Review Mortgage Lenders

1st Reverse Mortgage

1st Reverse Mortgage

Join us as we talk with Peggy Sage of 1st Reverse Mortgage

1st Reverse Mortgage USA Builds on H4P Growth Plan

Now, the company is making an even greater push to grow its H4P business with a concerted effort led by Tim Harder, vice president of business development, who will expand his role to serve as the sales team manager responsible for expanding relationships with homebuilders and developers.

“Our experience is with existing relationships, and we now are taking that expertise and casting a wider net and reaching out to more builders—especially as builders look to develop more and more 55-and-older communities,” Harder tells RMD. “Right now, one out of four homebuyers are 62 and older. By the year 2030, 20% of our population in America will be over 65.”

Based on its efforts in the H4P market, Harder anticipates that within five to eight years, the product may comprise as much as 35% to 40% of 1st Reverse Mortgage USA’s business. In his broadened role, he will be hiring a team to manage builder relationships, starting in the Rocky Mountain region and expanding organically in the future.

1st Reverse Mortgage USA Makes Push into “Forward” Market

“Our whole plan is to provide services for salespeople to integrate all products,” Harder told RMD, adding that he predicts a trend of “forward” expansion into the HECM world in the coming years.

“A lot more forward companies will be involved than what we’ve seen in the past, and what we see today,” he said. “I just think it’s a natural growth of this product.”

1st Reverse and 1st Mortgage operate as “fulfillment centers” for banks, Harder said, performing all of the back-end loan work — including processing, underwriting, closing, and servicing. He emphasized that the 1st brand names are simply divisions of Cherry Creek, with significant overlap; the Greenwood Village, Colo.-based Cherry Creek will also soon begin offering HECM products from 1st Reverse Mortgage USA to its network of customers, Harder said.

As part of the forward expansion, the company announced the recent hire of Jeff Ausman as its regional market manager, overseeing hiring and development at the 1st Mortgage Solutions USA arm.

My deceased father has a reverse mortgage - the amount owed is less than the value of the property?

I would like to take out a mortgage to repay reverse mortgage. Do I have to take out mortgage for value property or just what's owed on the reverse mortgage? I'm 1 of 3 heirs and we are to divide the assets equally. But the only asset is the house.

You would need to pay off all liens on the property, before you can transfer it into your names. A mortgage is a lien.