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
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