PLYMOUTH, me., 23rd August 2016 / PRNewswire / – Success Mortgage Partners, a private lending firm based in Plymouth, Michigan consolidates its Reverse Mortgage Partners under a new unified brand, Reverse Mortgage USA.
As part of the renaming Jon Maiolatesi of Plymouth, MI, has been named Director of Operations and David Heilman of Charleston, SC, has been named Director of Sales for Reverse Mortgage United States.
“This is an opportunity to pool the resources and talents of seasoned reverse mortgage professionals and also allows us to expand access to the product for many older Americans,” said Maiolatesi, Certified Reverse Mortgage Professional®. In addition, the company will offer the reverse mortgage product in all branches nationwide.
A reverse mortgage, or Home Equity Conversion Mortgage, is available for ages 62 and over and allows homeowners to convert some of the equity in their home into cash without having to sell, give up property, or take out a new monthly mortgage payment. Borrowers can choose to withdraw cash (e.g. to pay off an existing mortgage), set up a line of credit for future needs, choose monthly drawings, or a combination of all three. Homeowners are responsible for continuing to pay property taxes, insurance, and all HOA fees, and for maintaining the condition of the home.
The balance is paid back when the home is sold and the homeowners (or their heirs) receive the remaining equity. Because this type of loan is FHA insured, a homeowner, heir, or estate will not be liable for this amount should there be a shortfall at the time of sale.
over Reverse mortgage United States
Reverse mortgage United States, a division of Success Mortgage Partners, is a mortgage lending company that offers a range of reverse mortgage options. The company is focused on improving the quality of life for its customers and their families while eliminating fear and confusion around this unique loan program designed specifically for older Americans. More information is available at www.ReverseMortgageUSA.com.
Reverse mortgage United States, a division of Success Mortgage Partners, is an equal opportunity lender. NMLS # 130562
Logo – http://photos.prnewswire.com/prnh/20160823/400415LOGO
SOURCE Success Mortgage Partner