Read about the latest happenings in companies across the reverse space. Have exciting news to share? Email us to see it in print!
AAG Introduces Jumbo Reverse Mortgage Loan AAG has launched the AAG Advantage, a jumbo reverse mortgage loan that allows qualified borrowers to obtain a loan on properties valued at up to $6 million. This is different from FHA’s Home Equity Conversion Mortgage loan, which has a $625,500 loan limit. The AAG Advantage is available to owners of property types eligible for a HECM loan and to owners of Fannie Mae-approved condominiums. This means borrowers whose properties previously may not have qualified for a reverse mortgage now have access to this viable retirement planning tool. The AAG Advantage will initially be made available to senior homeowners in select states, and will roll out to other U.S. states in subsequent phases. “With our new AAG Advantage, we’re proud to help extend reverse mortgages to a greater number of seniors and provide borrowers with higher-value homes a solution to access more funds,” says AAG CEO Reza Jahangiri. “The launch of AAG’s jumbo reverse mortgage loan further reinforces our commitment to helping American seniors age in place and gain greater financial freedom.”
ReverseVision Adds Matthew Shaffer as Business Development Manager ReverseVision has hired experienced mortgage professional and technology sales strategist Matthew Shaffer as business development manager. Shaffer joins ReverseVision from Ariba, Inc., the leading provider of collaborative business e-commerce solutions, where his role included connecting Fortune 500 businesses with technology-enabled revenue growth strategies. Previously, he served as operations manager with The Mortgage Company and vice president of operations with Colony Mortgage, both Connecticut-based mortgage lenders. Shaffer’s goal is to educate banks and community-based financial institutions about how recent HECM policy changes minimize the reputational risk associated with reverse mortgage lending. “We are impressed with Matt’s strategies for bridging the concerns and aspirations of mortgage lenders with viable solutions by beginning with education specifically with banks and credit unions,” says ReverseVision VP of Sales and Marketing Wendy Peel. “Large parts of the eligible marketplace, comprising homeowners age 62 and older who either own outright or have a high percentage of equity in their home, can benefit from a reverse mortgage, and FA gives lenders guidelines that will help identify the best candidates. It is also the responsibility of lending institutions to ensure they are offering their customers every possible option in order to keep them as a valued customer under their umbrella of products and services.”
Accumatch Hires Kim Morris as Director of Tax Operations Property tax servicing firm Accumatch has hired Kim Morris to join its team as director of tax operations. As such, Morris will lead Accumatch’s continued initiative to grow within its nationwide footprint of property tax services. Morris brings a 25-year history of property tax and mortgage servicing knowledge to Accumatch, with specific experience in property tax servicing, mortgage servicing, reverse mortgages and tax certificates. Morris served previously as director of operations at Fannie Mae and senior operations manager at First American Commercial Real Estate Tax Service. “Accumatch has grown north of 100 percent annually for each of the past three years,” says CEO Aaron Anderson. “It was important to add someone like Kim to the team who could hit the ground running and not only allow us to continue on our growth plan, but most importantly, to add value to our clients.”
