Los Angeles area-based mortgage lender Premier Plus Lending announced last week that it is expanding into the senior-focused home equity market with a new division, Retirement Mortgage Solutions, which will include reverse mortgages and other home equity-based lending instruments.
“The new division focuses on the needs of retired and elderly homeowners who wish to benefit from their property’s equity,” the company said in its announcement. “The division aims to assist the retired and senior adult community’s financial needs by providing a variety of mortgage products tailored to their needs.”
According to the division’s website, products to be offered include Federal Housing Administration (FHA)-backed Home Equity Conversion Mortgage (HECM) loans; proprietary reverse mortgages for homes with higher values; HECM for Purchase loans under a “Lifestyle Home Loans” branding; a home equity investment (HEI) product called a “shared equity agreement;” and interest-only and bank-statement loans.
The division will be led by Joe Conrad, an industry veteran who most recently served as a reverse mortgage loan officer at Mutual of Omaha Mortgage. He has also served at other companies, including the former Finance of America Mortgage, Skyline Home Loans and his own independent mortgage brokerage.
“Joe has extensive knowledge in the reverse mortgage space,” the company said. “With a proven track record in growing a division that serves the needs of the retired and senior adult community, he firmly believes that home equity is, at times, their biggest asset that is being underutilized.”
Artin Babayan, CEO of Premier Plus Lending, said in a statement that Conrad will help the company enter this space with his expertise.
“We are very pleased to have a knowledgeable expert like Joe join our team,” Babayan said. “He is committed to providing excellent service and has an in-depth understanding of reverse mortgage.”
HousingWire’s Reverse Mortgage Daily (RMD) reached out to the company but did not receive an immediate response.
Without description, they are stating that they have a “shared equity agreement.” Is this connected to a reverse mortgage like the HECM SAR or is this a so called “equity release product” requiring a real estate license to provide it in California?