge and awareness," explained President of VIP, Jay Barbour. "Consequently, reverse mortgages are gaining respect among financial planners, and as its reputation grows with baby boomers, VIP is proud to take the lead as a generational lender."

"Much of our growth comes from using the product for purchase transactions. Instead of paying cash to avoid a mortgage payment, a reverse mortgage allows homeowners to put 50-55% down and leave the remaining dollars in their retirement portfolio, having no mortgage payment," says Nelson. "Reverse mortgages should no longer be considered a product of last resort, but a way to reduce the fear many seniors have of outliving their assets."

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 | ctaylor(at)vipmtginc(dot)com | 520.305.6467

 

SOURCE VIP Mortgage


These press releases may also interest you

at 10:10
Cheapquotesautoinsurance.com has released a new blog post that explains how drivers can use online car insurance quotes and save money. For more info and free quotes, visit...

at 10:03
CyberMAK Information Systems, the global leader in digital transformation, has signed a strategic partnership with Automation Anywhere that will enable clients to fast track their business processes through automation. The global Robotic Process...

at 10:00
As a summer season highlighted by great weather and exciting events draws to a close, Festivals and Major Events Canada (FAME) and le Regroupement des événements majeurs internationaux (RÉMI) are calling upon the federal political parties ? in the...

at 10:00
TAE Life Sciences, a company pioneering a new cancer treatment platform that addresses limitations in current cancer therapy, today announced the formation of a Scientific Advisory Board to facilitate groundbreaking advancements in the emerging field...

at 09:10
Compare-autoinsurance.org has launched a new blog post that explains the advantages offered by liability auto insurance. For more info and free quotes, visit https://compare-autoinsurance.org/what-is-liability-auto-insurance/ In most states, the...

at 06:00
Once again this Sunday, people traffic will replace car traffic as the streets become "paved parks" where people of all ages, abilities, and social, economic and ethnic backgrounds can get active and connect with their community and each other. Open...



News published on 25 august 2019 at 14:00 and distributed by: