PLYMOUTH, Mich., Aug. 23, 2016 /PRNewswire/ -- Success Mortgage Partners, a residential lending company headquartered in Plymouth, Michigan is consolidating its reverse mortgage partners into a new unified brand, Reverse Mortgage USA.
As part of the rebranding, Jon Maiolatesi of Plymouth, M.I., has been named Director of Operations and David Heilman of Charleston, S.C., has been named Director of Sales for Reverse Mortgage USA.
"This is an opportunity to combine resources and talents of experienced reverse mortgage professionals, and also allows us to expand access to the product for many older Americans" said Maiolatesi, Certified Reverse Mortgage Professional®. The company will also be offering the reverse mortgage product to all branches nationwide.
Available to those age 62 and older, a reverse mortgage or Home Equity Conversion Mortgage, allows homeowners to convert part of the equity in their home into cash without having to sell, give up title or take on a new monthly mortgage payment. Borrowers can elect to take cash out (to pay off an existing mortgage for example), set up a line of credit for future needs, elect for monthly draws, or a combination of all three. Homeowners are responsible for continuing to pay property taxes, insurance, any HOA dues, and maintain the condition of the home.
The balance is repaid when the home is sold, and the homeowners (or their heirs) receive any remaining equity. Because this type of loan is FHA-Insured, should there be any shortfall at the time of sale the homeowners, heirs or estate are not responsible for that amount.
About Reverse Mortgage USA
Reverse Mortgage USA, a division of Success Mortgage Partners, is a mortgage banking firm offering a range of reverse mortgage options. The company is focused on improving the quality of life for its clients and their families, while removing fear and confusion surrounding this unique loan program designed specifically for older Americans. For more information, visit www.ReverseMortgageUSA.com.
Reverse Mortgage USA, a division of Success Mortgage Partners is an equal opportunity lender. NMLS #130562
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SOURCE Success Mortgage Partners