Starkey Mortgage has set up a reverse mortgage
division as it seeks to attract borrowers 62 years old or older who want to use their home equity
as a retirement asset. The company appointed Ken Witte, a branch manager and reverse mortgage specialist, to lead the new division.
“We believe that offering a full range of loan products is best for our clients so we can assist everyone from the first-time borrower to the last-time borrower,” Witte said. “A consumer is able to consider all loan options by working with a lender such as Starkey Mortgage that offers both forward and reverse mortgage options.”
Starkey cited Census Bureau data which projected the population of those 65 years and older will grow more than 60% from 2010 to 2030 to a total population of 70 million seniors. The company also cited an index from the National Reverse
Mortgage Lenders Association which showed that homeowners 62 years old and older saw their home equity increase to $6.3 trillion during the first quarter. The figure was a record high for the index, which was first published in 2000.
Originators unfazed by new competitor
Elderly home equity hits $6.3 trillion