New division established as demand for senior financial solutions grows
The reverse mortgage space is becoming more competitive with Los Angeles-based Premier Plus Lending launching a new division called Retirement Mortgage Solutions.
“The new division focuses on the needs of retired and elderly homeowners who wish to benefit from their property’s equity,” Premier Plus said in a Press release. “The division aims to assist the retired and senior adult community’s financial needs by providing a variety of mortgage products tailored to their needs.”
The company has tapped reverse mortgage veteran Joe Conrad to lead Retirement Mortgage Solutions. He previously helped build a reverse mortgage division at a national lender and now serves as managing partner and retirement mortgage planner at the new unit.
Conrad has 35 years of home lending experience, with time spent at Mutual of Omaha, Finance of America Mortgage, Skyline Home Loans, and his own brokerage, Best Loans 4 U.
“We are very pleased to have a knowledgeable expert like Joe join our team. He is committed to providing excellent service and has an in-depth understanding of reverse mortgage,” said Premier Plus Lending CEO Artin Babayan.
Premier Plus isn’t the only player looking to expand its reverse mortgage offerings. Several other major lenders have recently taken steps to strengthen their position in this niche market.
Onity Group, formerly known as Ocwen Financial, has been expanding aggressively by acquiring reverse mortgage assets from Mortgage Assets Management (MAM), further growing its portfolio in this space. This acquisition follows its earlier purchase of Reverse Mortgage Solutions (RMS) assets in late 2021, showing Onity’s commitment to the reverse mortgage market.
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Another major player, Finance of America, is consolidating its reverse mortgage brands. The company recently announced plans to merge American Advisors Group (AAG) with Finance of America Reverse (FAR) to streamline operations and strengthen its market position. The combined entity will operate under the “Finance of America” name, with the transition expected in the third quarter of 2024.
FoA chief marketing officer Chris Moschner believes the consolidation will create a more efficient operation.
Meanwhile, Florida’s Best Reverse Mortgage Company has opened a new office in Miami. The office aims to serve senior homeowners in Southeast Florida, offering education and services related to reverse mortgages.
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