Box Home Loans, a mortgage lender based in Utah, has launched its own reverse mortgage program and has selected ReverseVision Exchange as its reverse mortgage loan origination system.
“Huge numbers of baby boomers are rapidly approaching retirement and looking for ways to stretch their savings,” says McKay Shoell, senior vice president for Box Home Loans, in a release. “Soon, it will be commonplace for consumers and financial planners to consider home equity options like HECM as part of their financial approach to retirement, along with income, social security and retirement.”
An independent mortgage banker for more than a decade, Box launched its reverse mortgage origination unit in September. Reverse mortgage industry veteran and home equity conversion mortgage (HECM) specialist Stan Francom will oversee the new unit, which will have a special focus on the HECM for Purchase, a loan product that allows older borrowers to buy their new principal residences and obtain reverse mortgages within a single transaction.