Fairway Independent Mortgage Corp., a mortgage broker/banker with over 100 branches in 40 states, has established a reverse mortgage division and is now actively supporting this increasingly popular mortgage loan product.
‘In order to properly service this growing segment, we knew we'd need to establish a division that ensures consistency and compliance,’ says Gary Nelson, vice president of national sales at Fairway Independent Mortgage. ‘Our reverse mortgage division provides support and training to all of our regional offices, so that they in turn can better serve the customer.’
According to a November 2007 Wall Street Journal online article that cites the Department of Housing and Urban Development, the number of federally backed reverse mortgages has increased by 41% in the year ending Sept. 30, 2007, although the total number of reverse mortgages currently accounts for less than 1% of the country's overall home loan market, which is valued at roughly $10 trillion.
‘As baby boomers age, more and more homeowners are becoming qualified for reverse mortgages every day,’ Nelson notes. ‘We're establishing a program to provide standardized delivery of reverse mortgages, so obtaining a reverse mortgage will be just as consistent, convenient and straightforward as getting a standard mortgage from any Fairway location.’