The lender, which serves seven states in the Mid-Atlantic region, is rolling out a new home equity conversion mortgage (HECM) division, with a special focus on the HECM for Purchase product.
HECM for Purchase is a Federal Housing Administration-insured reverse mortgage program through which qualified borrowers can purchase a home with no required monthly mortgage payment
Craig Minton, formerly of Bank of America and Wells Fargo, is heading up the new division as senior vice president.
“Whether it be to purchase a new home or refinance an existing home, the reverse mortgage loan is an excellent addition to ACM’s portfolio of quality loan products that help borrowers achieve their financial and homeownership dreams,” Minton says in a release. “Our dedicated reverse mortgage consultants will work closely with our experienced team of traditional loan officers and real estate agent partners to serve the needs of our senior clients.”