This went under the radar a few day’s ago and I have finally got around to talking about it here.
On the 27th, the Detroit Free Press announced that Quicken Loans and RockBridge Equity Partners purchased two California companies. The first was TransUnion Title and Escrow, which will help Quickens affiliate, Title Source to increase its reach to all 58 California counties.
The second, which is worth noting, was San Diego based One Reverse Mortgage. The 100 employee company specializes in FHA backed reverse mortgages and is going to help propel Quicken into the reverse mortgage game.
“This is a great start to 2008,” said Quicken Chairman Dan Gilbert. “We plan on building One Reverse Mortgage into the nation’s premiere reverse mortgage lender by leveraging Quicken Loans’ decades of best practices in technology, process, marketing, culture and client service.”
This clearly supports the shift and the growth of the reverse mortgage. I think many of us know that the Baby Boomer generation is growing older and their parents are realizing that their SS check are not cutting it and therefore are looking for ways to cash out on there equities. I have mentioned before that I have a few friends in the reverse game and are doing very well.
Maybe more of us should be taking note.
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I think much of the success of the reverse mortgages product recently has to do with the fact that it is not entangled with the credit crunch, and yet offers financing to persons (albiet seniors only) with terrible credit.
A friend and I dubbed it subprime for old folks last night at dinner. Most I think are much better off with a home equity line of credit, especially given the recent drop in prime rate.
But reading industry trades like the Scottsmans Guide you can’t avoid the wall to wall ads from Wholesale Reverse lenders pitching to brokers.
I’m curious what lead buyers think? Do you offer reverse mortgages? Would you or do you buy leads for them? Thoughts?
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I am interested in possibly purchasing Reverse Mortgage leads from you. Please contact me or email to me the rules for your program including costs and return your replacement policy regarding ineligible borrowers. If you need to call me, please call on the cell number listed below. Also, feel free to mail information to me.
Thanks
Ward Dozier
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