Review Mortgage Lenders

1st Reverse Mortgage

1st Reverse Mortgage

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

Michigan Lender Acquires Home Point's 40-Person Reverse Mortgage Division

“It says a lot about the industry, and what’s happening the industry, and it says something about the kind of commitment that Huron Valley is making,” Bradley told RMD. “There are so many companies that are interested in reverse, but when they get in, they find it’s not what they thought it was.”

The newly combined team — which will retain the 1st Nations name —  will be led by Mike Gruley of 1st Nations and Josh Shein, who had previously headed up the Owings Mills, Md.-based Home Point’s reverse shop. Both praised the opportunity to work together.

“We can truly be a lethal force out there,” Shein told RMD. “We really think we can do some phenomenal things.”

Shein has spent 17 years in the reverse world, originally co-founding Great Oak Lending Partners in 2001 and then running the team at Maverick Funding’s Reverse Mortgage Network, which Maverick sold to Home Point in 2015.

The move will significantly bolster Huron Valley’s presence in the HECM marketplace, which Gruley began helping to build in August of last year: The firm had originated 23 reverse loans through the end of May, good for 75th place on Reverse Market Insight’s  list  of the top 100 Federal Housing Administration-approved lenders. Home Point, meanwhile, sat in 14th place with 328.

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.