Concord Mortgage Group, a full-service mortgage banker serving the needs of home buyers throughout the state of Ohio and beyond, is now using ReverseVision‘s RV Exchange solution to originate home equity conversion mortgages (HECMs), also known as reverse mortgages, to clients in eight states.
A long-time lender and servicer of traditional “forward” mortgages, Concord introduced its HECM program four years ago to better serve the needs of borrowers age 62 and older.
“We’re proud to be one of the few mortgage bankers offering both traditional and HECM financing,” says David Weinstein, senior loan officer and manager of Concord’s reverse mortgage division. “HECM provides additional options to older borrowers who are considering getting a home equity loan, refinancing or buying a new home.”
Concord offers both the standard HECM and the HECM for Purchase, which allows qualified borrowers to use the equity from the sale of previous residences to buy their next primary homes and take out reverse mortgages – all within a single transaction. Both types of loans are insured through the Federal Housing Administration.
“Concord’s main focus has been the HECM for Purchase program because of our strong relationships with home builders,” says Weinstein, who is a 26-year veteran of the mortgage industry.
Weinstein has specialized in new construction lending for the last 15 years.
“Home builders see the need for a product like HECM that provides additional options for people over age 62 looking to buy a home,” he says. “In fact, some of our home builder partners primarily build 55-and-over communities.”