Kirkland, Wash.-based insurance agency LTC Financial Partners LLC (LTCFP) has formed a new reverse mortgage lending affiliate – Reverse Mortgage Direct LLC (RMD).
RMD says it will offer Federal Housing Administration Home Equity Conversion Mortgages (HECMs). A press release from the company says the move will bring ‘added security to aging Baby Boomers’ who have lost a significant amount in the stock market.
‘We're delighted to add this new service to our corporate offerings,’ says Cameron Truesdell, LTCFP's CEO. Josh Stephens has been named RMD's president.
"The HECM loan is both FHA-insured and nonrecourse," Stephens explains. "That means that if the sales proceeds are insufficient to pay the amount owed, FHA will pay the lender the shortfall and the homeowner will owe nothing more to the lender or FHA.’
SOURCE: LTC Financial Partners LLC